Pay ALL your debt off by Xmas 2013

amr547

Thanks all. Going to get her shortly - My bank balance will also be £120 worse off...... lol

kerri_dfw

XSpender wrote: »

Hi All

I have been reading but not posting after managing to blow a big chunk of our savings on not very much this month:o I have made the payments to the secured and utility arrears but that is about it:o Nothing has been added to the savings but a lot has been taken away:o:(

After a good chat with DH we have decided to shift our focus from trying to save to pay off the secured loan to overpaying the mortgage. This is because we can overpay as little or as much as we want without penalty as we are on the SVR plus the savings were just too accessible and we are not experienced at saving so dip into it too often.

It is PPI payouts we have received not monthly money we have saved. I am embarrassed by how much of it we have frittered away although some of it has paid for stuff for the house, glasses for DH and some much needed new work clothes for us both.

I can get the overpayments back at anytime if I decided to clear the secured loan at the end of the year and will be counting them as payments towards my debt for this challenge if that is OK with the rules. I am splitting what is left in the savings between overpayments and leaving a balance in our ISA incase of emergency car repairs or if the DW blows up as I cant live without it :rotfl:

Our goal is to pay the same amount off the mortgage that we would have had to save to clear the secured loan. Our ultimate goal is to clear the secured and overpay the mortgage to give us a good deposit to enable us to move in 2 years. Our credit rating is pants so the more deposit we have the better and we ideally want to move befor DS (almost 3) is ready to start school.

I have also decided to add my course fees in to my total and the updated figure for the arrears to EDF. They have put my DD up by £43 so I was expecting to be massively behind again but I was £355 behing at 1st Jan and am £299 now so figure that one out! This weekends task is to change supplier via TCB:)

SpagBol - please could you amend my figures to:


#82 £1000/£18458 5.4%

I think my percentage is right.

I'm rubbish with savings and this sounds like a really good idea Plus think of all the interest on the mortgage that you are saving by overpaying, fab! Is your interest calculated daily or annually?

amr547

feeling good about the next month.... even with bunny being spayed etc i still have £300 left to spend! pay day a week tomorrow, oh paid on friday so i guess i will spend at most another £50 this week - meal for oh's birthday + petrol. oh and car tax i guess.

e: just done my car tax online so i don't forget! £20 for the year, done!

XSpender

kerri_dfw wrote: »

I'm rubbish with savings and this sounds like a really good idea Plus think of all the interest on the mortgage that you are saving by overpaying, fab! Is your interest calculated daily or annually?

I think it's annually. We are on interest only so that is another incentive to overpay. We will change to repayment once the £431/month:eek: secured is cleared.

minicooper272

I swear this time last month people were saying what a nightmare snow is in the fens... Well today I had a lovely site visit along the scary windy roads in freezing fog :eek: By the end of it, I almost wanted to cry!

I'm very excited for getting paid into my shiny new bank account next week! I will get paid interest on my balance for the first time in years! It's the simple things in life sometimes.... :rotfl:

bellabear_2

Sorry, still need to read back, but pleased to report that we have made a payment to 2 credit cards today totalling £600 so we're now on;

#98 £1521.56/£11,700 13% :j

affordmylife

i am delighted to report i got paid today and i have made a lovely payment to richard branson and his wonderful credit card company. we shall never do business again my man.

i am now at

£1,250/£2,500 which i make 50%

that makes me very happy indeed and i will be even happier when it is 100%. im on it.

also i have booked up to have two more tattoos in april (hoping to be almost debt free by then but had to go for this date as i have holiday from work) which is my reward to paying off all this vile debt.

keep strong team xx

SpagBol

Readytobefree wrote: »

I am not likely to be debt free by Christmas 2013 but would like to make a dent in it? Is it too late for me to join? :wave::question:

Yes of course, you are #152 :wave: Don't worry about having to be DF by Christmas, I certainly won't be :rotfl: just keep updating and chipping away and I guarantee you will be in a better place by Christmas and on the way to being debt free :T

ButterflyBee wrote: »

Not paid any more towards debt but I have closed the VanQ Cr Card.
One more not to worry about :T

.....and I have refrained from dinner out on Sat evening! which will save me unnecessary spend of £15.00.

Well done for closing the VanQ :j

pinkskyatnight wrote: »

hiya, another update from me!
another big dent in the balance this month!
4,515.77 / 10,770 - i make that 41.9% paid!! nearly half way!!

Woo hoo fantastic percentage, well done! :j

SpagBol

amr547 wrote: »

my little bun is fine!

So pleased to hear this

XSpender wrote: »

Hi All

I have been reading but not posting after managing to blow a big chunk of our savings on not very much this month:o I have made the payments to the secured and utility arrears but that is about it:o Nothing has been added to the savings but a lot has been taken away:o:(

After a good chat with DH we have decided to shift our focus from trying to save to pay off the secured loan to overpaying the mortgage. This is because we can overpay as little or as much as we want without penalty as we are on the SVR plus the savings were just too accessible and we are not experienced at saving so dip into it too often.

It is PPI payouts we have received not monthly money we have saved. I am embarrassed by how much of it we have frittered away although some of it has paid for stuff for the house, glasses for DH and some much needed new work clothes for us both.

I can get the overpayments back at anytime if I decided to clear the secured loan at the end of the year and will be counting them as payments towards my debt for this challenge if that is OK with the rules. I am splitting what is left in the savings between overpayments and leaving a balance in our ISA incase of emergency car repairs or if the DW blows up as I cant live without it :rotfl:

Our goal is to pay the same amount off the mortgage that we would have had to save to clear the secured loan. Our ultimate goal is to clear the secured and overpay the mortgage to give us a good deposit to enable us to move in 2 years. Our credit rating is pants so the more deposit we have the better and we ideally want to move befor DS (almost 3) is ready to start school.

I have also decided to add my course fees in to my total and the updated figure for the arrears to EDF. They have put my DD up by £43 so I was expecting to be massively behind again but I was £355 behing at 1st Jan and am £299 now so figure that one out! This weekends task is to change supplier via TCB:)

SpagBol - please could you amend my figures to:


#82 £1000/£18458 5.4%

I think my percentage is right.

Don't worry, you are still doing really well. Your mortgage sounds like a good one!

minicooper272 wrote: »

I swear this time last month people were saying what a nightmare snow is in the fens... Well today I had a lovely site visit along the scary windy roads in freezing fog :eek: By the end of it, I almost wanted to cry!

I'm very excited for getting paid into my shiny new bank account next week! I will get paid interest on my balance for the first time in years! It's the simple things in life sometimes.... :rotfl:

This winter is going on forever :eek:

SpagBol

affordmylife wrote: »

i am delighted to report i got paid today and i have made a lovely payment to richard branson and his wonderful credit card company. we shall never do business again my man.

i am now at

£1,250/£2,500 which i make 50%

that makes me very happy indeed and i will be even happier when it is 100%. im on it.

also i have booked up to have two more tattoos in april (hoping to be almost debt free by then but had to go for this date as i have holiday from work) which is my reward to paying off all this vile debt.

keep strong team xx

Woo hoo 50% well done!! :j:j:j:j:j:j:j

I owe Mr B over £8k and the 0% runs out in June :eek::eek: He's got a lot to answer for