Pay off £10k in a year challenge

24

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  • Swampy3k
    Swampy3k Forumite Posts: 187
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    Done some sums, so far since Aug 1st I have paid off £2152, good start but this will really slow down soon :(
  • cybertortoise
    cybertortoise Forumite Posts: 265
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    Welcome Swampy.


    Well done to everyone! Every penny will push you closer to target, so no matter how much you have paid off you're getting there.


    I will update the list now. Good work all and remember you can do it.
    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 - but aiming for end of 2028 instead!
  • crunch_time
    crunch_time Forumite Posts: 1,353 Forumite
    Hi cybertortoise!

    Smashed it this month - £1245! My target was £750.

    The loan is ticking along nicely.

    My original £5500 of credit cards and overdrafts is now £4025 so 26% paid so far!!

    I'm hoping to get it to £3500 next month or more!

    hope everyone is doing well!

    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
  • Lacherlich
    Lacherlich Forumite Posts: 148 Forumite
    Hello! Would it be too late to join? I had my LBM around June, and only really started focusing on my debts in August - and made my first real dent in September. My aim is to pay off £12k loan by April and then clear my credit card by August. So total of c.£16.4k.

    I've looked at my total debt as per the settlement quotes (as hope to clear the loan within the next 8 months)- but I guess my total would be higher if you look at what I would owe over the 5 years of my loan. Based on the settlement figure I started with £16,400. I then paid off £102 on my credit cards and £896 off my loan in September, and now ower c.£15,405.

    Have a few bits and bobs coming in from Ebay and cashback etc, so hopefully can reduce it even further before next payday!
    Debt: £9,750/[STRIKE] £27,000[/STRIKE] loan - monthly payments of £450. Overpaying £850 a month.
  • cybertortoise
    cybertortoise Forumite Posts: 265
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    Nice work Crunchy!! Anything over your minimum payments is good but that's great.

    Welcome Lacherlich. It's never too late to join, I'll add you and your target to the list now.

    I have paid off nearly £400 in September. October should be a good month as I have an unexpected windfall and I am using it to pay off some debts.

    Good luck everyone.
    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 - but aiming for end of 2028 instead!
  • The_Only_Girl
    The_Only_Girl Forumite Posts: 873
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    Hello, may I join you? I have just come out of the debt trap on 27/08/2015 after paying over £49,000, and what a relief it has been. I currently have £870 as emergency fund and my next goal is to see that grow up to 10k till August 2016. The family, DH and and the 2 boys, have individual cash ISA's that we put £50 in every month but we don't count those because they are investments.
    "There is Life AFTER DEBT."LBM 2009 Total Debt £49046.24 Debt Free as of 27/08/2015
  • Lacherlich
    Lacherlich Forumite Posts: 148 Forumite
    Hi.

    Thanks, I've paid off £998 so far including the credit card payment,

    Congrats on how much you've managed to clear so quickly!
    Debt: £9,750/[STRIKE] £27,000[/STRIKE] loan - monthly payments of £450. Overpaying £850 a month.
  • The_Only_Girl
    The_Only_Girl Forumite Posts: 873
    Eighth Anniversary 500 Posts Combo Breaker Debt-free and Proud!
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    Hi it's me again, I decided to open my coin bank and put everything into the current account that holds the emergency fund. New total is £934.65.
    "There is Life AFTER DEBT."LBM 2009 Total Debt £49046.24 Debt Free as of 27/08/2015
  • Swampy3k
    Swampy3k Forumite Posts: 187
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    £579 for the month of October please :)
  • cybertortoise
    cybertortoise Forumite Posts: 265
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    Hi The Only Girl, and wow! Excellent progress, I have added you to the challenge. There's also an emergency fund challenge if you want to join that.

    Swampy and Lacherlich I have added your new totals. Keep up the good work.

    I managed to get up to nearly £7000 in total this month but that was a fluke. It'll be much slower over the next few months especially with the dreaded C'mas coming up! Until Student Finance sort my childcare money out I am paying £120 a week so my budget is stretched to breaking point. I'm hoping YNAB will keep me on the straight and narrow.
    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 - but aiming for end of 2028 instead!
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