2014 Debt reduction Diary

dottyanne · 22 October 2014 at 11:34AM

so, ive uploaded a new SOA on the Debt Free Wannabee forum and am waiting on some feedback....I know what i need to do in theory just need to put this in practice.

dottyanne · 23 October 2014 at 10:38AM

just been playing about with figures the last few days and have now calculated a debt free date, this is if i continue payments at the current rate, its 39 months, so just over 3 years...now this isn't too bad BUT obviously in an ideal world id like this gone quicker, especially in this day and age when nothing is guaranteed anymore, job wise, income etc. my monthly payments across all my debts is £825.00, my goal is to try to make as much savings and selling stuff to up this amount each month. Each month i plan to update my spreadsheet to watch the DFD come down...the first things i want clear are the 3 credit cards and the overdraft - I'm aiming to get a debt free date lowered to 24 months or less so 2 rather than over 3 years...this will be a challenge but I'm up for it :-)

dottyanne · 23 October 2014 at 11:56AM

more working out lol.....the monthly payments on the o/d and 3 CC's comes to £400...f I'm wanting to clear my end December 2015 that gives me 14 more payments....14 x £400 = £5,600.00 Lloyds is 0%, Barclaycard is 6% LOB, and Capital One is 33.39% i think and not sure on the O/D...albeit that aside a rough guide would be that I'm a shortfall of £3231.96 overall...so that figure divided by 14 is £230.85 deficit a month, meaning that if i can, each month throw this additional amount towards these debts as a minimum each month for the next 14 months, i will be on target to clear by end December next year..so, here goes !

dottyanne · 25 October 2014 at 2:08PM

Nothing much to report, will do some workings out and eBay hunting so I can get this £230.85 to chuck at the cards extra this month.....also want to make or save more from budget to start Xmas shopping

dottyanne · 2 December 2014 at 11:39AM

Am trying not to get too excited but our largest and oldest debt are now talking to their clients regarding a f and f settlement we've offered, they asked for an income and expenses form but as the lump sum is coming from a third party I've reiterated the offer and am waiting for a response, the original debt was 29K, with PPI reclaim and payments for years this is down to just over 11K, we've offered 3K as a lump sum, this would be amazing if we could get them to settle at this. The debt was sold to arrow global and is being collected by drydens fairfax - I've got all my fingers and toes crossed this works out.