stalkah's 10k challenge!

stalkah

Hi All,

Thought I would post up as I've been on the forum a lot more lately.

I had a lbm earlier this year and decided I want to finally clear off all of my debt!

I have been slowly paying stuff off since 2010 but now I am going at it all guns blazing!

I have about 10k still outstanding which consists of 2k overdraft, 6.5k car finance with motonovo and 1.5k car loan with All in One Finance.

I will know the exact figures in the week, as I'm going to be paying off the finance and loan and putting them on 0% credit cards, which will be saving around £2.5k in interest!

I then plan to put aside £500 a month with the view that in 20 months I should be able to pay everything off :T In reality it will probably be sooner than 20 months as I will get about a £2k bonus(after tax) in January so more likely to be 16 months. My aim is to be completely debt free by my 30th which is July 2015!

So fingers crossed and wish me luck it's going to be a long year ahead but the benefits are going to be huge!

clearmydebts

Wishing you the very best of luck!

stalkah

Thank you cmd.

Just paid off the Car Finance and Loan with the credit card charges and my 2k overdraft it comes to a grand total of £10,186.28

I have a total of 14 months interest free, the plan is to leave the money in my account(s) earning interest and then pay off with a bit of luck all of it before the interest free period comes to and end. If there is any outstanding then I will try and switch the remaining to a 0/low % card or loan.

I have about £400 already in my account from this month. And also forgot about a house sale which is going through (Long story, but my ex has been promising to sell it or buy me out for the last 7 years!!) I should be getting about £1600 from this. This will also be going towards the debt.

My debt free date is hopefully 1st May 2015!

stalkah

Well I managed to beat my debt free date, yesterday I paid off the last of the debt and still have £600 spare in my account :beer:


It actually went up to about 10.5k in total as forgot we had a sofa on finance too.


Now the saving starts ready to hopefully purchase a house later this year, currently managing to put a side £1k a month plus my bonus coming next month


I think it's first time in 14 years I've been debt free.... it feels goooooood

clearmydebts

Huge congratulations! Very well done, what an achievement!!!