Pay off £20,000 (ish) by Xmas 2008

alimac23

Thanks Kizzy - I am feeling a better now and being more positive. Gladto hear things are going to well for you xx

jess444_2

Hi,
Well have been playing with the snowball calculator and it looks like if I carry on as I am I will pay off 3 debts before Christmas - these are
MBNA - currently £836 @ 0% :j
Student Loan - currently £3170 @ 4.9%
Marks and Spencer CC - currently £2427 @ 3.9%

However this will still leave Tesco Loan which is £6019 @ 6.9 %. As this is the highest interest I know I should have paid this off first, but Tesco wont let me overpay :mad: So I dont know whether to pay off MBNA first befor 0% finishes and then throw everything into an ISA to pay off in full Tesco or pay off other debts and then concentrate on Tesco (think this might be psychologically better, if not finacially IYSWIM) Also I am not sure if Tesco interest is 'front loaded' , that is have I already paid the interest so paying this first will not really make a difference. Sorry if none of this makes sense, I am just trying to sort it out in my head.

kizzykizzywizzy

Hi Jess, might be an idea to find your Tesco loan agreement etc to find out a bit more info, or call them as once you've got the whole picture you will be able to decide better.
MBNA are notorious for hiking up thier APR's so probably best to get rid before the 0% runs out.
You look like you know what you're doing & have everything under control though, I don't know whether you are able to swap M & S to 0% if you are unable to throw any more at your loan, you could lower that a bit
Well done :T

jess444_2

Thanks Kizzy,
Have just found loan agreement. It says you do get an interest refund if you get an early resettlement figure. I will ring them after the Easter Hols and check this out - might transfer to 0% CC if BT fee works out cheaper - then I can make extra payments each month.

taxi73

Hi everyone just popping by to say Hi..nothing to update for a couple of days yet....welcome to any newbies....Kizzy glad you are staying and you don't bore anyone or talk too much...lol...Jess whatever feels best for you is the the way to go....
take care everyone xx

andan

Hey to everyone, looks like everyone has been busy. Such good news for you kizzy,
enjoy and embrace all this poistivity coming your way, am sure its well deserved.

Hi to any new posters and welcome aboard!

No news from me and am desperate for payday to come, for some reason this month has been harder for me financially then other months, mainly because i paid out for my new business venture, which wont start for a few months. Although money is incredibly tight and has been all week and will be up to 31st, it has made me think more about how i am spending my money. i don't spend on a lot of luxuries, but it has made me realise the importance of watching what i eat and not buying loads of food that normally gets thrown out and other ways of cost cutting that i hadn't previously thought of. So i've learned a few lessons over the past week.

Next month should be a good month as i will get paid from all the mystery shops i have been doing, i have two lined up for tonight and two for tomorrow. Am also planning to buy some different vegetable seeds so i can start growing some of my own veg, so things that will pay off in the long run.

Glad to see everyone doing so well and keep posting!

tara66_2

Hi All,

Just to update everybody, I have decided to definitely go for repaying £8000 by Christmas. Am just setting up my DMP for 1st April, will be paying £750 per month on that which means by Xmas will have paid £6750. As I am pushing myself a bit to pay this monthly amount I think committing to the extra £1250 over 9 months will be hard but I want something to aim for. Not decided yet what I will do with the money (where I will keep it etc) but it works out at about £140 extra a month.

I need to get a plan to get this money together, I will be back to update later about this, once I have figured it out.

Thanks so much to you all for participating in this challenge, I feel clearer and more focused already!
Tara x

bambammy

Hiya Dave

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Bambammy

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madmich666

Hi all,

I was updating my spreadsheets for this challenge and realised that I have put that I owe less for Loan 1 than I actually owe and that I owe more for Loan 2 than I actually owe. Unfortunalty this works out at about £150 difference with me actually owing more. Im going to have to sort out my spreadsheets tonight and sort out the mistake.

Another thing... Ive noticed that quidco have paid me really early this month!!! and only 30p!!! but I s'pose every little helps

kizzykizzywizzy

Hi everyone, well I've been terrible this last week, I've bought myself & the kids clothes, got loads for £40 in Primark, so good value, but feel a bit bad about it, it's just we were starting to look a bit raggy around the edges:p
Yesterday, I went to Asda, because I'd really run out of a lot of things & spent £65 !! What's going on with me? ( granted I had the kids with me & they always ask for things )
So anyway Thursday is DFD, but is also start saving day, was hoping to put £200 by not sure if it's going to happen now, especially as all my figures are up in the air & I can't remember what I've done, as I've written it all down squew wiff, in a total mess & will be trying to have a few NSD ( no spend days ) to let things settle as usually, I know where every penny goes.
Can't believe I'm messing things up at this late stage! Looks like it's catching Madmich!!
Glad you are coming onboard Tara
How did you get on with your loan Jess??
Hi Taxi!!
Thanks Andan, good luck to you too with your new venture, I'm desperate for pay day too!
Hope you all had a lovely Easter:T