Pay ALL your debt off by Xmas 2015!

DreamerHelen

Morning Everyone


Off the starting blocks with a small Payment of £6.80 to my Credit Card....I had it to spare and so thought I would just pay it....


Soooo, my first Update is #13 £6.80/£12,150

jwil

Hey everyone, could I join please?

I have too much debt to pay it all off , but would love to clear my loan which is my biggest expenditure.

My target is therefore £9348

Thanks in advance :beer:

twiggy86

Hi everyone! Well done to everyone that's already off the starting blocks and I'm only just coming out the changing rooms!!! :j (This is me doing my warm up!)
Please can I join for £5,000?

I'd love for it to be all my debt but need to be realistic and also want to build up my emergency fund at the same time.

Pidge_jen

I've never counted my car finance as it's more of a lease arrangement (PCP) - now taking my head out of the sand as we will have to buy it next year...debt free date definitely in the distant future now
On the plus side if I'm counting my car repayments £5000 is easily achievable!

Pablosammy

nomi01 wrote: »

Hi, I signed up for the same challenge at the start of this year but never got far due to big drop in income. I would live to turn it around in 2015.
I will work out my debt and edit my Sig in preparation.
please sign me up for challenge

Signed up, you're #047. Let me know your target whenever you're ready and I'll update the list :T

Ccarter wrote: »

I've made two payments today. So my update is #027 £137.76/ £4535.13 :j

Another cheater, starting before boxing day! :rotfl: Haha, well done, I've updated your total.

amr547 wrote: »

so this year I've paid nearly £3800 .. but I am not sure if I can do it again next year! Seems like such a lot of money.

You've done it once, you can do it again. Just keep plugging away and it'll erode away to nothing

Pablosammy

grassgirl wrote: »

Off the starting block (yay!) with a payment of £15 for #22, not a lot but if I can keep that up on average, that's FIVE AND A HALF GRAND in a year!
playing with numbers now hehe....

A grand a year is £2.74 a day
2 grand is £5.48
3 grand is £8.22
4 grand is £10.96
5 grand you'd need to pop away on average £13.70

I won't go higher in case people get scared off lol but even if we are all only a grand less in debt, by not having a daily take out coffee, or by potting our daily change, it's better than being the other way around

When you put it like that, it sounds easy! My target's more like £40 per day :eek: But you're very right about the small things like coffees or bought lunch adding up over the year, it makes a big difference cutting these things out.

DreamerHelen wrote: »

Morning Everyone


Off the starting blocks with a small Payment of £6.80 to my Credit Card....I had it to spare and so thought I would just pay it....


Soooo, my first Update is #13 £6.80/£12,150

Every little counts! Total updated.

jwil wrote: »

Hey everyone, could I join please?

I have too much debt to pay it all off , but would love to clear my loan which is my biggest expenditure.

My target is therefore £9348

Thanks in advance :beer:

Of course you can, you're number #048... welcome along! :T

Pablosammy

twiggy86 wrote: »

Hi everyone! Well done to everyone that's already off the starting blocks and I'm only just coming out the changing rooms!!! :j (This is me doing my warm up!)
Please can I join for £5,000?

I'd love for it to be all my debt but need to be realistic and also want to build up my emergency fund at the same time.

Anyone who's started already is cheating in my eyes :rotfl: I'm still with you, lacing up the running shoes! Welcome along, you're #049

Pidge_jen wrote: »

I've never counted my car finance as it's more of a lease arrangement (PCP) - now taking my head out of the sand as we will have to buy it next year...debt free date definitely in the distant future now
On the plus side if I'm counting my car repayments £5000 is easily achievable!

Car repayments definitely count, it's a debt after all. It's good that you're thinking ahead though, that's the sort of thing I used to completely ignore/forget about until it bit me on the !!!!!

Pidge_jen

Well I had a bit of a wobble and contemplated a car upgrade, before realising I really really REALLY do not need anymore debt! I always considered the car to be like a lease, but actually looking more closely at the structure of it, it is basically a loan with a balloon payment at the end, so I may as well treat it as debt.
By the way are we starting already? Planning to do a credit card payment of £100 tomorrow when I'm paid!

starnac

Pidge_jen wrote: »

By the way are we starting already? Planning to do a credit card payment of £100 tomorrow when I'm paid!

Cheaters will get sent to the naughty corner I'm afraid by Pablosammy

Only joking. Technically It doesn't start til Boxing Day as the current challenge ends on Christmas Day but loads of people have started already. It doesn't really matter as long as we are paying money off our debt

Good luck x

Pablosammy

Pidge_jen wrote: »

Well I had a bit of a wobble and contemplated a car upgrade, before realising I really really REALLY do not need anymore debt! I always considered the car to be like a lease, but actually looking more closely at the structure of it, it is basically a loan with a balloon payment at the end, so I may as well treat it as debt.
By the way are we starting already? Planning to do a credit card payment of £100 tomorrow when I'm paid!

You can make payments whenever you like, there's no real start date... just an end date!