Pay ALL your debt off by Xmas 2020

Bizzywizard

mark88man said:

May report back - Looking like I will undershoot annual target.  It was an ambitious target.  I may consider using an EF to seal the deal because it would mean a lot to me to be clear, but don't want to get over excited. EF's are for Emergencies and this doesn't really qualify:

#26 Target £20491 - Paid May £1147

Paid off total £ 7,835 or 38.2% of target.  £12,656 left

Hi,
I was reading Martin Lewis’s post On the site about debt and EF the other day. He was very keen for EF to be used to clear debt if you are out of your 0% deal. Interest rates are at an all time low in savings accounts, but interest rates on credit cards can still be high. The only difference is if you are on 0% deals. Have a read, he puts it so well.

So I have been paying more credit card debt. I’m not saying you need to do the same, but well worth a look at Martins post. I cannot link it via my phone. 

Chin up everyone!
Bizzy

Bizzywizard

Hi All #030 here,
So after crunching the numbers for the 10th time (while sunbathing). I have paid another £655.47 to my 0% Santander credit card. My DD will go out around the 18th June for £655 too, then this credit card will be gone forever and closed if I can get through on the phone to close it, don't think I can do it on line.

I also have a PPI payment from HSBC, thats due to drop into my account. I had no joy getting HSBC to pay out years ago, however Gladstone Brooks said I am due the money, so after fees I think I will be getting around £630 so this will go on one of my husbands 0% CC or maybe my 0% Tesco CC, just need to work out which one. Just waiting for HSBC to settle (its been a week since I gave them my new bank details).
Hope everyone is keeping safe and well, chin up!
Bizzy

prl

Hiya
Hope all are well. Been a while from me. 

#125 = £5500 / £8000

mark55man

Bizzywizard said:

mark88man said:

May report back - Looking like I will undershoot annual target.  It was an ambitious target.  I may consider using an EF to seal the deal because it would mean a lot to me to be clear, but don't want to get over excited. EF's are for Emergencies and this doesn't really qualify:

#26 Target £20491 - Paid May £1147

Paid off total £ 7,835 or 38.2% of target.  £12,656 left

Hi,
I was reading Martin Lewis’s post On the site about debt and EF the other day. He was very keen for EF to be used to clear debt if you are out of your 0% deal. Interest rates are at an all time low in savings accounts, but interest rates on credit cards can still be high. The only difference is if you are on 0% deals. Have a read, he puts it so well.

So I have been paying more credit card debt. I’m not saying you need to do the same, but well worth a look at Martins post. I cannot link it via my phone. 

Chin up everyone!
Bizzy

Thanks @Bizzywizard - I'll have a look for the article.  I do tend to regard the CC as my EF - as it definitely can be used that way - so I'm not dead set against the idea of using EF to clear CC as I can always revert.  But the aim is to lose the CC balances totally and forever, so would rather leave debt busting with some slack.  I'm not going to be cutting any cards up in a hurry though so plenty of time to decide as I  am on 0% until October 20 and then 0% until Apr 21 for the other one + a car loan due to finish in December at 3%.  My ambitious target this year is to clear Oct 20 CC, then the loan, and if I can the Apr 21 CC.  But if I fall a bit short I still have 4 months in 2021 to clear it, and will be able to bring all my firepower onto the one debt.  I could save £100 by paying off the loan early, but that doesn't quite seem enough return for 8 months with no EF 

XSpender

Settled in full Hitatch1 Finance and made an OP to my target CC 

No 70 £3,886.13/£10,000

IvysMom

#9 update
Refund for flights received so we are now officially debt free.
Now to finish off the emergency fund and to increase overpayments on the mortgage.  Mortgage free by 2027 here we come.h
Good luck to everyone hope you are all well x

Betharooni

#015 settled car finance in full so £11,978.16/11,978.16 paid!! 

aimeemum

#148 - £1,525/£3,472
Only a small change to cover all the fluctuations in April/May. Back on track from today  

Muggle1000

Hello. Quick update. #103. I think. Can't check on phone. 
We've paid 14,315.93 so far this year. 

SSD92

SSD92 said:

#069 Few payments since my last post, £407.04

£721.23//£4000

#69
It's been a while since I last posted, but counted my payments and total of £1,538.35 paid since my last update.
£2259.58//£4000