Pay ALL your debt off by Xmas 2015!

1robert1

hi everyone could i please join? my current debt is looking around £15,000 (we had a conservatory built due to daughters illness so we could move her bedroom to the dining room).

I don't think i will manage to pay all £15,000 off but its worth a try isnt it

Is it ok to just post every month with what the balance stands at please? sorry I just have never been part of these groups before and i am joining for the first time

Ccarter

#027 355.12/£4535.13

I've made a £70 overpayment to my kitchen today, as well as the official payment of £97.36. So the new balance of the kitchen debt is £1380 :-)

In dec i've:
Paid off my grandad £80.00
Paid towards the kitchen £275.12
Saved £217.80 for my divorce fund

It's been a frugal christmas!

blackberrycurved_2

Any good ideas on what order to do this in I think I need to be better organised than last year. I have £1900 on one cc £1300 @ 0% £600 @14.5 and £5K on a loan @ 5%.

WifeandMummy

Hi, I haven't posted much since joining, as I've been distracted with the festivities... but I am raring to go now and will work out my new debt total this week once all my payments have been processed. Feeling quite positive about the challenge - despite my husbands reservations

WifeandMummy

Also, sorry if this is a daft question but could someone please tell me how to work out how much I have paid off in terms of percentage, towards my end goal... thanks in advance xx

kirstydriver

WifeandMummy wrote: »

Also, sorry if this is a daft question but could someone please tell me how to work out how much I have paid off in terms of percentage, towards my end goal... thanks in advance xx

I always use this online calculator:

http://www.math.com/students/calculators/source/3percent.htm

WifeandMummy

That's brill, thank you x

Roundthebend_2

Amount paid off, divided by the total debt, multiplied by 100

starnac

1robert1 wrote: »

hi everyone could i please join? my current debt is looking around £15,000 (we had a conservatory built due to daughters illness so we could move her bedroom to the dining room).

I don't think i will manage to pay all £15,000 off but its worth a try isnt it

Is it ok to just post every month with what the balance stands at please? sorry I just have never been part of these groups before and i am joining for the first time

Always worth a try and if you don't clear it all by christmas 2015 you can join the "clear it all by christmas 2016" thread as I'm pretty certain there will be one

As for updates it is up to you. You can either update every time you pay something towards your debt or update at end of every month. It's up to you. No strict rules or anything like that. Just a friendly bunch of people encouraging each other

froggie101

Hello, I'm completely new to MSE threads but use the website quite often. I'm always looking for new ways to save money, get the best deal, be as frugal as possible, and most importantly clear my debt!! I'd really like to join this challenge as I think that it will help make me more aware of what I actually owe, and start seeing that I am making a dent. I paid off one credit card last year, and another will be paid off in February so I know that I'm slowly getting there. The goal is to become debt free and save up money to buy a car. I'll get there eventually. :-) My total debt including my overdraft is £3910 which is such a change considering it was £5150 at the start of 2014. I'm not entirely sure I can pay off all my debts in a year, but I'm sure gonna try!!