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

mf0u1098

dd1981 wrote: »

:hello::hello::hello::hello::hello::hello:

Hi everyone

This is my first time posting, have been lurking on DFW for about a month and tackling mine and OH's debts. Started reading this thread today and just had to join the challenge- is very motivating and inspiring :j

Our current debt is £9,793.81

We have paid off loads in the last month by doing lots of money saving stuff and also overtime at work. Am so proud how we are finally tackling this debt! However, our debt will be added to next year but in a good way- me and OH are getting married in August Am so excited! Have got loads to still pay for so are going to add to the debt but am hoping this thread will keep me focused and we can reduce our current debt and tackle the new debt from wedding in 2013. If I hadn't found MSE, we would likely get into real money trouble with the wedding so am happy to be here! Looking forward to a money saving and fabulous 2012

Welcome to the team dd1981! I'll add your name and total to the 2nd post. Congratulations for your upcoming marriage next year and I think it is fantastic that you are facing your debts head on with all that planning going on! :T:T:Txxx

May2013

Hi All – wow this is proving to be a really popular challenge, well done and thank you to mf0u1098 for getting us all up and running :T
I’d like to update my balance please, what I’ll be doing is updating my balance as my CC statements come through as they’ll include payments made and interest added….hope that’s ok.

So my debt now stands at £658/£14,128 with a new balance of £13,470
Expecting MrT to deliver the my online grocery shop later this afternoon….the bill is likely to come to a massive £250 :eek: but hopefully I’ve covered off enough non perishables to take me through to the end of the year along with the Xmas beer, lager and chocolate (all on special offer this week). I’ve got my Xmas ‘goody’ food shopping list written up and budgets in place, I’m determined not to buy anything at full price so keeping my eye on the supermarket deals to make sure I snap up those bargains!

May xx

hazelc56

Okay folks I've decided to join now rather than wait til after Christmas so please include me on your hit list:p
I just got myself updated with the correct amount I owe on my two credit cards so as I have somewhere to start.

History
Two credit cards,one(CC1) with a very high interest rate and which i have had for a few years.
The second one(CC2) I managed to get, had a 0% interest rate for 9 months and has lower rate than CC1.
Have now had this one for the nine months.I have been using this one for small easy payable items over this time to help raise my credit limit.The purpose of this was that i wanted to do a Balance Transfer from the higher interest card to this one.I managed to do this and now have most of the bill transferred to CC2.
Checked today and made my penultimate payment on CC1 so now i have just £80 left to pay.
My balance on CC2 is now £801.44p but with having to get my credit limit raised etc.I am no longer eligible for the 0% interest.However,the interest is lower so at least thats good.

I am not saying that clearing these 2 cards is going to be straight forward as I know things will come up where i will have no choice but to use them......
I also have a couple of other small clothing bills which are being paid off quickly because these have charges and interest that tends to go unnoticed..quite high too so i always feel i have to get rid of them fast.
When i have these clothing debts paid I am going to try to save up for my TV Licence due in May 2012.

*I hope i havent bored anyone with my ramblings but i need to see this in black and white to get a clearer picture of the situation.

THE GOAL (stage 1)
To clear CC1 by 5/12/2011 Approx.Bal. £80.00

To clear CC2 by ?/12/2012 ? Approx Bal. £801.44

To clear clothing bills by Feb 2012 Approx Bal. £120.95

THE GOAL(stage 2)

Save for TV Licence Start Feb 2012

Pep talk to self "I can and I will".

banwa

So mf0u1098, is this what you are after?

£57 payment to Natwest cc card today

Bringing my total paid toward my debt so far £1208:money:

mf0u1098

hazelc56 wrote: »

Okay folks I've decided to join now rather than wait til after Christmas so please include me on your hit list:p
I just got myself updated with the correct amount I owe on my two credit cards so as I have somewhere to start.

History
Two credit cards,one(CC1) with a very high interest rate and which i have had for a few years.
The second one(CC2) I managed to get, had a 0% interest rate for 9 months and has lower rate than CC1.
Have now had this one for the nine months.I have been using this one for small easy payable items over this time to help raise my credit limit.The purpose of this was that i wanted to do a Balance Transfer from the higher interest card to this one.I managed to do this and now have most of the bill transferred to CC2.
Checked today and made my penultimate payment on CC1 so now i have just £80 left to pay.
My balance on CC2 is now £801.44p but with having to get my credit limit raised etc.I am no longer eligible for the 0% interest.However,the interest is lower so at least thats good.

I am not saying that clearing these 2 cards is going to be straight forward as I know things will come up where i will have no choice but to use them......
I also have a couple of other small clothing bills which are being paid off quickly because these have charges and interest that tends to go unnoticed..quite high too so i always feel i have to get rid of them fast.
When i have these clothing debts paid I am going to try to save up for my TV Licence due in May 2012.

*I hope i havent bored anyone with my ramblings but i need to see this in black and white to get a clearer picture of the situation.

THE GOAL (stage 1)
To clear CC1 by 5/12/2011 Approx.Bal. £80.00

To clear CC2 by ?/12/2012 ? Approx Bal. £801.44

To clear clothing bills by Feb 2012 Approx Bal. £120.95

THE GOAL(stage 2)

Save for TV Licence Start Feb 2012

Pep talk to self "I can and I will".

Hiya hazelc56, glad you can join us! :j:j:j I'll put your name and total on the 2nd post. Just to clarify, is your total all of your stage 1 goal i.e. £80 + £801.44 + £120.95 = £1002.39?

Don't worry you didn't ramble xxx

mf0u1098

banwa wrote: »

So mf0u1098, is this what you are after?

£57 payment to Natwest cc card today

Bringing my total paid toward my debt so far £1208:money:

I'm just going to write an instruction post so noone is confused and I can pick up the totals easily! I'll update you new total :T:T:T as soon as I've done this! xxx

mf0u1098

Hi Everyone,

I've had some lovely suggestions on how I can keep a track of all your updated totals and it has been agreed that it would be better if people can count up their total paid against their debt so it would be good if you can put in your posts the following:

£1680/£15000

So what I'd like to see is how much you've now paid off against your original target.

i.e. "I've paid off £150 so my total is now £1680/£15000"

Obviously you can spruce it up as much as you like and let us know any funny stories that meant you could pay this off just as long as you keep the bit I've put in pink as easy to see as poss. Oh and it doesn't have to be pink, any bright colour will do!

I will also be doing a grand total at least once every month to keep everyone motivated by seeing the total repaid increase as a team.



Well done to all those that have managed to pay off some of their debt already! I know that most of you are waiting (rather impatiently like our Loubie:rotfl:) until payday... keep going and we'll smash that DFD and have a christmas without debt!!!:j:j:j

hazelc56

mf0u1098 wrote: »

Hiya hazelc56, glad you can join us! :j:j:j I'll put your name and total on the 2nd post. Just to clarify, is your total all of your stage 1 goal i.e. £80 + £801.44 + £120.95 = £1002.39?

Don't worry you didn't ramble xxx

Yes mf0u1098 it is £1002.39 :eek:eek! didnt even count it......me in denial again.Thank you.

GreenSaints

hazelc56 wrote: »

Yes mf0u1098 it is £1002.39 :eek:eek! didnt even count it......me in denial again.Thank you.

The first step is facing your debts, which you have done so congratulations!

Next is setting a plan of attack to pay them off, which you have done by joining this thread

So, it's all good from now on. It's not going to be easy, but we'll all keep each other motivated

Debt Free 2013!

kerri_dfw

If it helps anyone else, you can setup a diary of your own to help you keep focus. It's really helping me to keep track of what I'm spending. Definitely recommend it.