Pay ALL your debt off by Xmas 2014!

Sun_Addict

Here goes the first payment #10 £10 new total £2790.

beckyboo1980_2

#45 - 1197.48/12,047.48 - 16.6%
Yay! So excited to have paid off over 10% of the debt!!! Although this month is incredibly long and I know I am going to need to go over some of my budgets, I have just been doing some projections for income and outgoings for February and am confident can make February a good month too. Yay!!!!!
Reading everyone's posts is so encouraging and inspiring - well done everyone!!!

1DayAAT

Hi you beautiful lot!

I just wanted to check in and say well done to all of you thus far.. we've almost made it to mid-Jan (half way through the worst month of them all) and I think we're all doing SUPER well! Big or small bits of debt paid off are awesome achievements for every one of us, because no matter how much or how little you can manage, it is going the right way, keep that in mind!!

I hope you all have wonderful money-saving weekends and I look forward to reading more from all of you.

I'm still on track and counting down the days 'til pay day (28th) when I can slash this beast down a bit further !! Keep going you lot and BIGGGG kudos for doing so well so far to all of you on this thread!

Sandypan

Can anybody advice how I can find out how my overpayments on my mortgage are affecting the end date please? I could phone BS but I work full time and find it difficult to make calls during the day. I tried the calculator on here but perhaps I was putting the wrong figures in but it did say that I would never pay mortgage off at that rate!! Also I paid a lump sum off earlier on in the year when I got some PPI back and that doesn't appear to have made any difference on my annual statement. Just to have an idea of being MF earlier would be an amazing incentive.

rubywhatashmoo

Sandypan wrote: »

Can anybody advice how I can find out how my overpayments on my mortgage are affecting the end date please? I could phone BS but I work full time and find it difficult to make calls during the day. I tried the calculator on here but perhaps I was putting the wrong figures in but it did say that I would never pay mortgage off at that rate!! Also I paid a lump sum off earlier on in the year when I got some PPI back and that doesn't appear to have made any difference on my annual statement. Just to have an idea of being MF earlier would be an amazing incentive.

Well the calculator would be the easiest way if you're paying off regular overpayments (if you can manage to sort the numbers anyway!) But for a definitive answer you'd need to speak to your mortgage provider - can you ring them at lunchtime or check their phoneline opening times to see if they are available when you get home?

Sandypan

rubywhatashmoo wrote: »

Well the calculator would be the easiest way if you're paying off regular overpayments (if you can manage to sort the numbers anyway!) But for a definitive answer you'd need to speak to your mortgage provider - can you ring them at lunchtime or check their phoneline opening times to see if they are available when you get home?

Thanks, will have to see if I can speak to them in an evening I think, just wondered if there was an easy calculation to make. Difficult at lunchtime because everybody can hear your conversations and no mobile network coverage. Also thought if there was a simple way of doing it we could share as an incentive to everyone.

rubywhatashmoo

Well I checked mine when I put my payments up a few months ago - we've only just started repaying it though and I'm only guessing at the remaining figure - although our statement is due out anytime now:

"Overpaying would save you
£15,950 in interest alone,
and mean you pay it off in full
8 years and 9 months earlier. "

Didn't think that was too bad

Raggydoll85

1st payment in!!!!!!! wooooooo so good to be off the starting blocks... odd number i know! still havent worked out the best way to work out the interest to judge what to pay to make it a nice round number LOL

#022 £91.52/£3997.48

Sandypan

rubywhatashmoo wrote: »

Well I checked mine when I put my payments up a few months ago - we've only just started repaying it though and I'm only guessing at the remaining figure - although our statement is due out anytime now:

"Overpaying would save you
£15,950 in interest alone,
and mean you pay it off in full
8 years and 9 months earlier. "

Didn't think that was too bad

Wow that's an amazing incentive!
Went on to my BS webpage this afternoon and had an online chat with an advisor they gave me a telephone number and i've just spoken to them and got some figures. Apparently there's a statement coming out on Monday when I will know more detail but briefly by over paying £500 a month I will cut the term down from 7 years to 3 years and 1 month. If i could pay an extra £2000 a month on top of the £500 overpayment plus regular amount of £390 it would be paid in 1 year!!!!!!!
Although that seems like an impossibility at the moment i'm going to give it some serious thought this weekend.

amr547

rubywhatashmoo wrote: »

Well I checked mine when I put my payments up a few months ago - we've only just started repaying it though and I'm only guessing at the remaining figure - although our statement is due out anytime now:

"Overpaying would save you
£15,950 in interest alone,
and mean you pay it off in full
8 years and 9 months earlier. "

Didn't think that was too bad

wow! worth overpaying then! :T