Debt going down, happiness going up 16 June 2020 at 1:35PM in Debt free diaries 18 replies 851 views

blah1234

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.

Homegrown0

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?

blah1234

Homegrown0 said:

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.

blah1234

More overpayments means current level is now £8992.

ceremony

Wow you're making great progress! How long until the high-interest loan is cleared?

[Deleted User]

Wow! Well done @blah1234

RobM99

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!

pidge04

Well done to you! Your debt will be cleared in the not too distant future! 

Bizzywizard

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

blah1234

Bizzywizard said:

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.

blah1234

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.