Clearing my debts 1% at a time

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 had clearly underestimated the amount everything was going up, I haven't managed to save the extra £180 a month especially with summer holidays and kids to entertain. I have continued to pay the extra £63 though and I've just broken the £10000 mark. I still have £543 to raise for my marathon charity but can cover it with the odd amounts I have managed to save if necessary. Still hopeful I'll get there without that though. 

Rud0lf

Loan has less than a year left, then more can be paid off each card. Card 2 should be gone by Oct 23 and than I can focus on getting rid of cards 1 and 3. Slowly but surely chipping away and building the EF

Rud0lf

Things are plodding along nicely, a little pay rise in work has meant an increase in my payment.

Cc1 4457.01

Cc2 589.41

Cc3 1912.64

L 682.24

Total 7641.30

Rud0lf

Achieved my challenge for 2022, which was to complete London Marathon, met my fundraising target and made myself and my family proud. 

Just upped my payment to £494 per month which brings my df day closer. Holiday planned for August so no extra over payments until after that. 

Eldest starts high-school this year so uniform will be more expensive then. I've started saving for Christmas now so will hopefully have some leftover after paying for that to either overpay or start the kitchen fund although once the debts gone ill be able to save that each month.

Rud0lf

69% down 31% to go. Going to see if I can scrape an extra 146.30 extra together next month to take me from 31% to 28% left. Or maybe part next month and part the month after.

For the first time I will make it to the end of January without dipping into my early pay setting me up well for February, yippee!

Rud0lf

Had a shuffle around, loked at the figures and realised with my new payment I have 3 1/2 payments left on my loan, decided to focus this month on getting together the half payment. Paid 50.89 of it and putting the other £50 in a savings account until the end of the month incase anything crops up, in not I'll pay it at the end of the month and then there will be 2 payments left so that will disappear at the end of March. Cc2 should only be a couple of months later so by summer I'll only have 2 debts left. They will be the biggest 2 but with my new payment they will be gone by May 24. Next task is to pay back a family Loan and then hopefully by May 25 I'll be starting to save for early retirement before my defaults drop off. Proud to have paid my huge debt in such a short time. Just annoys me I never had my light bulb moment sooner. 

Rud0lf

Loan stands at £631.28, have forgotten how to update the signature so popping it here for now, Total is 7590.34 edging closer, when my payment comes out tomorrow I'll be down to 7096.34, just over 14% left or 28 and a bit payments, chipping away 😀 

Sarahwithlove

You've done great well done. It's always frustrating when you have your LBM and everything is ticking along nicely as all you think about is what ifs. But you can't change it and you've put yourself in a fantastic position with being mortgage free and won't be long until debt free as well.

Rud0lf

Two more loan payments and 4 more cc2 payments than I'll be down to 2 debts. Chipping away 1% at a time. Recalculated everything and working out my percentage from the total debt including the two already paid off. Aiming to be debt free for good in little over a year! 

Never thought this was possible and although i still have a little over 7000 left I've cleared 29000 dfd is maximum 15 months away. 

Rud0lf

Paid £79 and a few pence off 2 different accounts to make for nice round payment amounts for my 2 debts almost paid off. Then realised stepchange will adjust the payments after the first is paid off So the  second won't be a nice round number after all. Won't find out what the updated payment will be until end of April but debt 1 will be gone by the middle of April when my April 1st payment is processed. 

Pay day tomorrow so time for the monthly budget forecast. Hoping to save a little extra this month as I have a kids party to pay this month and a birthday weekend away for OH and DS in April. Luckily they like the same football team so a weekend to visit the stadium and club shop is a joint present. Need to get saving spends for summer holiday too. Have tried to start saving  for Christmas but things keep popping up. Must try harder.

Aiming to pay off £517.83 on 1stMarchto get down to £6500