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Debt free before August 2023

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  • feeldaburn
    feeldaburn Posts: 34 Forumite
    Tenth Anniversary 10 Posts Name Dropper
    Poppy1984 said:
    Hi 
    Hope everyone is staying well and safe, I cannot believe it is June it feels like it should still be March with all that's been going on feel like I have blinked and missed this year. I'm still waiting on my bonus payment from switching banks should be here by the end of this week. I'm still unsure whether to pay the full lot £175 off my loan or pay part off and use a bit for a treat. I'm leaning more towards just paying the whole lot off my loan to be honest. As I can see the numbers dropping at the min its really spurring me on to pay as much off as possible.
    If your bonus is from a NW bank mine has just arrived! Any treats you could get for e.g. £5 and then chuck the rest at the loan?
  • Poppy1984
    Poppy1984 Posts: 628 Forumite
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Yea it was from NW and mine has also just arrived woooo! :smiley: 

    hmm not sure really, maybe I'll have a think.

    Poppy :heart:
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Great news that the  £175 came through. I would just pay it off the debt and get that down as quick as you can. Just think of the free money you will have once you are debt free.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • Poppy1984
    Poppy1984 Posts: 628 Forumite
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Hi savingholmes
    yea you're right I think I will just put the whole lot against my loan. I'm waiting till the day before pay day then hopefully I will have some money left over from my current account along with the £175 to make a decent overpayment.

    poppy :heart: 
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You're racing along now.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • Poppy1984
    Poppy1984 Posts: 628 Forumite
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Thank you I really just want it gone as soon as possible! I dream of winning a few thousand pounds haha 😂😂😂 I don't even play the lottery so don't know how I think I'll win some money LOL. 
    Poppy :heart:
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
  • Lookafterthepennies2020
    Lookafterthepennies2020 Posts: 473 Forumite
    100 Posts First Anniversary Photogenic Name Dropper
    Hi poppy
    Just has a binge on your diary and you have been doing amazing !!! Will be following along with you :) 
    Pennies starts again...........2022 - £13,579.22  



  • Poppy1984
    Poppy1984 Posts: 628 Forumite
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Lookafterthepennies2020 said:
    Hi poppy
    Just has a binge on your diary and you have been doing amazing !!! Will be following along with you :) 
    Hi oh wow hope it wasn't too boring haha. Thank you so much :smile:

    poppy :heart:
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
  • Naomim
    Naomim Posts: 3,180 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Hi Poppy, 
    I also read through your diary. You're doing great. Keep up the good work. I've subscribed 👍

    Naomim 
    Credit Cards NOV 2019 £33,220.42 Sept 2025 £16,515.00 Here's my diary: A Ditherer's Diary Again
  • Poppy1984
    Poppy1984 Posts: 628 Forumite
    Fourth Anniversary 500 Posts Name Dropper I've been Money Tipped!
    Naomim said:
    Hi Poppy, 
    I also read through your diary. You're doing great. Keep up the good work. I've subscribed 👍

    Naomim 
    Hi naomin! 
    Oh wow thank you :) 

    poppy :heart:
    19-02-18 Total Debt £30,322
    17-12-21 I'm Debt Free 🎉🎉🎉🎉
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