Pay off £20,000 (ish) by Xmas 2008

madmich666

Merry Christmas all!! :beer:

Ive had some great news this week... Ive got a new job!!! And that now means I can move over to my flat on the Isle of Wight!!! I can do loads of overtime there which means that I wont have to work extra hours at Tescos and get taxed 22% for much longer.
And on the plus side (due to a flood we had at the flat) someone should be going in to decorate every room except the bathroom for us paid for by the insurance company... and my family have given me money for xmas for the important things that my hubby and I need for the flat. We were quite luck and have been given most things like sofa, cooker and washing machine.
Just though Id share the good news..
Still saving money for the debts and Im going to avoid the shops this week cos I dont need to buy stuff that may be cheap but dont need.

hypno06

Just updating before I go to bed....and I am pleased to say that I paid off £200 today - signature amended accordingly and more or less on track for the month if I am to hit the £20k target in 2008.

Happy Christmas everyone xx

dreams_R_free

Fantastic news to end the year on, madmich666 :j

I hope you had a really enjoyable Christmas and that everything works out just right for you in 2008:beer:

Batfink

Hello,

I hope you don't mind me joining in? I know I'm a bit late.

Can I opt for the 10k by Christmas 2008 option please?

As of this morning my total debt stands at £19287.11 so 10k would take me nicely under the 10k total barrier.

Thanks and good luck everyone

x

georgiebrown0

hi
I Would love to join this challenge got to pay £2200 off my holiday by 23rd march 2008:eek:

would give me the kick start i need

taketwo

Hi
This is a reply for Madmich, which I hope is useful, not too depressing and not telling you something you already know. Twice you've mentioned your second job and 22% tax, as if this is something strange.

These are the current tax bands from the government site

Taxable Bands Allowances

2007-08 (£)

Starting rate 10%

0 - 2,230

Basic rate 22%

2,231 - 34,600

Higher rate 40%

over 34,600

So really anything you earn over £2231 after your personal allowance which is probably £5,435 from any source or job is taxed at 22%. Unless you are lucky enough to earn over £34600 when they take so much you begin to wonder why you bother!

TT

andan

Good morning everyone, i hope everyone has had a lovely debt free wannabe Christmas.

I am sneaking an hour on the computer as i promised to limit my time online over Christmas as i spend far too much time online normally!

I haven't been able to do much towards the challenge in the past week as i've been away visiting family. I have been very good though by not going to the sales, as i know i'll only end up going with the best intentions and buy a load of stuff i don't need. I did however go up to our local shop and buy loads of half price gifts that will be used as birthday and christmas presents for next year, so am rather proud of my will power.

Hope everyone is ok and welcome to any new people.

Well done hypno and madmich on your totals, you certainly know how to reduce that debt.

Well must go do some surveys as i don't have much time left on here!

mattfiona

If we make just our minimum repayments, our total debt reduction for 2008 would be around £5,000. Our debt is under £14,000 so I'd like to pay off £7,000 in 2008 to reduce our debt by just over 50%.

I'm in absolute awe of all of you who are planning to pay off £20,000 - how do you do it??!!?? We'd have to live solely on my husband's salary for us to do that. I'm sure we could do it but it would be very difficult! Good luck to everyone!

liuhut

Hope everyone is having/had a nice xmas.
I got a lovely cheque that I was Not expecting, took it into the bank today and along with other xmas money its really bumped up the savings for Oz
I've also joined the live on £4k for the year and have already managed to get most of my xmas 08 prezzies for £23! Going to use my Tesco points for the kids ones.
Jan is going to be a struggle with my reduced hours but at least I've made a start

taka

Yeahhhh I've just added another £80.18 to my loan savings pot (for overpayments as I can only overpay by 100/month and have already done this in Dec! ):j :j By some miracle I seen to have some money left over from my xmas budget :eek: :rotfl: so I may even be able to add more!! I still have 1 pressie to buy (someone I won't see till beginning of Jan so I'll get her pressie in the sales hopefully)