PAY ALL YOUR DEBT OFF BY XMAS 2023

stuartp2000

#18  -  860.99/8000 = 10.7%

Pay day is only a couple of days away and have set out what left is to spend so clearing the account of excess balances on underspends this last few week, mainly less travel than budget.

Have a new way to clear debts and deciding to get 1 by 1 the end excess value in future years clear so they all expire by 31/12/23 if minimum payments are made.
This payment today gets loan 3 to an end date of this year so I will move to loan 2 then loan 3 which has the biggest balance.
This allows me to break down the amounts owed into smaller chunks but also is a confidence booster as when each hits the date I know that is clear next year at the latest.

Keedie

olaf2014 said:

Daft question is it worth paying £2 here £2 there off credit cards and catalogues when I have it in PayPal from selling stuff etc or wait till I have a larger amount 

I'd say @olaf2014 pay it whatever way you want to. Some people make payments of small amounts on a regular basis, and some store it up. If you want to see incremental ongoing progress, then send a payment to the credit card etc as soon as you have it. But if you want to make payments when you have a set amount, then set it aside and make a larger payment. 

If you'll be tempted to spend all the little amounts, then you can pay it off as you get it, but if you're able to store it up (like I do), then you can make a larger payment.

Jrcoal5

Small payment today 
#23 £399.21/£3000

shell16

olaf2014 said:

Daft question is it worth paying £2 here £2 there off credit cards and catalogues when I have it in PayPal from selling stuff etc or wait till I have a larger amount 

Morning @olaf2014.

As @Keedie mentioned its really up to you.  If any of your debt has interest then personally I would pay as you go so to speak, if what you are paying has no interest then save it up and pay a lump sum.  

I have a Lloyd's CC card with a very small interest rate until 2024 as I couldn't get a 0% when I was dealing with my debt initially so now as the balance/interest is relatively low I like to send the payment and the interest through the month mainly from completing surveys or if I dont go into work and save the train fare as an example.  When it gets to paying your usual Direct debit you have already paid the amount or the interest and the actual direct debit is paying off the debt quicker and you will have less interest..  

Do what you feel comfortable with.
Shell x

Gettingmyshiztogether

#19, £40.94 paid off today.

£224.87 / £10,675.89

MillieG90

Hello, 

Can I be added to this challenge please? I’m not sure I’ll manage all of it but would like to at least make a hefty dent!

Garden - 3675
Holiday - 150
Simba - 318.50
Sofa - 850
Bike - 6033
Emergency - 1000
Tesco - 4976.60
Ring - 808.94

Total - 17812.04

Thanks!

olaf2014

#45 paid off £16 off a card today money I got from selling stuff online a slow start but better then nothing 

SuperSavingD

#10 £344.72/£5460

shell16

olaf2014 said:

#45 paid off £16 off a card today money I got from selling stuff online a slow start but better then nothing 

Morning @olaf2014, I now have your total paid since joining at £21.50 is that correct?  If you could also post your running total that would be great, so for example

Paid a further £16 so total now #45 - £21.50/£500

Thanks Shell x

shell16

MillieG90 said:

Hello, 

Can I be added to this challenge please? I’m not sure I’ll manage all of it but would like to at least make a hefty dent!

Garden - 3675
Holiday - 150
Simba - 318.50
Sofa - 850
Bike - 6033
Emergency - 1000
Tesco - 4976.60
Ring - 808.94

Total - 17812.04

Thanks!

Morning @MillieG90 (number 51) and welcome!

If you could please read the first post on this thread and when declaring post in bold with your member number and a running total of payment made?

I can agree this is a hefty amount, do you want to challenge yourself to a % of that total for the year, you dont have to pay off all your debt before Christmas.  Just let me know if you want to change your target.

Shell x