My mission to pay off £3000 in 150 days

Moneymash

knitwit67 wrote: »

Day 56

£ 67.46
£ 2.87 food

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£ 64.59 Not bad amount going to CC

Hi Knitwit,

You broke £2500, aren't milestones great. I remember looking at the £3000 and thinking what a daunting task. It's so much easier to pay off small debts first, which I could have done and was planning too, but snowballing is the way to go for me. I don't want to have to pay anymore interest than I have to. I made another payment a few days ago but won't change my signature until I get my statement which won't be until the 22/10.

I have also done a scary thing and put in a complaint against my bank for loan PPI. They have already sent me a letter saying they will look into it, so fingers crossed I get the refund and I can set it off against this card.

At work they have hired 2 new starters so the overtime shifts will be stopping at the end of October. I will therefore be back on my basic wage and so I am not sure what to do. I could continue with the challenge or pay off another debt that has a similar outstanding balance but once paid off would lower my outgoings by £74.00 per month. My minimum monthly payments on the CC are now about £35.00, so if I were to pay this off I would save £35.00 pm and of course the interest. The other debt doesn't incur interest. I am in a quandry, it depends on overtime, ebay, PPI refund and compound interest.

Betty_Crumble

hey guys, going great in here, well done.

my £2939 is down to £1139.24 as i've made a payment of 630.40 today.
92 days to go,

Moneymash

Betty_Crumble wrote: »

hey guys, going great in here, well done.

my £2939 is down to £1139.24 as i've made a payment of 630.40 today.
92 days to go,

Betty that's amazing! That must have felt immensly statisfying.

We can do this!!!!!!!!!!!

Betty_Crumble

Moneymash wrote: »

Betty that's amazing! That must have felt immensly statisfying.

We can do this!!!!!!!!!!!

ah thanks for that, i have been stupid as i have effectively had 3 yrs interest free credit, yet only decided to sort my shizz out at the latest possible moment. I cant begin to tell you how much i'm looking forward to repeating this challenge after christmas with my cc, I know i dont post here much but i am totally committed, just check out the extra payment a week thread.

We are doing great, look forward to seeing it through to the end with you all :beer:

Betty_Crumble

Hello knitwit and moneymash, hows it going?? I've just added £200 to mine leaving £939 to find, well on track. Please update how you are doing and good luck.

Moneymash

Betty_Crumble wrote: »

Hello knitwit and moneymash, hows it going?? I've just added £200 to mine leaving £939 to find, well on track. Please update how you are doing and good luck.

Hey Betty, that's great, it's a step-by-step achievement to pay off a good lump sum. Yes you are well on track.

My balance on my last statement was £989.75. I made a payment of £200 on payday 31st Oct, so I won't get a statement until 22nd Nov.

I missed calculated my pay for November because I missed off a shift, so I will get more than I first thought. However, I didn't work Sunday so will be one shift down in December's pay unless I can pick up another shift before the cut off, so it's swings and roundabout's for me.

I may take it to the wire and make my last payment on day 150. I have a PPI complaint going at the moment with my bank for an old loan and they are playing hardball. I was hoping the refund would make a dent on my outstanding balance, but I am not sure I will be successful.

I've also been trying to sell things on ebay without much success. I either get the postage, or sale price wrong, or what I do sell people don't pay for! I have also been trying to sell a high value item for sometime, I may stick it on gumtree and see what happens.

It's also very tricky with Christmas coming up, I am saving for it but it is difficult to know how much to set aside (depending on who and how much I spend on pressies), then of course I keep dipping into it.

I can't wait to have this paid off, I thought the figure was insummountable to pay off in 150 days but it isn't, it can and will be done.

I will wait until I get my statement on 22nd Nov before I update my signature.

Betty_Crumble

wow we're almost neck and neck, well done us lol.

Moneymash

I can't believe as I was posting yesterday Barclays had upheld my PPI complaint and had already refunded the money to my account.

I got the letter today and immediately checked my account and there it was...:D

So I have paid off another £300 towards the card, so that's now a total of £500 from the 31st October. I still have some of the PPI left, but left it in my account in case of any emergencies.
I will try to retain as much of it as possible to put it towards the card. Fingers crossed I will be able to pay off the entire thing on November's pay day, which would be day 120. I am so happy I didn't expect it, I've been dancing round the living room :j

I will update my signature when I get my statement.

knitwit67

Hi
I am so sorry I have been AWOL . I well and truely fell off the wagon, but I am determined to get back on.

WOW Money mash and Betty Crumble you are both doing great. Your success is fantastic and makes me feel even more stupid to have sliped.

I have not updated my stats yet, but I have put my debt on a 0% card to take the pressure off. I did Martins online budget and saw that over a year my outgoings were far higher than I thought. I thought I knew this stuff but sometimes it's good to try new ways to open your eyes to whats infront of you.

I have been following the blog Frugal queen. I would highly recommend taking a look. It has given me a much needed kick up the backside to get over my sweatself and make the changes .

Once again Great work guys :beer: I may be behind you but I'm still cheering you on :T

Betty_Crumble

aah moneymash, excellent. Congratulations but stop that dancing round the living room, you'll wear the carpet down, lol.

knitwit, you arn't behind, we're all on the same journey. You may have fell off the wagon but one of the others picked you up, a'la...


...see, same journey.