Pay off £10k in a year challenge

cybertortoise
Forumite Posts: 263
Forumite

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.
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
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
0
Comments
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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 20290 -
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.
Crunchy19/8/19 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 £27400 -
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 20290 -
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 £27400 -
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) - 05/02/18Mortgage - July 2022: £105,000. Current: £102,221.37. Overpayments made since July 2022: £374.40Emergency Fund: £300/£7,800 - 3.8% Stocks and Shares - £615.99 LISA - £750.20 (inc bonus)0
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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 20290 -
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 20290 -
Hi cybertortoise
Sorry I'm bit late with August figures - £400 last month.
Hoping for more in September!!
Crunchy x19/8/19 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 £27400 -
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 please0
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I'm a little late updating, but so far I have paid off £522.72.Finally debt free (other than the mortgage) - 05/02/18Mortgage - July 2022: £105,000. Current: £102,221.37. Overpayments made since July 2022: £374.40Emergency Fund: £300/£7,800 - 3.8% Stocks and Shares - £615.99 LISA - £750.20 (inc bonus)0
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