The "Pay ALL your debt off by Xmas 2012" challenge

DorsetGirl_2

Paulgonnabedebtfree wrote: »

Xmas 2012? Cor! I wish .
Maybe Xmas 2020

You can set yourself a target if you want to join us Paul.

cherylelizabeth1

Can I please join? I have £4150 to clear atm, altho this may be a bit more if tax credit overpayment is correct it would be excellent if this was all gone by next year x x

mf0u1098

Hi everyone, sorry again that I have not been on for a few days, as some of you will know I have had some major family problems that thankfully seem to have been sorted thanks to yours truly and my older sister... wow the money I could have earned in marriage counselling in the last few days!!! After a lot of trips to talk to my mum then my dad and vice versa I think we've finally managed to resolve things. My mum came home yesterday and they seem to have a new lease on life!

Anyway, I've taken over the family business at the mo so have been busy for last couple of days trying to turn it around whilst my parents have been having some time to themselves. I've also lent my sister £800 as she burst out crying on me yesterday (another one...) as she had nothing left and with the family business not doing very well cos of my parents situation then she hasn't managed to take a wage. She also may need to borrow more until the work we've been doing over the last couple of days materialises into money! Should have everything back in time to pay off my loan early as planned in Feb.

Enough of my ramblings, I want to give a big welcome to all our new members and a well done to all our debt busters!!! I am off to bed now but will update everything tomorrow morning before starting on the family business. xxx

sam09_2

mf0u1098 wrote: »

Hi everyone, sorry again that I have not been on for a few days, as some of you will know I have had some major family problems that thankfully seem to have been sorted thanks to yours truly and my older sister... wow the money I could have earned in marriage counselling in the last few days!!! After a lot of trips to talk to my mum then my dad and vice versa I think we've finally managed to resolve things. My mum came home yesterday and they seem to have a new lease on life!

Anyway, I've taken over the family business at the mo so have been busy for last couple of days trying to turn it around whilst my parents have been having some time to themselves. I've also lent my sister £800 as she burst out crying on me yesterday (another one...) as she had nothing left and with the family business not doing very well cos of my parents situation then she hasn't managed to take a wage. She also may need to borrow more until the work we've been doing over the last couple of days materialises into money! Should have everything back in time to pay off my loan early as planned in Feb.

Enough of my ramblings, I want to give a big welcome to all our new members and a well done to all our debt busters!!! I am off to bed now but will update everything tomorrow morning before starting on the family business. xxx

Glad everythings getting sorted out, Families can be such hard work:)

lemonpopsicle

Hi peeps,
I need a bit of advice/ thoughts. We have had an insurance pay out of £1200 and I would like to use some or most of it for debt repayment. Do I a. Pay £1200 off of cc debt of £4800 at 12% apr
b. Pay same amount off of NR loan - £1600 outstanding 6% apr

My gut instinct is to pay it off cc because of the higher apr, but it would make a bigger dent in the loan. Any advice welcome

Natterjack88

I've just realised I need to pay £700 a month next year to clear debts- my wages are £500!!! The main debt is a HP I defaulted on so Im paying it back through a debt collection agency thing- do these lower the amount you have to pay back- Its just I remember a conversation with them years ago saying that I can clear the debt for X amount- would it still be possible to negotiate with them- and if so will it cause any problems on my credit file- currently it is not shown on there.

TIA

Natter

rubywhatashmoo

lemonpopsicle wrote: »

Hi peeps,
I need a bit of advice/ thoughts. We have had an insurance pay out of £1200 and I would like to use some or most of it for debt repayment. Do I a. Pay £1200 off of cc debt of £4800 at 12% apr
b. Pay same amount off of NR loan - £1600 outstanding 6% apr

My gut instinct is to pay it off cc because of the higher apr, but it would make a bigger dent in the loan. Any advice welcome

Well paying the money off the CC will save you more money in interest - but you may prefer to focus on the loan, which will cost you more, but give you a boost if you manage to clear a whole debt sooner. It depends what will spur you on more to clear the debt - also can you throw the extra money at your loan without any fees/penalties? If not, then DEFINITELY send it to the CC

sam09_2

lemonpopsicle wrote: »

Hi peeps,
I need a bit of advice/ thoughts. We have had an insurance pay out of £1200 and I would like to use some or most of it for debt repayment. Do I a. Pay £1200 off of cc debt of £4800 at 12% apr
b. Pay same amount off of NR loan - £1600 outstanding 6% apr

My gut instinct is to pay it off cc because of the higher apr, but it would make a bigger dent in the loan. Any advice welcome

Hi! If it was me i would pay off the cc as it has the highest interest

recurrent-ostrich

Paulgonnabedebtfree wrote: »

Xmas 2012? Cor! I wish .
Maybe Xmas 2020

Go for it! We've got a similar level of debt to you, and we're just aiming to pay off a chunk, not it all.

DorsetGirl_2

lemonpopsicle wrote: »

Hi peeps,
I need a bit of advice/ thoughts. We have had an insurance pay out of £1200 and I would like to use some or most of it for debt repayment. Do I a. Pay £1200 off of cc debt of £4800 at 12% apr
b. Pay same amount off of NR loan - £1600 outstanding 6% apr

My gut instinct is to pay it off cc because of the higher apr, but it would make a bigger dent in the loan. Any advice welcome

I would pay it off the CC as it has the highest interest.

Glad to see you back mf0u - well done on getting your parents talking again.

I have paid another 5% off my CC today :j. All my ebay listings are up and selling well which I am really pleased about. It did take me two days though.