MY debt free date ...... finally worked it out!!!

Well, been discussing the problem and number crunching for a couple of days now, but it has finally happened ...... I have worked out my debt free date!!!

We have in total approx £15000 debt (my personal contribution to that ghastly figure is £4500) and we will be debt free in May 2008 :j , with average monthly repayments of about £420. :eek:

This sounds scary, but this includes £200 per month we currently pay towards other halfs catalogue bill!!!!

I will personally be debt free in Feb 2007. :D

I think it is very helpful to see the snowball effect on the spreadsheet and have forced other half to take an interest too.

Thanks so much to everyone on this wonderful and helpful site :money:
Official DFW Nerd #148 :D
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:
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Comments

  • Magentasue
    Magentasue Posts: 4,229 Forumite
    Don't you think it makes such a difference when you can see an end to it and there's 'a plan'? The debt's the same but instead of being something you feel guilty about, it's something you can see as a potential achievement. Well, that's helped me! Good luck!
  • loobyloo1980
    loobyloo1980 Posts: 587 Forumite
    Magentasue wrote:
    Don't you think it makes such a difference when you can see an end to it and there's 'a plan'? The debt's the same but instead of being something you feel guilty about, it's something you can see as a potential achievement. Well, that's helped me! Good luck!


    Yes, defintely. Now I can see that by just increasing the initial monthly payment amount by a mere £25 on what we already spend on debt repayments, I can halve the time it is going to take to pay off the debt, just by snowballing it all. And the best thing is by this time next year all the interest charging debt will be gone - so that is great. :j

    The joy of spreadsheets :D
    Official DFW Nerd #148 :D
    Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
    Lightbulb moment May 2006 :idea:
  • roger56
    roger56 Posts: 478 Forumite
    Guess you are using a spreadsheet. they're great for planning finances and yes even £10 a month over several years can amount to a lot of debt saving or even significant extra interest.

    Guess it's time for one well earned drink (during happy hour of course to save money!!!)

    Well done


    edit: OK I've put my glasses on now - you are using a spreadsheet :o
  • loobyloo1980
    loobyloo1980 Posts: 587 Forumite
    roger56 wrote:
    Guess you are using a spreadsheet. they're great for planning finances and yes even £10 a month over several years can amount to a lot of debt saving or even significant extra interest.

    Guess it's time for one well earned drink (during happy hour of course to save money!!!)

    Well done


    edit: OK I've put my glasses on now - you are using a spreadsheet :o

    ;) I love my spreadsheets

    I will be having many a drink to celebrate my debt free date, whilst honeymooning in Greece in a fortnight!!! My plan to become debt free doesn't start until next month, as I want to have the time of my life on honeymoon (and it has all been budgeted for and paid for without debt - parents paying nearly everything except a few hundred spending money) :T

    Cheers!!!! :beer:
    Official DFW Nerd #148 :D
    Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
    Lightbulb moment May 2006 :idea:
  • ms_london
    ms_london Posts: 2,852 Forumite
    First Post Photogenic Name Dropper First Anniversary
    Well done Loobyloo1980, thats great news.

    Did you get the message I sent back to you yesterday?

    It makes you so more determined having a DFD, you can see light at the end of the tunnel, and like you say - even overpaying by £10 or £20 a month, can bring forward your DFD dramatically.

    Congratulations on your forthcoming wedding & enjoy your honeymoon (not to put a dampener on things, was your debt for your wedding/honeymoon or prior to this? Just curious.) but enjoy anyway.

    Keep up the good work.

    Ms_London
  • loobyloo1980
    loobyloo1980 Posts: 587 Forumite
    ms_london wrote:
    Well done Loobyloo1980, thats great news.

    Did you get the message I sent back to you yesterday?

    It makes you so more determined having a DFD, you can see light at the end of the tunnel, and like you say - even overpaying by £10 or £20 a month, can bring forward your DFD dramatically.

    Congratulations on your forthcoming wedding & enjoy your honeymoon (not to put a dampener on things, was your debt for your wedding/honeymoon or prior to this? Just curious.) but enjoy anyway.

    Keep up the good work.

    Ms_London

    No, my debt was prior to this relationship full stop, as was partners. Our wedding and honeymoon has been paid for by my parents, and other than a bit of spending money we have had nothing to pay for - so a debt free wedding.

    I got your message, and it inspired me to work out my DFD so thanks. :A
    Official DFW Nerd #148 :D
    Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
    Lightbulb moment May 2006 :idea:
  • johannamse
    johannamse Posts: 498 Forumite
    ;) I love my spreadsheets

    I will be having many a drink to celebrate my debt free date, whilst honeymooning in Greece in a fortnight!!!

    Oh how bizarre - I am having my Honeymoon in Greece in two weeks too.
  • spendaholic
    spendaholic Posts: 1,535 Forumite
    Debt-free and Proud! Name Dropper First Anniversary First Post
    You're not marrying each other, are you?

    I'd love to work out my DFD, but I think it would depress me too much. It's currently running at 2012 on my big loan, although I do hope to be overdraft free by the end of this year, and I'd like to reduce the big debt with money that's feeding the overdraft, where I can.
    spendy/she/her ***DEBT-FREE DATE: 11 NOVEMBER 2022!*** Highest debt: £35k (2006) MY WINS: £3,541 CASH; £149 Specsavers voucher; free eye test; goody bag from Scottish Book Trust; tickets to Grand Designs Live; 2-year access to Feel Amazing App (worth £100); Home Improvement & Renovation Show tickets; £50 to spend on chocolate; Harlem Globetrotters tickets; Jesus Christ Superstar tickets + 2 t-shirts; Guardians of the Galaxy goody bag; Birmingham City v Barnsley FC tickets; Marillion tickets; Dancing on Ice tickets; Barnsley FC v Millwall tickets
  • loobyloo1980
    loobyloo1980 Posts: 587 Forumite
    johannamse wrote:
    Oh how bizarre - I am having my Honeymoon in Greece in two weeks too.


    omg!!! how scary. whereabouts? we're going to Zante
    Official DFW Nerd #148 :D
    Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
    Lightbulb moment May 2006 :idea:
  • loobyloo1980
    loobyloo1980 Posts: 587 Forumite
    You're not marrying each other, are you?

    I'd love to work out my DFD, but I think it would depress me too much. It's currently running at 2012 on my big loan, although I do hope to be overdraft free by the end of this year, and I'd like to reduce the big debt with money that's feeding the overdraft, where I can.

    LOL, no we're not :rotfl:
    Official DFW Nerd #148 :D
    Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
    Lightbulb moment May 2006 :idea:
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