Pay ALL your debt off by Xmas 2015!

ali_bf

I've just faced my demons and updated my signature after a major slip up since April. In fairness,I've almost paid off the balance of my abroad holiday and had a massive splurge and bought an inflatable hot tub. Time to get back on track and get back to where I should be. So angry with myself but a lesson learnt!

amr547

ahh why isnt it payday yet?!

I really want to go on holiday this year but wah, it's all too expensive

Pepperoni

argomatt wrote: »

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:

I'd just clear it. The interest I'd earn on having it in Santender just wouldn't be worth the risk that I'd dip into the pot here and there. Plus, I cannot wait to say I'm debt free, and to me - I'm not until its all officially gone!

Rachiedabbler70

Hi All

No more payments but on leave from work so just catching up.

Well done Gingerfurball

Argomatt - I would do as Pepperoni says, but just because I would probably spend it otherwise and I can't wait to declare myself debt free either.

Amr547 - I'm on staycation at the moment and loving not packing up and travelling - make the most of any leave by treating yourself. I've had a walk with my sister today and a free meal using vouchers and feel great.

Pablosammy - have a fantastic holiday and don't get burned.

xx

Dizzy_Imp

Hello all - reporting in for a mid-month update...£300.00 paid to CC today

#85 £8796.57/£25,000 = 35.1%

Mat_Lock

Hi all

It's been a hectic week or two moving in officially but now things are settling down. I'm back in the debt free by xmas game so I have added my total back in to my signature however I am predicting it will get cleared again once the deposit on the old flat is returned. If they ever get their bums in gear and give it to us.

I've also added the mortgage figures on with the first payment, obviously that figure is not going to be the end financial figure but it's nice to see it might finally get to a decent % over the years.

Hope everyone is well and hitting their debts still.

Pidge_jen

Hey all,
I have broken the £5k barrier :j
However the bathroom has flooded :eek: the leak is now fixed but we will probably need a new bath, loo, sink and floor.
Bang goes all the spending money for holiday and more
By the way, if I ever catch the person who thought it was a good idea to tile the side of the bath (where a panel would usually be), which took almost 2.5 hours to remove, I will not be responsible for my actions :rotfl: thanks, previous owners!
hope all the debt busting is going well

Mat_Lock

sounds like the bathroom we just left in our rental. Tiles all down the side of the bath, the tile grout always fell out and it just looked awful after that.

Sorry to hear it especially as it will affect your holiday spending.

minmac

Hi everyone. Not been on in a while as hit a brick wall and was p****d off with it all.

Carried on paying the debts but it was depressing as we never had spare money for us.

Paid
£1200 in May
£1200 in June
Taking my total paid this year to - £11,000

What we have done last week is taken out a 17.5k loan and paid off most of our other debts.
It wasnt what we originally wanted as we planned to just hammer hammer hammer the debt but it was becoming depressing never having any money free.

Now instead of paying out £1200 a month we will be paying £475 for the loan and then £300 for other smaller debts that will hopefully be finished by the end of the year.
It will take longer to pay off if we don't make any extra payments but I think after xmas the loan will be our only debt left so we can hammer it. And we feel better having some extra cash every month to do with as we please.

Going to catch up on how everyone else has been doing now

Pablosammy

Quick update from me. Payslip arrived this morning, so student loan and first direct loans have both been paid bringing my total to...

#41 £8,828.35/£15,000 58.9%

It's been an expensive month for one reason or another, but despite that I should be able to overpay another £300 or so tonight. Can't wait to get rid of this debt, it'll be nice to have a small 'do what you like with this' fund! At the moment, I feel anxiety about every bit of cash I'm spending.

Next week's holiday is paid for, and spending money has already been bought, so next month should feel like a three-week month financially. After that, it's all-hands back on deck for the rest of the year!