The "Pay ALL your debt off by Xmas 2012" challenge - PART 3!!!

SpagBol

his_missus wrote: »

Hi Spagbol. The reason I'm against consolidating loans is that everytime we paid off the CCs by getting a loan, we ended up eventually spending on the CCs again. That was mainly due to us feeling that as the loan was manageable and was ticking along merrily, we could almost forget about it, IYSWIM. Then the CCs would ge tout of hand and the bank would nicely extend the loan to pay off the CCs then the vicious circle would start again.

If you truly believe you have the discipline to never go back into the ODs and a consolidation loan would work out cheaper in the long run and you can get a favourable rate, it could work for you. It probably would have worked for us IF we'd not spent on the CCs once we'd taken out the first loan.

mf0u1098 wrote: »

Consolidation loans are only bad if you then continue to spend on your credit cards/overdrafts thereby increasing your debt! If the APR on your overdraft is more than on a consolidation loan then for me it is a no-brainer especially if you can overpay the loan. This means that you have structured repayments so it's always being paid off (whereas an overdraft tends to stay at the same level at the end of each month). I think you've proved to yourself that you can do this and have the discipline to get rid of the debt.

To be honest, I think you already knew the answer hun :A

Thanks guys, I think I'll have a good chat with DH and insist he understands that he must never, ever, ever accept an overdraft again (I have his bank log-in now and check it every day anyway :cool:) and if I get the money cancel the ODs the SAME DAY then I should do it. I am nervous about doing it and was just planning on keeping the ODs until last but tbh the empty £130 on interest is irritating me!! Thanks for the help :A

loubie_lou

US Dollars brought. TOO much money spent on things I don't need :eek: But I am the home straight now, all I have to do is pack :rotfl: I don't think I will spend all my spending money ($400) when it's all expenses paid. So that will mean more on the debt when I get back! The sis and BIL have put their order it for mint oreos!

SpagBol

Ah well...application unsuccessful after all that :rotfl:

Linzight

#205 £2663/£3913= 68.05%

Wheee! Sorry I haven't been around so much. I've been working many an extra job to save the pennies and I'm now 68.05% paid off!!!

MOT today however which my car obviously failed, have to wait till tomorrow to find out the damage! Booo!

YoungBusinessman

Roll on Friday....£4,700 will be coming off the debts bringing them down under £24,000 and min payments down £172.

Wont be cleared by xmas but by **** im going to give it a go. Never been more motivated for anything in my life!!

CW2

mf0u1098 wrote: »

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

In June we have paid off......

£43,814.59

This means that we have paid off a total of

£474,231.82!!!

since this challenge started

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

How fantastic!! Well done everyone!:T

CW2

Quick update from me:

#003 £7,390 / £12,459

Thanks everyone xx

CW2

p.s. thanks for all your work in keeping the thread on track Jemma :A!

SpagBol

Where is everybody?

choclover

Some good news at last! Halifax have credited hubby's new account with the £100 bonus! Not going to touch it until after everything's been switched just in case.