Pay off £20,000 (ish) by Xmas 2008

hypno06

little_fish wrote: »

Hi guys it's my first ever post and i can't think of a better one to join! I have a 0% credit card debt of 3 thousand (bit to much to do in 100 days) so I am going to try and do £1,000 in 100 days. Wish me luck!

Welcome aboard! If you combine this challenge with the "make £10 a day" challenge that we do, you can get rid of it extra quick!!

Good luck!

emmarbos

How have you all managed to save such high amounts???? Any advise would be much appriciated.
I have £19,156.08 worth of unsecured debt between my and my OH.... we want this cleared by June 2010 when we come to remortgage. I would also like a nice holiday away next year too, its my 21st so i wanna do something nice.
Em
x

hypno06

emmarbos wrote: »

How have you all managed to save such high amounts???? Any advise would be much appriciated.
I have £19,156.08 worth of unsecured debt between my and my OH.... we want this cleared by June 2010 when we come to remortgage. I would also like a nice holiday away next year too, its my 21st so i wanna do something nice.
Em
x

hi there, this challenge originated when we decided to "stop faffing about" and get more focused about paying off our debt. Once you decide to concentrate on hammering the debt down, it makes such a difference! By using the various challenges on this board etc, we have managed to pay off a good amount between us!

emmarbos

Ive used the credit expert credit card pay off calculator I can pay £310 per month to overdrafts, credit cards and mum = Total of £6,137.78 by June 2010. Just trying to work out our loan, our pay £223.89 per month to it, and captial remaining is £13080, originally £15,200, total balance including interest is £15,448.81 which was £18,860.76 when we took it out. Redemption date is June 2014, we have made 15 payments out of 84. I'm just trying to work out that by making normal £223.89 payments for the next 21 months, what we would have to overpay to pay the loan off by June 2010.
x

emmarbos

Am i right to say i should have a redemption figure of around £9480 June 2010? Which means i have to pay off £450 per month extra. Thats £760 debt repayments per month, whereas we are paying £322 rounded up now. So we need an extra £438 per month.
£14.40 per day
£101.08 per week
£5256 per year

The question is now - well silly question really. I am better off with the extra £438 per month paying off the highest interest card first which would be Capital One, then Burtons, Then Halifax, MBNA and Mint, then the Overdrafts, then mum then to the £760 to the loan a month. Is that how you would do it?

Em
x

hypno06

Have a playaround with the snowball calculator on www.whatsthecost.com - that will tell you what order you should pay things in - it is a FABULOUS little tool and I would be absolutely lost without it!!

emmarbos

Wow, that is amazing... saves trying to work it out myself. Im gonna use that and track my results, saying i have to put in £950 a month to pay off debts... so an extra £188 on top of the £762 ive calculated. Means i have to get a commision of £1375 per month, which would put me on what my target is, which is a really easy target. WOOP i am SOOOO gonna do this. Then I can start knocking £1000's off my mortgage each month - think it would work out to be £11,500 per year. Which means we'll be mortgage free in just under 14 years compared to what we have now which is 34 years remaining. WOO I'd be 35 then and oh be 40! Here goes nothing.. hehe im all excited now.

hypno06

NOW you can see how we manage to pay off so much - it is a case of finding that determination and enthusiasm for what would otherwise be a very depressing journey!

Jacks_xxx

Hmmm... it really has been a rough month!

We've only paid off £937.27 this month, but we have also saved £500 towards a full and final settlement on our "mystery loan" (Don't ask! :rolleyes: )

And we bought my daughter a new bed and orthopaedic mattress (£220) MOT'd the car (£400) and a whole new wardrobe for me :eek: (£300)

Ok, I feel better already now that I can see where it's all gone. That's not so bad. We are limping towards pay day (monday) with no dosh in the current account though!

Love Jacks xxx

hypno06

Monday will be here before you know it Jacks!