Clearing my debts 1% at a time

Rud0lf

Oops, it's been nearly three weeks since I last posted, work has been keeping me busy and running club is back so I'm out 2 nights a week. Grocery shop has been reigned in since returning to work. payday in 2 days and hopefully ill have my statement from step-change so will update properly then but I'm now at
dfw 7640/25550 

so £25 off 30% will make a payment tomorrow to round it to 30%


mfw 17929.89/ 18901

Rud0lf

Usual £180 overpayment off cc2 and will have the regular payment increased this week. 

Switching up my figures as I always calculate what is left to pay not what I've paid so:

Mfw 16839.38 left

DFW 17740.10 to go

Cc1. From 7014.79 to 6911.75
Cc2 from 4392.53 to 3675.65
Cc3 from 3182.64 to 3137.21

Cc4 from 3600 to 0😊
L from 4138.33 to 4015.49

30% paid off and 155 off the next % and monthly payment of 373 due to go out tomorrow so that will go beyond the next 2% so once it's gone I'll be 32% down 68% to go. 

Had a day off budget yesterday a walk and shopping trip with a friend for the first time in 14 months it was very much needed and a lovely lunch out too. Have to treat myself occasionally to stop myself going crazy. Back at the spreadsheets today though.

Rud0lf

Still plodding along, £180 overpayment off cc2 again so as it stands cc1 £6808.21, cc2 3428.09, cc3 3083.24, L 3869.56
Total 17189.10
8360.90/25550
£70.60 off 33% once the natural payment is made for June I'll have paid off 34% slowly but surely I'm getting there 🥳

MrFrugalFever

Great progress, it takes time but is definitely achievable and the relief you’ll feel at the end will no doubt be overwhelming!

I’m throwing everything including the kitchen sink at mine, I’m feeling like the light at the end of the tunnel is in sight.

DayDreamerandGeneralWaster

Will you be able to increase payments when your mortgage is gone

Rud0lf

Well it's been a long time again but things have been going well, I've been tackling one card at a time as well as carrying on paying the mortgage down. As all the cards/loan are defaulted it makes sense to attack the mortgage as much as I can 10% with out being charged. They should be due to be gone around the same time. 

Mortgage is currently £12746 as of the 1st of January. 
Card 1 is at 6067.43
Card 2 is at 2207.26
Card 3 is at 2705.45 and

Loan is at 2848.05.

Making good progress I think. Should be mortgage free in December 2023 and debt free in February 2024. Looking forward to being able to save for a holiday in August 2024. 

At the start of my journey it felt never ending, now I'm hoping to be approaching the end of it in 2 years time. Although I wish I'd had my lightbulb moment much sooner I'm feeling proud of the progress I've made as well as the life I have with my family. 

Planning to focus on my budget a little over the next month or so and look at whether I can bring my debt free date a little sooner.

Rud0lf

Only a little while but a big update, I'm now mortgage free, still plodding along with paying off debt but as it's all 0% I'm happy to just plod along.

Cc1.  £5857

Cc2.  £1959

Cc3.   £2597

Loan.  £2556

Total        £12969
47% down and just under 52% left to go, almost half way (12483) ☺️

Have almost halved the amount in a little over a year, hoping to clear it by the end of next year!

Rud0lf

Updated total is now 12089
Cc1   5691
Cc2.  1444
Cc3.   2544

L.   2410

Gradually coming down, I've upped the amount I'm paying each month by £63 and hoping to continue overpaying by 180 pcm too. If I can keep to this my monthly payment will be £616 then it will take 20 months and I'll be debt free in November 2023. If I can't then it's June 2024 with my normal payment. Either I'll be happy with.

MrFrugalFever

Hi, I thought you’d disappeared for good so was a pleasant surprise when a notification popped up to tell me a new post had been made.

Glad to see all is going well, the overpayments might feel painful now but you’ll certainly not regret it when you are debt Zero.

have you factored in the additional costs of living we are all going to suffer (gas/electricity etc’?

Rud0lf

MrFrugalFever said:

Hi, I thought you’d disappeared for good so was a pleasant surprise when a notification popped up to tell me a new post had been made.

Glad to see all is going well, the overpayments might feel painful now but you’ll certainly not regret it when you are debt Zero.

have you factored in the additional costs of living we are all going to suffer (gas/electricity etc’?

I have, I've decided not to pay the extra £180 as I've found out I have a place for London Marathon this year so I have a lot of fundraising to do and might need to contribute myself so I'll save the money each month, if it's needed in October I can donate towards my charity and if not I'll pay of one of the credit cards. It will be such an experience and a once in a lifetime opportunity.