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Pay off loan ny end of 2017
Humdinger1
Posts: 2,443 Forumite
Hello again everyone - after much thought (as you can see if you can spare the time from my earlier posts about APR on a commercial loan), I've decided that the best way forward is to pay off the loan by the end of this year. My approach is: overpay by £150 per month, which will reduce the debt to £15600 on 1st November. as the bank has also paid me some compensation. In the meantime, I need to be saving up some money every month to clear the balance. I have 3k in hand now so to pay off the remaining balance, I will need to be setting aside an extra £1400 per month.
I will post more later, but wanted to get on here and make the commitment before I go out hospital visiting - a crystal clear vision is the way forward, and after the 100k debt mountain (personal and corporate) I've climbed in recent years, I tell myself that I can do this. Just 10 months and then I can concentrate on knocking down the mortgage.
Freedom beckons! I am not a number but a free woman!!
Humdinger
I will post more later, but wanted to get on here and make the commitment before I go out hospital visiting - a crystal clear vision is the way forward, and after the 100k debt mountain (personal and corporate) I've climbed in recent years, I tell myself that I can do this. Just 10 months and then I can concentrate on knocking down the mortgage.
Freedom beckons! I am not a number but a free woman!!
Humdinger
0
Comments
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Brilliant Humdinger. Sounds like a plan. Set yourself 4 three month targets. See you if you are on track. End of March/June/Sep/Dec.Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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Zippy I will do just that - thanks for your advice. There is potentially a lot going on here which is why I think the less debt, the better prepared I'll be. Thanks to reading numerous threads on MSE, I've realised that hundreds of thousands of people share my view that we are controlled by debt if not aware of it. We don't have to buy more and more with ever increasing debt (which mostly benefits the bankers) to lead a worthwhile life. Humdinger0
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Absolutely. Don't bury your head in the sand. Face the debt which is one of the most difficult things to overcome
Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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