Pay ALL your debt off by Xmas 2014!

recurrent-ostrich

Rejigged our debt total, after nine months off we are up to £42K. :eek:I think that's about £5 K more, but almost all of that is our Oz flights, so will be gone fairly quickly, hopefully. Hey-ho. Off we go again.

argomatt

GunWharf wrote: »

Crikey, £15,000 Loan on a car after just getting off the Debt cycle....hope you manage to clear it.

Thanks,
It was a really hard decision to take out the loan, but eventually came to the realisation that it's the best way forward for me (I hope!)

I knew that the front brakes pads and discs will need to be replaced before the MOT in March, together with two front tyres, and last week the fuel pump failed which will be another £250 to replace. Luckily it broke down on the way home from an interview, and not on the way there, because it would have made me very late for the appointment.
Who knows what the next component to fail will be!

So, I thought I should take the plunge now to take advantage of the low interest rates at the moment to get a newish reliable car.
The plan is to keep the car for 10 years, at the worst case, the loan will be cleared after five years then the money which was going to the repayments will go to savings for five years so I don't need to borrow for the next one.

But I hope to clear the loan much quicker as my student loan payments should stop in February, which will free up £383 a month to make overpayments with.

According to my basic calculations (without interest) I should be able to have it paid off in two years like that, and sooner if I can find any additional money to overpay with.

Matt

Mat_Lock

I am tempted to get a new car soon. My £950 Mondeo has been very good to me over the last 18 months but it's starting play up now the wetter/colder weather is coming.

Might have to investigate a low rate loan. What car are you looking at Matt?

mossy

skulks on to the thread....so I had to do a BT on to the barclay card.

Have added an extra £960 plus £27.84 fee. It is 0% until next October and the original 0% offer doesn't expire until Apr 16.

On the plus side DH and a friend are fitting the radiator in our bathroom (we don't have heating in there at the moment) so that will save us around £150. Someone is coming to fix the leading, one edge of the flat roof and doing some repointing so I will need to pay for that but it's not until next month....so that's okay!! :eek:

The only other thing that is going on the Barclay card next year will be any money due for our Disney holiday that we haven't been able to save...so I'm expecting to have to put around £5k ish on there. I know I won't be able to save much at the beginning of next year for the holiday costs because the car will need new brakes and brake discs. :eek: Still who knows what will turn up. Once that holiday is on the card, that is seriously it, I will debt bust it as hard as I can from Oct 15 onwards. Was going to say Sept but DD starts secondary school next year so I know there will be lots of new school uniform to pay for!

Anyway feeling a bit like a failure. There is no extra money to save or pay anything off....must crack my grocery budget soon because that would really help the finances.

New figures:

£2760.67/£6414.51 43.04%

mossy

GunWharf wrote: »

C'mon, shiver me timbers! #174 here

Invoice cleared so made a payment onto Credit Card 3

50% done and dusted! I have reached the top of the Debt Mountain and now I just have to travel back down to freedom!:rotfl:

The Figures now stand at :

£13,945 / £27,890

:beer::beer::beer::beer::beer::beer::beer::beer:

A bit late but _party_ CONGRATULATIONS _party_ on hitting the 50% mark!! :T

amr547

OMG Payday cannot come soon enough!

eecjwd

another £1000 paid off over the last month, am getting there hopefully will be on target
£6963.71 of £9016.00

WIN79

#210 £620/£1200

I managed another cheeky £10 off yesterday, but want to see how the rest of the months pans out as have dentist today and going for lunch with family on Saturday so need a bit of a buffer, but whatever is left and im hoping its a £50+ will go off the card. Ive got two pay days till Xmas (dont get paid till 29 Dec) and would really like to have paid it off by then so Decembers money is all miiiiinnnneeeee :-)

Frizzle_2

The loan is GONE!,!!
Rang up yesterday and cleared it. So on paper we are debt free (apart from the mortgage). But in reality we now owe £1700 to the father in law. If we weren't going away at Christmas we might still be on track to pay it all off by Christmas but will need spending money whilst we are in Disney.

We are looking at moving house so will probably need to take another loan out to pay for solicitors fees and stamp duty etc. but really pleased that we paid both loans off in half the time we we're supposed to. Now £400 a month better off hence why we can save up to pay fil off quicker!

Glittery_2

#211

£810/£7500

Struggling as unexpectedly my FIL has had to move in due to illness.
Have had to take the week off work, and unfortunately I don't get holiday pay.
Think it's going to be very tough paying debt off with an extra adult in the house to look after