Pay ALL your debt off by Xmas 2015!

Pablosammy

Dizzy_Imp wrote: »

Can I join please? Didn't get a number...

Oh no! Mortified...

You now have a number, sorry about that! #085 :T

IrishRose12

Ok 1st payment of the year for me.

#066 - £36/£1700

I can't afford to pay loads off in one go, and my wages also don't stretch far after bills etc. So like last year my payments will be small. But every little helps

arc_cutter

Hi all good to see everyone making a great start make me want to start making payments as soon as possible. I have a silly question and that is what do you log as to what you have paid.


1 The total amount you paid including any interest charges.
2 The amount you paid to reduce you total

Roundthebend_2

Good question, I'm just including the amount I've paid, but I made a £40 payment which shaved off an extra £15 in interest, which I haven't accounted for.

I think I'll stick as I am, but when ( ) I've paid each debt off, I'll add the shortfall on here in one lump sum I think. I shall see how it goes on through the year

Roundthebend_2

Just checked to see if my wages went it. I expected and budgeted for £150, but got £322!!!!

So not only is that one overdraft now gone (forever!) but I've just made a £100 overpayment on my loan, which will save a further £38 in interest!

They sent me a letter for my last overpayment (Which Im keeping as motivation!) hope I get another!

How cool is this? Love Halifax!


Now to work out my new total on here.

Utterly in love with this thread, it's bordering on obscene

Roundthebend_2

:j:j:j:j:j

Hubby's wage has gone in, and as I said I wouldn't count the spending account overdraft being paid until that happened I can now!

So I have £500 of spending account overdraft cleared
£107 of direct debit account overdraft cleared

And the £100 overpayment I just made :j:j

I'm going to sleep well tonight!

This brings my total to £1306

Overdrafts are gone forever :beer: and I've shaved a month off the length of my loan! Only 19 months left now.

Chuffing thrilled.

Kittycat1981

Ive just made my first payment towards debt free christmas 2015.

New total 675/10562

I've made a further £62 selling on ebay, once all items are posted out and feedback left i will be transferring that from paypal (before the hubby spends it!) and making an overpayment on our bank loan.

Its 3 am and i am slightly addicted to this forum. I need sleep

I'm looking forward to seeing everyone update their payments in the forthcoming weeks

kirstydriver

arc_cutter wrote: »

Hi all good to see everyone making a great start make me want to start making payments as soon as possible. I have a silly question and that is what do you log as to what you have paid.


1 The total amount you paid including any interest charges.
2 The amount you paid to reduce you total

I go by the amount of debt left so if I have paid £4 interest info not include that as a payment.
So one of my CC is £304 - £300 debt plus £4 interest. I'm going to clear it when my wages clear so it will only be another £300 of my debt amount.
Hope that makes sense? Everyone has a slightly different system I'm guessing.
Do what works for you.

blubella

First payment made towards my goal of £2000..

#101 - £200/£2000

Pablosammy

arc_cutter wrote: »

Hi all good to see everyone making a great start make me want to start making payments as soon as possible. I have a silly question and that is what do you log as to what you have paid.


1 The total amount you paid including any interest charges.
2 The amount you paid to reduce you total

I work out my debt total, and then for each payment I work out how much it's reduced by, taking into account any interest. So each month for example my loan payment is £343, I know that £48 of that is interest, so I only actually pay off £295. My actual payment is "debt before minus debt after".

So I guess I use method 2!