Pay off £10k in a year challenge

Swampy3k

Done some sums, so far since Aug 1st I have paid off £2152, good start but this will really slow down soon

cybertortoise

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.

crunch_time

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

Lacherlich

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!

cybertortoise

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.

The_Only_Girl

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.

Lacherlich

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!

The_Only_Girl

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.

Swampy3k

£579 for the month of October please

cybertortoise

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.