Pay off £10k in a year challenge

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.
Restarted my journey toward financial stability on 1st September 2021 - I will succeed!
Total debt - £39887.63.75 @ 31.08.21

Current debt - £29061.41 @ 01.10.23
Paid to date: £10826.22
DFD: January 2030 October 2029
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Comments

  • cybertortoise
    cybertortoise Forumite Posts: 263
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    edited 31 December 2015 at 2:15AM
    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%






































    .
    Restarted my journey toward financial stability on 1st September 2021 - I will succeed!
    Total debt - £39887.63.75 @ 31.08.21

    Current debt - £29061.41 @ 01.10.23
    Paid to date: £10826.22
    DFD: January 2030 October 2029
  • crunch_time
    crunch_time Forumite Posts: 1,353 Forumite
    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
    19/8/19 vs now Current Total debt £14,188 Savings £2757
    Overdraft £1600 vs £1050
    HSBC1 £1900 vs £3868
    HSBC2 £4100 vs £3730
    Virgin 1 £3050 vs £2800
    House stuff and improvements £4460 Virgin 2 £2740
  • cybertortoise
    cybertortoise Forumite Posts: 263
    Eighth Anniversary 100 Posts Name Dropper Photogenic
    Forumite
    Welcome aboard Crunchy, it'll be nice to have some company.
    Restarted my journey toward financial stability on 1st September 2021 - I will succeed!
    Total debt - £39887.63.75 @ 31.08.21

    Current debt - £29061.41 @ 01.10.23
    Paid to date: £10826.22
    DFD: January 2030 October 2029
  • crunch_time
    crunch_time Forumite Posts: 1,353 Forumite
    I'll update at the end of every month! Looking forward to ditching this debt with you!
    19/8/19 vs now Current Total debt £14,188 Savings £2757
    Overdraft £1600 vs £1050
    HSBC1 £1900 vs £3868
    HSBC2 £4100 vs £3730
    Virgin 1 £3050 vs £2800
    House stuff and improvements £4460 Virgin 2 £2740
  • MrsSave
    MrsSave Forumite Posts: 1,803
    Eighth Anniversary 1,000 Posts Name Dropper
    Forumite
    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. :)
    Finally debt free (other than the mortgage) - 05/02/18
    Mortgage - July 2022: £105,000. Current: £102,221.37. Overpayments made since July 2022: £374.40
    Emergency Fund: £300/£7,800 - 3.8% Stocks and Shares - £615.99 LISA - £750.20 (inc bonus)
  • cybertortoise
    cybertortoise Forumite Posts: 263
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    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.
    Restarted my journey toward financial stability on 1st September 2021 - I will succeed!
    Total debt - £39887.63.75 @ 31.08.21

    Current debt - £29061.41 @ 01.10.23
    Paid to date: £10826.22
    DFD: January 2030 October 2029
  • cybertortoise
    cybertortoise Forumite Posts: 263
    Eighth Anniversary 100 Posts Name Dropper Photogenic
    Forumite
    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!
    Restarted my journey toward financial stability on 1st September 2021 - I will succeed!
    Total debt - £39887.63.75 @ 31.08.21

    Current debt - £29061.41 @ 01.10.23
    Paid to date: £10826.22
    DFD: January 2030 October 2029
  • crunch_time
    crunch_time Forumite Posts: 1,353 Forumite
    Hi cybertortoise

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

    Hoping for more in September!!
    Crunchy x
    19/8/19 vs now Current Total debt £14,188 Savings £2757
    Overdraft £1600 vs £1050
    HSBC1 £1900 vs £3868
    HSBC2 £4100 vs £3730
    Virgin 1 £3050 vs £2800
    House stuff and improvements £4460 Virgin 2 £2740
  • Swampy3k
    Swampy3k Forumite Posts: 187
    Eighth Anniversary Combo Breaker
    Forumite
    edited 15 September 2015 at 4:35AM
    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
    MrsSave Forumite Posts: 1,803
    Eighth Anniversary 1,000 Posts Name Dropper
    Forumite
    I'm a little late updating, but so far I have paid off £522.72.
    Finally debt free (other than the mortgage) - 05/02/18
    Mortgage - July 2022: £105,000. Current: £102,221.37. Overpayments made since July 2022: £374.40
    Emergency Fund: £300/£7,800 - 3.8% Stocks and Shares - £615.99 LISA - £750.20 (inc bonus)
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