Pay ALL your debt off by Xmas 2015!

amr547

011: £840 / £3500

Slowly but surely!

mrskingandthescarecrow

Hi everyone, just popping in with June's update


#141 - £16,809.29/25k (67.2%)

MrCrimeFiction

MrCrimeFiction wrote: »

Another £30.65 paid off to loan 2.

Number 178 reporting a total of £283.30/£5000 :j

Feeling really good. I'm going to destroy my total!

MrCF

So that's another few quid paid towards the loans.

Loan 1 - £307.41
Car Loan - £154.03

This month I've paid a grand total so far of £461.44

My new total is £744.74/£5000


MrCF

Rachiedabbler70

Quick update from me

#058: £6,214.68/ £10,400 (59.76%)
I paid the rest of my loan with a 0% credit card and so now all my debt (except mortgages) is at 0%. Keep going everyone. This time next year I want to be on the MFW site.

argomatt

Hi all,

Car loan is now repaid, so my only remaining debt, apart from the mortgage, is on a credit card which is 0% until April.

I have got the money to pay this off now, I have it in a Santander 123 current account , getting me about £10 per month.

I'm making the minimum payments on the card but don't know what would be best:

1. just clear the card account now and close it
2. keep making the minimum payments until the interest free period ends, then pay off and close the account.
3. keep making the minimum payment and look for a long balance transfer when the interest free period ends.

Any thoughts / ideas would be welcome

:beer:

Ruthy1604

Hi Matt


It depends how disciplined you are. Personally I would do 2 or 3. Definately 2, then work out whether the balance transfer fee is lower than the interest you can earn on the 123 account over the period of the 0% deal. Don't forget to take the tax off the savings!


If the interest to be earned is more than the fee by enough to make it worth the hassle, I'd do 3.


Hope this helps
Ruth

abba1772

£54.40 for my couch came out today keep forgetting it comes out the middle of the month will phone them and see if I can move the direct debit date I think xx

Brings my total to £4459.98 / £6000

argomatt

Ruthy1604 wrote: »

Hi Matt


It depends how disciplined you are. Personally I would do 2 or 3. Definately 2, then work out whether the balance transfer fee is lower than the interest you can earn on the 123 account over the period of the 0% deal. Don't forget to take the tax off the savings!


If the interest to be earned is more than the fee by enough to make it worth the hassle, I'd do 3.


Hope this helps
Ruth

Thank you Ruth,

I will do as you suggest, wait until near the end and see if there are any good deals around for balance transfer available, and if not, then just pay it back.

:beer: Matt

Pablosammy

GingerFurball wrote: »

Been a while since I updated in this thread, although I've kept my signature updated.

Was just checking my various accounts tonight, thought I'd get a loan settlement quote, and worked out I had enough in various account to actually close it off tonight.

So it's done. I'm now debt free.

:T:T:T:T:T:T

Can't believe I'm 5 days late to this! Congratulations. Here's your obligatory tatty medal...

:T:beer::j:T:beer::j:T:beer::j



:T:beer::j:T:beer::j:T:beer::j

Pablosammy

Well done everybody, the June total is coming along nicely!

Sorry I've not been around much. I've just had my (very stressful) reauthorisation for my job, which involves simulators and interviews and all manner of scary things. Good news is that I passed, so that's it for another three years :beer:

We're off on holiday on Saturday for a week with the dive club, and I can't wait. Bloody hot though, 43°C forecast! 110°F for you oldies... I'm not a big fan of heat, but as we're on a boat it should be a bit breezier and more bearable. Factor 50 at the ready!