Pay off as much as you can in 2013 challenge

rising_from_the_ashes

suzitiger wrote: »

Thanks for adding me :-) Yes I will be declaring how much I am paying in total but not taking the interest that gets added off my total if that makes sense. I think it is a good motivator to know how much money you are wasting on interest

TBH I'd not really thought about the interest - as it's an OD I'm paying I was going to use the figure it was at the day before each payday as the total amount outstanding and deduct that from the £900 start figure to get the "paid" figure .... this would've taken account of the interest as it's added each month.

BUT I've now made a dedicated payment towards it .... and have at least another 2 in the pipeline already so that's now confused me!:o

Ohhhhhh dear, when will I get the hang of figures!

suzitiger

Right, so I am declaring that I am aiming to pay off all my other debt apart from one C.card- This is *£2,854* -This includes my overdraft, rent arreas, and several small debts. This is a realistic target for me this year, I know it doesn't sound liek much to some but I am on a very low income that fluctuates month to month, so it is important that I shift this amount! :money: I will also be paying £100 a month towards my big C.card, but I will not foucs on clearing it until the other debt is gone. This is because it is the lowest interest at the moment and I'd rather snowball from all the smaller debts to pay it off. I am hoping to make a start on that in 2013 too!

suzitiger

rising_from_the_ashes wrote: »

TBH I'd not really thought about the interest - as it's an OD I'm paying I was going to use the figure it was at the day before each payday as the total amount outstanding and deduct that from the £900 start figure to get the "paid" figure .... this would've taken account of the interest as it's added each month.
!

Hi rising, I think its different with OD, I am going to not worry about mine as its difficult with a bank balance, its going to be so hard for me to get out of the OD, its 1,350 and its been like that for YEARS! :eek::eek::(

itsa

itsa wrote: »

Hi everyone.

I'd like to join, please. Can you put me down for £16,904 which would clear everything. It's a big ask as it would be knocking 11 months off DFD, but I'm going to give it a go.

Itsa x

Hi leictina, thanks for adding me.

Sorry to be a pain, but could you change my total aim to £17,234 (slight miscalculation ).

Thank you

rising_from_the_ashes

suzitiger wrote: »

Hi rising, I think its different with OD

rising_from_the_ashes wrote: »

as it's an OD I'm paying I was going to use the figure it was at the day before each payday as the total amount outstanding and deduct that from the £900 start figure to get the "paid" figure .... this would've taken account of the interest as it's added each month.

BUT I've now made a dedicated payment towards it .... and have at least another 2 in the pipeline already so that's now confused me!:o

I think I'm going to have to stick to my original plan ... although I'm going to try to make payments to clear the OD as much as I can, I'm also trying to not withdraw cash / leave as much as poss in the account to help reduce it each month too ...

These aren't really "payments" but do affect the balance *sigh* eg just checked the balance and it's reduced by £1.87 this month (+ the £5 I paid to it the other day)

Why is nothing simple with money ... or is it just me!:rotfl:

So ..... New total: £6.87 / £900 = 0.76% cleared

Not sure where that leave me the total amount to pay back as the interest is obviously added each month ...think I may just have to forget about that just now (and maybe rethink once I understand things a bit better!).

Really, as long as I get rid of the £900 OD I'll be happy ... .

PaulieDoodle

Old poster with a new name here.

I'd like to join this thread too if that's ok?

I would LIKE to clear off everything £7477 by Dec 2013. My debt reduction has not gone particularly well this year for many reasons, so I need a big push next year!!

So for me at the moment:

0/ £7477

Tiglath

leictina wrote: »

As you appear to have decided to total up your payments - let me know if you want to alter your target....

Yes please - I'm going to aim for £19,000 in payments out, which should reduce my debt by about £14,000. I already suspected I'd overshoot a £12,000 reduction. I'm planning to pay off a £6,000 overdraft by reduced usage (amount paid off to be calculated from the balance one day before payday minus the balance before the next payday) - this is going to be the hardest debt of all, because at least with a loan you pay a set amount until it's gone and you can't add to it unless you take out a further loan. I'm also intending to pay off 2 creditcards completely by next December, leaving me with approx £13k on 2 final creditcards to clear the following year. I should be 2/3 debtfree in a year's time which will be fantastic

Wonderlustchick

Hello,

My new balance is £2,298/£16,000

#50

Tiglath

Paid £103.06 off Next - all store cards now dead and gone forever 2/7 debts slain.

Also £76.66 in overdraft interest, so my total is £2363.63/£19,000 (12.4% done) and unlikely to be any further payments before 3rd January.

welshdreamer71

£441.50/£2863 another bit off barclaycard, didnt add nothing extra to cards yesterday finishing shopping so chuffed with that as I so could have x