Pay off £20,000 (ish) by Xmas 2008

Pollydaydream

Hi everyone.

Guesty - that's an amazing amount to pay back in one month. Well done :j :j :j . Your totals must be looking pretty good now. (Don't look at mine! Hoping for a big, last minute surge :rolleyes: ).

For me, a big part of this debt busting thing is psychological, and I think you have to use whatever you can to keep you motivated.

I'm in a quandry at the moment because I'm on a DMP and all interest was either already added on or stopped. One credit card hasn't been sent to a DCA, and they've now started to add interest - I've been dithering about whether to count my totals as paid or outstanding. At the moment I've decided to count what I've paid, as it's a bit depressing to see the total owing going down more slowly, but maybe by Christmas, I'll recalculate and see where I stand with what I owe.

I think that Taxi approached this challenge with certain debts in mind, and now one loan has been paid off, so she's achieved that part of it. Knowing Taxi, when she's sorted out this month, she'll be back to join us with "a pay £30k ish by Xmas" challenge - at least that's what I'm hoping .

Guesty, your amazing total for this month has put me to shame and I'm off to stop faffing :rotfl:

Polly

Guesty6

Thanks Polly, feels good to look at the amount I still owe come down by a chunk.

I reckon this year so far I have paid back over £10k now, not really counting just paying off as much as possible and leaving myself a couple of hundred for social etc each month.

Does help that I have a commission based job that I am good at and on a good month I can earn a lot of disposable income, wish I could spend it on nice things though:mad:

taxi73

Hi Guesty so sorry to confuse you...I am not good at wording things but will try it simpler here.
If you look in my sig there is a loan £271.95...this was a loan for 4 years for a new taxi I bought last year...unfortunately this taxi was wrote off on the 18th June (only 10 months old)....the finance left to pay was £10334.10 for early settlement I was given a rebate of £1146.59..leaving a total outstanding of £9187.51.
Market value for car £8300...salvage value £1500+insurance payout £6800 ==£8300
Insurance have paid me £6800 (I have paid it to the finance)
Rebate £1146.59
total £7946.59 knocked off my debt total so far
salvage have sent cheque £1500 to finance...when that's clear I knock it off total
This left me with £887.51 that I needed to pay to clear the finance.
I have paid £271.95 30th june...knocked off total
due £271.95 31st july ...to be knocked off total
leaving balance £343.61 to be paid on friday...to be knocked off total.






If you have followed that....I had to go and buy a new car at a cost of over £15000 which is loan no 4.Hence why my total outstanding has gone up significantly.
Because with the £271.95 loan I had added the whole of that debt including interest into my totals owing as it's being paid it's also putting my paid total up because at the end of the day I will have paid a £10k loan and took out a £15k loan.
I hope this makes it easier.I haven't consolidated anything ..if you don't understand then you can ask me anything else and I'll try to clarify it.

Guesty6

Even more lost now!!

The main thing its to keep you feeling positive, sounds like you have had enougth mishaps already.

Keep it up

taxi73

Just a quick update £196.60 loan paid today and £5 mbna payment.

Pollydaydream

Hi everyone.

Finally updated my signature with last month's payments, so it's starting to look a bit better .

Also finally broken up from work for holidays :j, so hoping to really make a difference over the next few weeks (all that relaxing stuff's over-rated, isn't it?:rolleyes: ).

Polly

Uniscots97

Hi there, just paid my monthly credit card bills and have updated my signature. This month is my third last payment of my car loan (counting down is that bad?). I know I've got a long way to go after that but every little helps.

taxi73

Well done everyone ...great work.
I have NOT consolidated anything.

poorandindenial

Just about to update my siggy, paid £142 a while ago but was too dispondent about lack of summer progress (and no end in sight until September) to do it. Need to climb back on the horse!

hypno06

One of my loan payments came out today - £416, but most of that was interest, so I can only reduce my total by £164......but that is another £164 gone off my debt forever :j

Some more payments are made on Friday.......and a couple of cheques have come in for me this week which will hopefully find their way to the overpayment pot once cleared