£10497.93 in 2 Years - Starting Today...

Gazza1964

Hi,


This is a challenge I am setting myself - the reason I have given myself 2 years to complete it is because in two years time our contracts are to be reviewed at work - It would take a miracle for them to be renewed - some might say I am being pessimistic but unless they rip out the entire management structure at work and put in some people who know what they are doing we are doomed - the clowns we have now have ran our company into the ground, by steering us from one disastrous decision to another they have turned a once profitable company, a leader in its field, to an also ran picking up the scraps. Sorry - turned into a rant and a bit hypocritical when I cant manage my own finances.....


So..


Dmp started: July 2012


Debt : £17266.93


DFD : 14/09/18






Current state of play:


Debt : £10497.93


Paid : £6769


Payment : £236




Assuming I lose my job on the renewal date of 01/01/17 and that is my last payment date that gives me 24 payments at 236


So: 236 x 24 = 5664


Take that from my outstanding debt of 10497.93


10497.93 - 5664 = 4833.93


Divided up by the two years I have left to work into monthly amounts..


4833.93 / 24 = 201.41


My challenge is to pay an additional £201.41 a month off my DMP so that my debt is cleared by the time I lose my job...


I know this is too much to find - but I can try and there is a good chance of O/T at work due to staff shortages -



I have just used some Xmas money to pay off my smallest debt of £121.33 for this month that gets me started.


January 2015 - £201.41


Xmas money - £121.33



Outstanding - £80.08









Thanks for looking - I hope keeping this going will keep me on track and that I will be debt free by 1/1/17.


Gazza