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Pay off £10k in a year challenge

edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
37 replies 5.1K views
cybertortoisecybertortoise Forumite
144 posts
edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
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.
Fresh start & LBM #3: 29.08.17 ~ Debt at highest: £23,583.27 ~ 26/12/18: £13,389.66 ~ 05.12.2019: £9653.06 ~ DFD aim: [STRIKE]31/12/2021[/STRIKE] 31/12/2020 ~ PAYDOB 2019 #32 : £3832.60/£4000 = 95.8% ~ 2019 1% Challenge #2: 95.8% (£4000 target) ~ Frugal Living Challenge 2020
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Replies

  • edited 31 December 2015 at 2:15AM
    cybertortoisecybertortoise Forumite
    144 posts
    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%






































    .
    Fresh start & LBM #3: 29.08.17 ~ Debt at highest: £23,583.27 ~ 26/12/18: £13,389.66 ~ 05.12.2019: £9653.06 ~ DFD aim: [STRIKE]31/12/2021[/STRIKE] 31/12/2020 ~ PAYDOB 2019 #32 : £3832.60/£4000 = 95.8% ~ 2019 1% Challenge #2: 95.8% (£4000 target) ~ Frugal Living Challenge 2020
  • crunch_timecrunch_time Forumite
    1.4K posts
    ✭✭✭
    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
  • cybertortoisecybertortoise Forumite
    144 posts
    Welcome aboard Crunchy, it'll be nice to have some company.
    Fresh start & LBM #3: 29.08.17 ~ Debt at highest: £23,583.27 ~ 26/12/18: £13,389.66 ~ 05.12.2019: £9653.06 ~ DFD aim: [STRIKE]31/12/2021[/STRIKE] 31/12/2020 ~ PAYDOB 2019 #32 : £3832.60/£4000 = 95.8% ~ 2019 1% Challenge #2: 95.8% (£4000 target) ~ Frugal Living Challenge 2020
  • crunch_timecrunch_time Forumite
    1.4K posts
    ✭✭✭
    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
  • MrsSaveMrsSave Forumite
    1.7K posts
    Sixth Anniversary 1,000 Posts
    ✭✭✭
    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 :j
    Check out my debt free diary 'Mrs S.....life after debt' below:
  • cybertortoisecybertortoise Forumite
    144 posts
    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.
    Fresh start & LBM #3: 29.08.17 ~ Debt at highest: £23,583.27 ~ 26/12/18: £13,389.66 ~ 05.12.2019: £9653.06 ~ DFD aim: [STRIKE]31/12/2021[/STRIKE] 31/12/2020 ~ PAYDOB 2019 #32 : £3832.60/£4000 = 95.8% ~ 2019 1% Challenge #2: 95.8% (£4000 target) ~ Frugal Living Challenge 2020
  • cybertortoisecybertortoise Forumite
    144 posts
    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!
    Fresh start & LBM #3: 29.08.17 ~ Debt at highest: £23,583.27 ~ 26/12/18: £13,389.66 ~ 05.12.2019: £9653.06 ~ DFD aim: [STRIKE]31/12/2021[/STRIKE] 31/12/2020 ~ PAYDOB 2019 #32 : £3832.60/£4000 = 95.8% ~ 2019 1% Challenge #2: 95.8% (£4000 target) ~ Frugal Living Challenge 2020
  • crunch_timecrunch_time Forumite
    1.4K posts
    ✭✭✭
    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
  • edited 15 September 2015 at 4:35AM
    Swampy3kSwampy3k Forumite
    184 posts
    Sixth Anniversary Combo Breaker
    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 :)
  • MrsSaveMrsSave Forumite
    1.7K posts
    Sixth Anniversary 1,000 Posts
    ✭✭✭
    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 :j
    Check out my debt free diary 'Mrs S.....life after debt' below:
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