Pay off £20,000 (ish) by Xmas 2008

madmich666

Right I've really stopped faffing now!!! Ive changed my dd to my savings to go in to my 2nd current account and then every friday Im paying that off a debt so I dont spend it!!! and that will mean an extra £20ish a month. Im also in the process of changing my current account to A & L getting them to switch everything, bit worried though cos Im going to try and close my Lloyds account which I have an overdraft and pay £15 each month for them to call me every week and try and sell me a new loan or credit card!! hopefully this will stop when I change my current account.

Also worked out that my overtime the week before xmas will earn me at least an extra £100 after tax which is good cos I get taxed 22% cos its my 2nd job!!

How is everyone else doing???

pandapaws

:T :T :T :T

Polly, your first post was the most absolutely true and relevant thing I've ever read on here. Thank you!

"I’ve clicked for pennies and then gone and spent pounds" - that is absolutely me, completely. I am queen of the faff.

I've been away on a mega-spending binge for the past fortnight (various excuses, birthday, holiday, etc etc, but no real genuine reasons), so missed this thread at its conception, but would love to join in now.

My signature shows my debt total right now - currently £80,695 which includes ALL interest if I continue at current rates, so settlement figures would be a little less but it means that I know that if I pay £50 to something, the total reduces by exactly £50. We pay approx £1500 a month towards our debt in normal repayments, which is £18k a year, so with just an extra £167 in repayments a month I should meet the £20k target. I'd obviously like to exceed that if possible, but I'd much rather be realistic and succeed than over-optimistic and fail miserably, so 20k it will be!

Good luck to everyone else, and to all fellow faffers, here's to making this a challenge that we ACTUALLY DO rather than just signing up for then promptly forgetting for a change!

Pollydaydream

Hello everyone

Hope everyone's doing well and still motivated.

Nicola - your personal challenge sounds very much how I'd like to be by Xmas 2008, especially the not counting the days until payday. It would (it will!) be lovely to be able to take some time off from worrying about money.

Pandapaws - welcome to the challenge. As I said a couple of posts back, faffing is a hard habit to break (for me anyway), but like madmich said, seeing how well everyone is doing is really motivating. Anyway, if you disappear from this challenge, I'm going to come looking for you.:)

Well, no extra payments to report. That's the worst part - I want instant results!

I have spent hours on turbolister listing some items for ebay (something I've been putting off for months), so even if I don't make much money, at least I've stopped faffing.

Also applied for an increment at work, based on a course I finished last year! Some people have tried to put me off (originally other people were given an increment for this course, but we've had a re-structure since then and the qualification has magically appeared as a requirement on the new job description). Anyway, previously this would have been enough for me to not bother, but not now - nothing ventured, nothing gained.

Let us know how you're all doing.

Polly

hypno06

The children received £50 for a ski related thing, and so they have paid this straight off the debt. That makes £670 paid off so far.....not a bad start. I am not adding interest on in advance - that would be just too scary for words!! The figures in my signature are the capital ones only. If I can get £20k paid off that then I would be very happy indeed.

Perhaps secretly I will work out the figures including the interest and see what the full amount is that I will have paid........but perhaps I am not that brave!

Polly, good luck with the increment.

Keep going guys.........I am sure we will get there. Just remember - no faffing

cherry_red_2

I have nothing new to report - no extra payments - Im like you Polly I want instant results too!

Have sold another book on Amazon but I want to wait til the money has hit my account and then Ive transferred it to my credit card before I update my signature!! then it will be truly working towards the debt rather than just floating around in cyberspace between Amazons account and my account!!!

Have a good day everyone.

jpwhittle

nothing extra paid of yet but i havemanaged to do all my christmas shopping without a credit card so very happy. just got the food to buy, wich will come out of the shopping fund, and thats it. only thing that i will have to shop for on christmas eve or the day before.
im not faffing just dont have any spare cash to put towards stuff without going overdrawn and this month to stay in the black is a challenge and half. very happy though and will soon start having extra to pay of.

hypno06

jpwhittle, don't worry - getting through Christmas without a credit card is pretty good going! Just think how much you will be able to pay off in the New Year.....:D

I won £200 on a radio competition this morning. When it arrives it will go straight to the debt, but I won't be updating my signature until it is here and has gone out again.......tempting though it is to update it with the "intention" of paying the debt!!

lauradora

Hi everyone

since doing the 10 quid a day challenges for the past 4 months i know I can do this so count me in.
Like Hypno I will have to go away and find my hidden debts and do a proper total, just waiting for a statement to come through the post.

But then i'll be up and on!

It all comes to around £14 500 So I want it gone by next xmas!!! :rudolf:

See you soon!!!!

taxi73

HI Everyone...we will do it!!..I'm pleased to report that I made a £1000 overpayment to my egg card and have up-dated my sig...

andan

Hi guys this sounds like a great thread and like others i'm annoyed at the progress i've made this year. Despite avidly mystery shopping, matched betting and doing survey sites which has increased my normal wage greatly, i still seem to have reached this year worse off than when it began.

I don't have any debts as such but am on a really low wage and would love to have some savings at the end of the year and stop counting down the days to pay day.

Everyone seems to be doing really well and it's nice to hear everyone so motivated.

I am going to aim for £10 000 as i feel this is going to be a struggle itself, especially as that's normally my yearly salary! However i am determined to not frit my money away so much.