Pay ALL your debt off by Xmas 2014!

argomatt

Hi Marliepanda, Congratulations on the credit card busting!
I am excited by the prospect of my credit card being fully paid off in May too :j :j

Once that has gone, the only unsecured debt I have remaining is my student loan.

It's quite hard to know exactly how much is outstanding because the total on their website only updates annually. I am now paying by direct debit of £128 per month, and was told that it should be cleared by the middle of next year, assuming interest (inflation) rates remain the same.

Do you think I should continue at this level of direct debit to pay the student loan, and divert any extra cash towards building up an emergency fund, or should I be sending all surplus money to the student loans in order to clear it quicker??

I always had my definition of being "debt free" as being clear of unsecured debts, but now don't know if the student loan should be included in this definition or not?

ali_bf

I've realised I hadn't added in my store cards! I've updated my signature to reflect all debts and totals. Right. I'm severely depressed, I never ever thought it was that much but I know I am in the right place to get it down though so here goes .....

marliepanda

Hahaha I 100% do NOT consider my student loan :P

I think because its so different to other loans, I know its apparently going to come up on mortgage apps in the future in terms of affordability but thats fair enough, its still not seen as a 'debt' debt. Which sound a bit daft.

But I dont consider SL or a mortgage as 'debt' rather a necessary evil :P

marliepanda

ali_bf wrote: »

I've realised I hadn't added in my store cards! I've updated my signature to reflect all debts and totals. Right. I'm severely depressed, I never ever thought it was that much but I know I am in the right place to get it down though so here goes .....

Think about it, this is the very worst you will feel and the most in debt you will ever be, its all uphill from here

ali_bf

I don't know how it has got this bad. Your right, the only way is up ...

marliepanda

ali_bf wrote: »

I don't know how it has got this bad. Your right, the only way is up ...

Have you done a snowball calculation thingy (basically paying off the highest interest ones first?) and I think it tells you a debt free day? I havent done one as my debts are only over a couple of accounts but it could be helpful

nolongerindenial

ali_bf wrote: »

I've realised I hadn't added in my store cards! I've updated my signature to reflect all debts and totals. Right. I'm severely depressed, I never ever thought it was that much but I know I am in the right place to get it down though so here goes .....

Don't worry about it - we all make mistakes. The key thing is to not get down but see the light at the end of the tunnel and steam towards it as fast as you can!

Aphidgirl

#163 here

I haven't managed to make any extra payments since last payday,mainly due to overspending on the entertainment budget! (Evil, evil pubs...)

Payday is finally here though so £110 paid to two creditors today, bringing the total paid to

£2522/9141 (27%)

This month is challenging as me and a friend are off to Copenhagen for the Eurovision song contest and its around £8 a pint over there!! I have some money set aside for spending but must try not to go too wild!

Happy debt busting everyone

rogueylawyer

rogueylawyer wrote: »

Another small payment to round out cc#1 to a nice round figure brings me to 085 rogueylawyer £1113.84 / £9179.00 12.13%

and when I checked the credit card balanced I found I must have not reported a payment because I only owe £8000.... therefore revising payments to 085 rogueylawyer £1179 / £9179.00 12.84%

mothernerd

#147 £872.14/£10154.48 (8.5%)