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When's your Debt Free Date?

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Comments

  • Hope78
    Hope78 Posts: 755 Forumite
    I'm aiming for December 31st 2017, although I'm hoping to buy a house this year but don't plan to count the mortgage in at the minute. Here's hoping by getting back into my MSE ways (I've been MIA for over a year) I can shave some time off that.
    LBM 03/07 £44k:eek: DFD 31/12/17 :A 12/17 £2545.50
    Credit Card £2500.00 & Next £45.00
    Savings = £81.21 & Help To Buy ISA = £4700.00
  • Sazzie23
    Sazzie23 Posts: 2,634 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker Post of the Month
    I was hoping for Oct 2017 but I've had to reduce payments so its JUly 2018 - but I'm working on it still
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T
    Guide dog Tess, missing Scotland 2 years
    DMP support no438.
  • DD265
    DD265 Posts: 2,236 Forumite
    Part of the Furniture 1,000 Posts Homepage Hero Name Dropper
    Good luck (and good debt busting!) everybody.

    I'm hoping to be debt free by September 2014.
  • DellyC
    DellyC Posts: 124 Forumite
    Part of the Furniture Combo Breaker
    My aim is February 2015
  • smiffy64
    smiffy64 Posts: 49 Forumite
    Part of the Furniture Combo Breaker
    i really do want to be debt free at some point in my life would be a nice feeling. a real struggle with OH but i am trying my best.

    what is the best way to work out your debt free date? (thick question lol)

    :o:(
    SPC7 No. 337 - £171.72
    SPC8 No. 337 - £37.75
    SPC9 No.337 - £45.00
    MSE 7 year badge 2017
    Shiny Star from Sue-UU :staradmin
    :j:T:T:j
  • Jo3y83
    Jo3y83 Posts: 133 Forumite
    Part of the Furniture Combo Breaker Debt-free and Proud!
    My DFD is 25th December 2014 :)
  • Tixy
    Tixy Posts: 31,455 Forumite
    smiffy64 wrote: »
    what is the best way to work out your debt free date? (thick question lol)

    Hi smiffy.

    A lot of people calculate it on a snowball calculator (entering details of your debts and what you pay off them each month).

    http://www.stoozing.com/calculator/snowball-calculator.php

    Other people have it calculated on spreadsheets but the above is a good starting point.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • jeanlucb
    jeanlucb Posts: 27 Forumite
    edited 27 January 2014 at 1:02PM
    It "only" took me 10 years to realise that after all my outgoings (which include £450 of debt repayment) have gone, I could still have £1,000 left a month!! So I tried this month (January 2014) after having had my LBM on NYE! I'm glad to report that as of today: 27.01 I still have £1,031 left in my account! And will be paying a grand towards my debt at the end of January.

    I've also transferred money from a CC to my OD, so no more paying interest for nothing there! Cannot guess for sure my DFD yet... but hoping to pay at least £390 regular debt repayment + £710 debt overpayment pcm!

    Using Tixy's snowball calculator above, I should be debt free in about 2 years!! That is without counting my freelance business money, and any of my wine and art investments I may sell on top. Cheers!
    ________________________________________________
    LBM 31/12/13: CC1 £11,000 | CC2 £6,330 | CC3 £3,400 | OD £4,000
    Total £24,730
  • Countingdownthedays
    Countingdownthedays Posts: 30 Forumite
    Just used the snowball calculator... mine is 25 months away, I feel very blue :(
    CC1 = [STRIKE]£10,323[/STRIKE] £8,200
    CC2 = [STRIKE]£8,437[/STRIKE] £0
    Loan = [STRIKE]£3200[/STRIKE] £0
    Total = [STRIKE]£21,960[/STRIKE] £8,200

    £10/day challenge: £10
  • looking_forward_not_back
    looking_forward_not_back Posts: 53 Forumite
    Countingdownthedays mine too is roughly the same date as yours. Just look at it as 25 payments not 25 months. It doesn't sound as bad. Thats what I am doing.

    Good luck with it
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