Pay off £10k in a year challenge 14 August 2015 at 11:41PM in Debt-free Wannabe Challenges 37 replies 5.1K views

cybertortoise

Hi to anyone reading.


I am challenging myself to pay off or drop £10k of debt in one year. If I snowball my debts I can reach £8,629.85 so need £1370.15 in extra payments. I am going to have to push myself to reach the 10k mark.


Anyone is welcome to join in with any figure they like. You can count debts you have paid off and also any you have managed to drop (i.e. HP items returned, debts that you have managed to argue away etc).


The challenge runs from 1st August 2015 to 31st August 2016.


I know it's a weird time of year to start a challenge but I couldn't find any that don't end at the end of the year. Hopefully I will get some company along the way.

cybertortoise

For contenders:


cybertortoise - £10,000 - Paid £9726.98 - 97.26%
crunch_time - £9,000 - Paid £1645 - 18.27%
MrsSave - £4,000 - Paid £1306.77 - 32.66%
Swampy3k - £10,000 - Paid £2731 - 27.31%
Lacherlich - £17,488 - Paid £3083 - 17.62%
The Only Girl - £10,000 - Saved £1227.13 - 12.27%






































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crunch_time

I think I would like to join you cyber tortoise. I need to get rid of about £5500 of debt in the next year and our loan is about £3300 a year so that's about £9k not including interest. I want to pay it all off before my daughter starts nursery school. Include me as a contender.

Crunchy

cybertortoise

Welcome aboard Crunchy, it'll be nice to have some company.

crunch_time

I'll update at the end of every month! Looking forward to ditching this debt with you!

MrsSave

I have a 15k loan that will take 5 years to pay off. Would like to aim for £4k by next August, which means an overpayment of £1k.

cybertortoise

Welcome MrsSave!


If we add our totals on the last day of each month I'll pop them into a spreadsheet to calculate the % we have paid.


Quick note to say that if you have a debt of £500 for example and manage to reduce the amount owed (i.e. get a full & final settlement figure of £350 or get rid of an HP item etc), you can still count the full £500 as you have dropped your debt by £500.

cybertortoise

Posting a couple of days early as we are off camping tomorrow until Sunday so I may not get a chance. After my payments come out tomorrow I will have paid off £3846.08 so 38% roughly of my goal.


Looking forward to seeing how you are both doing so far!

crunch_time

Hi cybertortoise

Sorry I'm bit late with August figures - £400 last month.

Hoping for more in September!!
Crunchy x

Swampy3k

Mind if I join you, I know I'm starting a bit late however, I could look at my payments and backtrack a little and let you know how much i've paid so far. 10k limit please

MrsSave

I'm a little late updating, but so far I have paid off £522.72.