The long haul supporters thread...

[Deleted User]

Almost £10.75k

It's a 48 month loan, at a whisker under £250 pm.

I know - almost £12k. :eek:

Last payment is in April, so 5 to go.

Once that's paid off, I've got a few bits and bobs which, even without using the money I've been paying on the big loan to snowball them (which I will be doing), would be gone by October.

Using the former big loan money, will cut that back to July or August.

At that point I will, for the first time in years, be totally debt free. :j

Oh, and I'm pleased to say, although it's been very tight on occasion, I've done it all without a single failed payment.

Happytogetdebtfree

That's great :-) I'm aiming for may 2013 for unsecured then sometime in 2014 for secured even though its a small monthly charge it is over a long time I want it gone haha. It will be nice to see what paydays feel like on the otherside, when they are needed for nothing x

poohbear59

Well done Bedsit Bob. It must be exciting to be so close to the end.
I have paid off 10% of my unsecured debt in just over a year but DH isn't working so we are living frugally and slowly chipping away at the debt. Our DF date was 2019 but it may now be longer. We may need to do another snowball calculation but I am worried it will give us a date yet further away.

Rochdale_Guy

I was due to be debt free in 2030, but then it all went pear shaped

[Deleted User]

poohbear59 wrote: »

It must be exciting to be so close to the end.

It is, but it's also frustrating, because it seems to be taking so long for each month to pass.

When I started with the loan, it was so long away from being paid off, I didn't really think about it, but now I can see the end, it seems to drag.

May will seem weird (in a good way), without the £250 going out to the loan.

recurrent-ostrich

Rochdale guy, sounds like a nightmare! Hope you manage to find some work soon.

MummyRivett

Hello

This week, my husband and I received a big wake up call regarding our debts.

I really would like to get debt free and I know I won't be able to do it without hard work, discipline and support.

I have a good job but have been spending above my means for a long time and buried my head in the sand regarding this. I am ashamed but really want to get back on track. I don't know how long this is going to take but I am determined to do it.

Would you mind if I joined you all on here to help me get on my way.

Thank you, in advance, for your support.

[Deleted User]

Post a SOA on a new thread, and the kind people on here will advise you how to manage your incomings and outgoings, to maximum effect.

MummyRivett

Bedsit Bob,

Thank you for that, I have put together a spreadsheet with all my out goings and monthly income. I have also looked at the debts I have and their interest.

My plan is the following:

Pay off Overdraft
Pay off Barclaycard
Pay off M&S Card
Pay off 0% Halifax Card

The good news is, all Christmas Presents are brought and paid for, so apart from food, rent and bills I am going to try and have a no spend month for December.

I'm also going to see how much I can get for my CD's and DVD's on Magpie, has anyone else used this service?

[Deleted User]

The generally recommended approach, is to pay off the highest interest loan first, then use all available cash (including what you were spending on the highest interest loan) on the next highest, and so on, until they are all gone.