Pay off £8000 in a year challenge...

ltm07

In_Search_Of_Me wrote: »

Morning! I love FD too R! Have tried others but their cust service is 2nd to none! Pay day yesterday & will update over the weekend but have now pad of 10,000

That's great news & well done:T !

In_Search_Of_Me

Afternoon all! Well I defintely hit the 10,000 mark which on average is 416 a month but mainly due to a major blip in 2006! Thankfully back on track & looking at the figs now will def manage 8000, possibly 12 so fingers crossed! Feels great to have paid 10,000 off...smithywilko look forward to congratualting you soon!! Big hugs all. How are others doing?

ltm07

Hi ISOM! We should do ok & definately crack our first £1,000 & hopefully hit £1.5k of the year by the end of April. Not a massive amount so far but the £620 we had to pay out for car did knock us back a bit. £416 a month is great & just think,when you are DF & with interest you will be able to save over £5k a year! Over £3k paid off so far is also fantastic. Applied for a 2.9% for two years HSBC card,so will hopefully be accepted for that as we were turned down by Virgin for a 0% for 15 months deal. Will transfer the pesky Mint card which we are paying 12.9% onto the HSBC card if we are accepted! Looking forward to updating our new total at the end of the month!! All the best!!

smithywilko

Just crossed the paying off £10,000 boundary today! Woo hoo! We have now paid off precisely £10266.86 since October 2007. Although I can't add it to my challenge total because it was my hubby's contribution and I am only counting mine for this challenge... but it is payday on Monday so looking forward to updating my total next week! Hope everyone else is doing great too.

In_Search_Of_Me

aww smithy!! Nearly there!! Very disciplined of you to only count yours for this lol!! How's is everyone else doing?

jonnyboy80

Just done the figures for April and have cleared another £400 which was hard work!! Hoped to break the £27k mark this month but hey ho!! Best of luck to other fellow debt busters on this challenge...!!

ltm07

Hi all! Well we were going quite well until British Gas decided to take all of the £485 that we owe them out of the bank in one go:mad: !! Also paid over £500 for our holiday(this was money budgetted but we try to kill 2 birds with 1 stone by using it to reduce our overdraft to keep the interest as low as possible IYKWIM) So we would have been well under £31k but not quite managed to smash it yet:o ,maybe we should call our challenge the pay £800 in a year challenge:rolleyes: ! Still managed to pay £156.63 off though so once DF even if we managed to save this amount every month it is nearly £2k. OH got an extra shift next month & also hopefully will be full time in June & one of our loans finishes in July so we should see our debts go down quite a bit in the last 6 months of the year all being well. Well done to all others,you are all doing fantastic so keep up the good work. Realistically we don't think we'll crack £8k but we will keep going non the less & if we can reach £5k we will be more than happy. Good luck all!!

In_Search_Of_Me

aww hugs for you ltm...at the end of the day this is a challenge and theres no fine for not meeting the target - its the taking part that counts!! If you hit it great, if ot at least you tried! Each penny paid off is another penny toward debtfreeness so hang in there & try not to be despondent. Life does bite you in the bum sometimes & it feels so hard when youre trying hard doesent it!!

ltm07

Thanks ISOM! It can get you down a little when you are trying so hard & unexpected things crop up but I guess that's life! We are staying in the right frame of mind to crack this sooner or later & we know that there will be many ups & downs along the way! Things are starting to fall into place to be honest apart from the gas bill & on the + side we aren't going over budget. OK we're a little disappointed that we aren't under £31k yet but as you say,the debts are going down so sooner or later we will start to see them go down much quicker. All the best & back later or tomorrow!!

smithywilko

Well done for keeping up the perserverence ltm07! I do admire you, especially with the number of 'challenges' you have come across already this year!
I have just updated my totals and spreadsheet for this month and we have almost paid off £12,000 since LBM in Oct last year which is great because we just crossed the £10,000 target a few days back... it's amazing what a payday does!! Our target now is to clear the credit cards and my graduate overdraft my the end of Sept leaving only the two loans left outstanding. Just hoping £8923.24 in 5 months between the two of us isn't too unrealistic!