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Debt going down, happiness going up

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Debt going down, happiness going up

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blah1234blah1234 Forumite
18 posts
10 Posts
Hi all, so this is going to try and be my debt free diary. I really should have started at the start of this year but oh well. So at the start of all this, me and my partners debt stood at approximately 15000 pounds with two loans and one parent loan. It now currently stands at £9800. The hope it to have it all paid off in 12 months. Any advice, hints and tips always welcome.
Debt at start Jan 2020 : £15000
Current level : £7380
Total paid = 50.8%
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Replies

  • Homegrown0Homegrown0 Forumite
    1.3K posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭
    Welcome to the diary club and great that you've got the debt down so far already. 

    Have you got a plan for clearing it?
    Sealed Pot Challenge 075
    Pay off by Xmas 2019 #02 - target £10,000
  • blah1234blah1234 Forumite
    18 posts
    10 Posts
    Welcome to the diary club and great that you've got the debt down so far already. 

    Have you got a plan for clearing it?
    We are overpaying one loan at the moment as it has the highest interest rate. Others are just on minimums for the moment.
    Debt at start Jan 2020 : £15000
    Current level : £7380
    Total paid = 50.8%
  • blah1234blah1234 Forumite
    18 posts
    10 Posts
    More overpayments means current level is now £8992.
    Debt at start Jan 2020 : £15000
    Current level : £7380
    Total paid = 50.8%
  • ceremonyceremony Forumite
    106 posts
    100 Posts Name Dropper
    Wow you're making great progress! How long until the high-interest loan is cleared?
    Start Debt Jun 2020 = £10,036 - Current £8,014 | #324 £1,000 Emergency Fund Member - £115
  • [Deleted User][Deleted User]
    0 posts
    10 Posts Name Dropper
    MoneySaving Newbie
    Wow! Well done @blah1234
  • RobM99RobM99 Forumite
    422 posts
    100 Posts Third Anniversary Photogenic Name Dropper
    ✭✭

    We are overpaying one loan at the moment as it has the highest interest rate. Others are just on minimums for the moment.
    Sounds like the best way to me!
  • pidge04pidge04 Forumite
    779 posts
    500 Posts Second Anniversary
    ✭✭✭
    Well done to you! Your debt will be cleared in the not too distant future! 
    CC £4,012 left to pay (was £5400).
  • BizzywizardBizzywizard Forumite
    123 posts
    100 Posts Name Dropper
    Have you tried to see if you could get an interest free balance transfer credit card? If not have a look on the credit club tab.
    Best of luck, with your debt busing!
    Bizzy
  • blah1234blah1234 Forumite
    18 posts
    10 Posts
    Have you tried to see if you could get an interest free balance transfer credit card? If not have a look on the credit club tab.
    Best of luck, with your debt busing!
    Bizzy
    Credit cards atm have nothing on them as we foolishly used consolidation loans to pay them off. So it is just two of those and a family loan that we owe.
    Debt at start Jan 2020 : £15000
    Current level : £7380
    Total paid = 50.8%
  • blah1234blah1234 Forumite
    18 posts
    10 Posts
    ceremony said:
    Wow you're making great progress! How long until the high-interest loan is cleared?
    With the overpayments we are hoping for around february of next year. 

    If all holds out we aim for a debt free date of july next year.
    Debt at start Jan 2020 : £15000
    Current level : £7380
    Total paid = 50.8%
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