Pay off £10k in a year challenge

cybertortoise

Sorry it's taken so long to update totals! Crazy month! Well done everyone. Looking forward to your updates after Christmas.

cybertortoise

Well I hope you all had a great Christmas!

I am up to £9726,98 as of the 30th December 2015 that's 97.26% of my total. I have managed this through getting rid of non-essential hp items, 2 statute barred debts, keeping up on repayments on those I have plans with and also paying towards debt when a bit of extra cash came in. Basically a bit of luck!

However, I have recently been contacted regarding approximately £7k of debt I had forgotten about/not known about/tax credits overpayment! :mad: So I am adding a second total to aim for after I hit the £10k mark and that is £15k by end of August 2016. That will leave me around £12k of debt until debt free and I reckon I can make my DFD August 2017 instead of December 2017.

Have a great New Year.

crunch_time

Hi all
Decided to use some of my savings towards this challenge since I haven't had a great run of luck recently.

Since August 1st I have paid off £1650 of the loan and £2017 of the overdraft and credit cards. So £3667 so far of £9000

I'm pleased to announce that the overdraft is no more so just £3463 of credit cards to go.

Happy New Year everyone! Looking forward to smashing this debt with you in 2016!

Crunch xx

nessauk

Good luck tortoise with your challenge. Likewise I'm trying to kill £10k of debt this year. My snowball spreadsheet it currently saying it will take me until 2019 to clear it all, but I'd like to think that if I put my mind to it I can clear it much sooner than that.

cybertortoise

NessaUK - you can do it if you set your mind to it. It took me years to get organised and make a dent but just tracking every debt and every payment has helped me no end!

Wow. I didn't realise how long it had been since I updated! I hope everyone is doing well and continuing on their road to debt free bliss.

I have beaten the target I set myself but have a way to go yet. I had a couple of small emergencies which meant I needed to borrow money, but I paid these off very early and saved lots in interest. As per my initial post I am still counting the full amount of the debt dropped rather than the cash sum I paid out. I had around £2k just disappear from my credit report, I thought they had a few years to go before they were statute barred but apparently I was wrong. This has meant that I have cleared £17, 557.25! I still have over £17k to go before I am debt free but I am past the half way mark. I should be clearing another £4k next month when I pay off a few creditors (pay them £2000, actually drop over £4000 of debt).

Looking forward to your updates.

crunch_time

Hey long time no hear!!

Here is my update. So since August 1st 2015 I have paid off

£2750 of the loan
£3326 off the credit card so

£6076 out of £9000!!

Still got £1660 of credit card left to smash which I'm working on at the moment.

Crunchy xx

crunch_time

Hi everyone!

Hope everyone is doing well with their targets?

Mine was to pay off £9k in a year and with just about 2 weeks ago until the anniversary of the start of this thread I will have paid off £8407 of debt in that time. Very pleased with that!

My debt is now down to just over £12.5k so I'm going bold and hoping to clear it by the end of 2017.

How is everyone else doing?

Crunchy