Pay ALL your debt off by Xmas 2018

muppets

mossy wrote: »

Morning...just wanted to slink back on to this thread and say oops...didn't hit my savings target for last year's holiday and so just over £3k went on to credit cards!

Anyway I've been steadily paying just over the minimum each month and have paid a little extra chunk off the smallest one yesterday (I want to get that one cleared and start snowballing the bigger card) and I thought to myself....come on girl you've done this before...I challenge you to get it cleared by Christmas.

So here I am asking for a number and hoping that this accountability will help me with my goal of clearing whats left by the end of the year!

I've currently got my balance down to £1930 and I start my new job in September so it won't be long until I will be earning again (currently living off my student maintenance loan although I've budgeted well with it so this last bit will keep me going until my first pay day in September, along with DHs income).

My home budgeting isn't going well everything goes on the Amex (for air miles) and I have been so busy at Uni/on placement that I just don't have time to keep on top of everything...which means that I've probably wasted a lot of money that I could be using to clear the cards or on other things! Hopefully by having this challenge it will motivate me to keep on top of the finances! :A

Welcome back Mossy, you are #123

muppets

UPDATE FOR MAY



We paid off £31,468.70 :beer:
We have 2 new members sign up :T:T:T

2 members have become DEBT FREE or Smashed their 2018 target. :j:j


Front Pages will be updated later this week. xx

spudsmum

spudsmum wrote: »

£13 to MBNA so

#22 now at £853.50/£5000

PPI claim paid out so another £85.50 paid to MBNA

#22 now at £939/£5000

supersaver1000

Thank you Muppets exciting that we have all paid off so much!

We've also had good news with a second ppi success of around £500. In the 'olden days' (of debt denial) surprises like this would have been lost in the mire so it was a great feeling to be able to pay it straight off OHs loan and see the end date come forward. DFD becomes more and more real.

I did some some sums the other day and I reckon that by DFD we will have borrowed and paid off almost £50k over the past 4/5 years. The only real thing of value I can see is the car (paid £20k now worth around £5k).

Oh my!

Picking through past financial papers I also came across a loan I took out for £3k in 1994. Interest rate was 18.9% and total charge for credit £1522.20 (it was over 5 years).

Oh my, oh my!! I was quite speechless for a while - could just hear the sound of money going down the drain. I know that interest rates were perhaps not quite so competitive back then, but even if I had reduced the number of payments to 3 years I would have saved about half the interest.

Thank goodness for MSE nowadays :T:T

mossy

muppets wrote: »

Welcome back Mossy, you are #123

Thanks for my number.

sunshine81

Thanks Muppets, I am very focussed this time.


#145 £9324.76 / £19261 (48.41%)

LLM2018

#78 checking in. Paid £225 off today with a rebate which was nice. So updates totals are: 794/2494 paid = 31.84% so close to being debt free. This last little bit to shift seems the hardest.

Ammeretto

Evening

Completely forgot to update for May - I cleared £1,000 in May taking my total to 8,000 / £11,000

So far this month i have paid another £300 so my total now stands at

#142 £8300 / £11,000 = 75.5%

LionessInWinter

muppets wrote: »

:j:j:j:jI am so happy to see this, you worked so hard to clear this the last few years. This is so well deserved. :beer:

Thanks muppets. This thread really helped. Thank you for all you do and have done these past few years.

LionessInWinter

sunshine81 wrote: »

Congrats Lioness!!!!!!



#145 £9244.76 / £19261 (48%)

Thanks sunshine, well done to you too.