Pay ALL your debt off by Xmas 2015!

Dizzy_Imp

Karb wrote: »

Well, I've only gone and done it. Final payment made to the credit card and, apart from the mortgage, I'm now debt free. I can't actually remember the last time I had no debt, but I'm pretty sure it was 1997. Feeling so chuffed

Well done Karb :beer:

lexbubbles wrote: »

Nope no accounting programme. All you need is the interest rate on your card...

Very in-depth explanation given, which was very useful indeed

...And so on and so forth.

Plus someone with far more brains than me who can explain it clearly :rotfl: I'll have a go at this throughout December and try to post payments and "real" payments from the New Year, as I really like this idea - thank you so much :A

ETA - gawd, I'm already worrying about how to calculate it if I make additional payments throughout the month - you might be getting a plea for help!

lexbubbles

Dizzy_Imp wrote: »

ETA - gawd, I'm already worrying about how to calculate it if I make additional payments throughout the month - you might be getting a plea for help!

Well I've done mine based on what I know I can repay each month.

If you don't know that for certain, it'll be worth looking at when your statement date is. eg mine's the 14th and a few days before that (when you're not going to be making more payments) you can work out what the interest for the following month will be. That's when it all gets worked out by them.

(Like if I don't make any more payments before the 14th, I'll get charged £56.92 interest that I'll have to deduct from anything I pay next month - my debt will, temporarily, increase by that £57 until I pay it back down again)

For that reason it's good to get payments in 'under the wire' so that your interest for the next month is a little lower. Get as much paid as possible before the statement date, work out where you are, and then do it all over again :rotfl:


ETA: if you have an amount you're definitely going to pay each month you can still work it out as I did for the year to see where you'll be just paying that. Obviously anything over and above is just gonna clear it quicker

ETA2: I make my payments throughout the month because my income isn't monthly. I have a plan as to what the total amount is going to be, though.

amr547

We've started house hunting too! It's a bit difficult cos of my OHs credit rating. And defaults on file...but with mine being clean hopefully we can get somewhere. Just waiting for some figures to come back from our advisor but seeing three places tomorrow which should be in budget!

Toomuchdebt

I've done so badly once again with this challenge (

black_cat

amr547 - that's exciting! All the best :j

Toomuchdebt - your signature would suggest otherwise!

Toomuchdebt

black_cat wrote: »

amr547 - that's exciting! All the best :j

Toomuchdebt - your signature would suggest otherwise!

Aww thanks black cat but I was really hoping to be able to pay off 4k this year as I didn't manage to pay off that much last year either.

abba1772

Direct debit for other credit card has came out so :hello: £47.11 brings my total to £6960.55 / £6000

Nearly at the £7k mark :j woo hoo

lexbubbles

I just got 19 months' worth of severe disability premium backdated by the folks at ESA so I've been able to clear ALL OF MY DEBT

I AM 100% DEBT FREE

abba1772

lexbubbles wrote: »

I just got 19 months' worth of severe disability premium backdated by the folks at ESA so I've been able to clear ALL OF MY DEBT

I AM 100% DEBT FREE

Fantastic :beer:

Toomuchdebt

well done lexbubbles!!!