Pay ALL your debt off by Xmas 2015!

Pablosammy

luckekelly wrote: »

Hi all im new to this..... although ive been lurking for some time... ahem years lol
When people calculate the amount of debt they wish to pay off this year do they include the interest for that year ie a loan? might be being silly but in my defence im full of the flu xx

Personally I don't - I work out my actual amount owed each month, but then I have to use a spreadsheet to calculate the interest to work out how much I've actually paid off.

If you include the interest, then any normal payment just gets added to your total, dead easy. However, if you make overpayments then you have to add on the rebate you'll get from interest savings.

There you go, clear as mud!

helpme_115

luckekelly wrote: »

Hi all im new to this..... although ive been lurking for some time... ahem years lol
When people calculate the amount of debt they wish to pay off this year do they include the interest for that year ie a loan? might be being silly but in my defence im full of the flu xx

Personally I don't, I just take a snap shot of all my accounts, then take that figure away from my starting figure

E.g if I started on £1,000 and my current balance was £910 (£100 payment but had £10 interest) I would report it as £90/£1000 (£1000 minus current actual balance)

Means a bit of caclulation but find it alot simpler then trying to work out what the interest is gonna be

tracy6697

I've made a payment of £50 so my new total is:

#10 £300 / £3000. :j
Getting to 10% feels so good and I'm counting down the days until payday so that I can clear some more.

amr547

sooo cold. and its still a week and a half til payday!!!! 1 week til OH's payday so at least I'll have some cash in the bank next week. won't be red, so that's good at least.

lauradora

Pablosammy wrote: »

Hi guys, welcome along! I'll get a number assigned to you tomorrow. :T

Heeeeeyyyy can I have my number pleeeaaase?

Dying to get going. Picked up some mystery shops for the weekend and gained 5p roadkill today

Pablosammy

lauradora wrote: »

Heeeeeyyyy can I have my number pleeeaaase?

Dying to get going. Picked up some mystery shops for the weekend and gained 5p roadkill today

Hey Laura The list can be found on the front page, you're number 130

Dizzy_Imp

rubywhatashmoo wrote: »

How gutted would you be if you lost £50 on the street? It's not leftover change after getting the shopping in, it's REAL money and you've whacked it on a debt rather than spending it! Well done!!

Thank you - sometimes I get a little disheartened that my payments aren't making major impact on the overall debt, but, like you say £50 isn't small change.

luckystarr

Thank you for my number pablosammy

Will update my signature soon

rubywhatashmoo

Sold my item on ebay - fees paid, money withdrawn and overdraft reduced by £50 The only debt I pay interest on so it needs to clear off!

#057: £1353.25 / £8202.00 16.5%

Still 2 weeks to payday and that's it for January for me or we won't be eating for the next fortnight :rotfl:

Kittycat1981

Pepperoni wrote: »

Kittycat - Hope the test results come back clear x

Everyone talks about these spreadsheets that they play around with all the time.... what does your spreadsheet involve? I have something basic but all of yours sound so much more fun :rotfl:

Thank you re- test results.

My spreadsheet is pretty boring, its just an excel template i found online and then adapted it to meet my own budget.

Across the top i have the debts with the % apr- then household bills and expenditure- last column is income- then a formula to give me a total disposable income per month - we count for everything then disposable gets put back in to the debts (well at least for this year) then down the side its the months and its numbered (so i can see how many payments i have left)

I am snowballing at the minute- Argos is the highest apr we have at 29.9%- that will be paid off March- then the bank loan at 12.9% - then we will tackle the 0% credit card.

I was playing around with over payments- seeing how quickly i could pay off the bank loan etc.