Pay ALL your debt off by Xmas 2014!

archery

Wow another month passed, where is the year going. Have not had much time to log onto this site to see how everyone is doing. So will have a look today, with so much inspiration keeps me going.
After being paid have done a debt reduction for may of £1305.81. this make nearly 50% of my target and only 5 months into the year



number 125(archery)
£6464.84/£13000

Sandypan

Number #78 checking in to declare another £1500 overpayment to the mortgage

#78 - £9,964/£15,000

So glad I set up a DD for this overpayment because otherwise don't think it would have happened each month with other things coming up plus the time factor, it's working for me although it has been a real stretch some months but think I can finally see a light at the end of a very long tunnel!!

Well done to everyone on this forum for all their payments no matter how big or small and thank you to the people who work out all the figures, it is/you are truly inspirational.
:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

GunWharf

As we enter the 6 month of the year and nearly half way on our Journey I wish to thank you all on this thread. I may not have reached 50% yet but without this thread, I would be a 0%.

Every pound I have re-payed this year , is down to all you folk on here who share your journeys and give so much support.

So from me its a BIG thankyou and looking forward to the next 6 months or so.

All the best

mothernerd

#147 mothernerd £1042.48/£10154.48 (10.25%)
Struggling but as long as I am doggy paddling I am not drowning.

Bublin1

Unfortunately it's looking like I'll have to take out a loan for £3500 to get a new roof on my house. It's a good price and it needs doing badly. At first I was upset because I could see the light at the end of the tunnel and now I have to add to it. I'll be back up to £7500 in debt

I know I have to look after my property but I was so looking forward to saving and doing more for my children.

I plan on continuing to overpay on my current debt and when that is gone, I'll attack the new one. I would love to see this current debt gone as it has been a noose around my neck for many, many years (£16000 at it's highest).

minicooper272

nolongerindenial wrote: »

its so easy for one bad month to knock into another and start aa spiral of debts.

Our april was disasterous for us, and we have struggled since but are just about getting on top again now, hopefully should be back in control by July!

Paid the mortgage today whilst not part of my DFW figure here its part of my MFW figure, with this months overpayments it means my mortgage arrears are now less than 2 months in arrears

I definitely have this feeling right now. I am going to do my utmost to ensure my disasterous May does not extend beyond June!

Congrats on the mortgage! Hope you took some time to celebrate that milestone! :T

minicooper272

Wanna_Bee_Free wrote: »

Now I've been paid I'm due to repay another £520 today but am thinking about the amount.

option 1 - I pay £520 today, the budget will be ambitiously tight, possibly even impossible. I may end up struggling to stay in the green at the end of the month. But I am committed up front.

option 2 - I pay £338 today as my overspend last month was £182 and then I try to spend less to make extra repayments but I know my budget is doable based on last month.

option 3 - this one scares me a bit. I pay nothing off now and then pay what's left at the end. But I'm scared I can waste the entire month's repayment. Does anyone else do this? Like Martin said with the money left at the end of the month idea. Possibly too advanced at the moment.

I'm another one for Option 2, or you can try what I do: I have two bank accounts; I transfer my budget into one, and leave around £150 of buffer in the other. I use the buffer for irregular spends that would really mess with my day-to-day budget (i.e. travel expenses), some months I use virtually all of it, some months I don't. It sounds like you could benefit from similar - keeping the money accessible, but not keeping it in your everyday budget account. It still helps me strive to stay in my tight budget, but I don't feel so guilty as I would if I took the money back out of a savings account.

GunWharf wrote: »

As we enter the 6 month of the year and nearly half way on our Journey I wish to thank you all on this thread. I may not have reached 50% yet but without this thread, I would be a 0%.

Every pound I have re-payed this year , is down to all you folk on here who share your journeys and give so much support.

So from me its a BIG thankyou and looking forward to the next 6 months or so.

Well done for what you've managed so far - whether you're near 50% or not, there are still 6 months left to work at!

All the best

Bublin1 wrote: »

Unfortunately it's looking like I'll have to take out a loan for £3500 to get a new roof on my house. It's a good price and it needs doing badly. At first I was upset because I could see the light at the end of the tunnel and now I have to add to it. I'll be back up to £7500 in debt

I know I have to look after my property but I was so looking forward to saving and doing more for my children.

I plan on continuing to overpay on my current debt and when that is gone, I'll attack the new one. I would love to see this current debt gone as it has been a noose around my neck for many, many years (£16000 at it's highest).

Sorry to hear about this. It's a shame, but as you say, it's necessary. Given how much you've already managed to pay off though, it's just a minor step back, and I think you'll start to see the light again soon!

minicooper272

That's May over with already. Don't ask me how, or where the years gone, I don't know!

This month we made it up to 200 members, with 7 new joiners in May. We paid off:

£37,626.88

Well done everyone! :T:T:T

dktreesea

nolongerindenial wrote: »

I dont get excited at paying debts off, paying the mortgage being self employed I must admit to a fist pump moment last night when I hit the magic £657.10 in the bank...

Absolutely struggling at the minute - every day it feels like im running in treacle, but we should soon have all the adverts on then I wont have time for running in treacle but will try and remember to make the payments on time..

I have already said to my wife, If i have to hold of our last poison debt payment for a few days so I can afford a bottle of Asti and a box of wine and some beers - I will do it as the night I clear this !!!!!!! 22k will be a night I celebrate like I won the lottery!

That's quite brave, having a mortgage whilst being self employed.

I know the feeling, waiting each month for that magic day when all the overheads and the rent are paid, when we can start paying ourselves. But I wouldn't like the pressure of it being a mortgage that was waiting to be fed.

dktreesea

Congratulations to all those making inroads on their debt. Alas, ours is expanding rather than decreasing. No choice - the business is a hungry beast. Hopefully the next few months will see it going down again.