Hopefully debt free before Mortgage renewal in June 2026

Tezzadp

No money spent today
No direct debits today

Hastings loan daily payment : £1.92 (Total paid so far this month* £143.89 (including £23.10 interest) - leaving a final payment of £66.94 in July 2027 (28 monthly payments) = Balance outstanding now £2147.48

*This month refers to 28th Feb to 30th March (the day before pay day)

Tezzadp

..............

Tezzadp

So today is my financial month end as its my payday tomorrow. I started my month with my net salary of £1738.72 and £78.23 in my account to give me a little extra for the 5 friday month this month. I now have £186.62 left in my account to pay a lump sum towards my Hastings loan on top of what i have already paid so far this month. This is less than normal as outlined in a previous post, mainly it being a 5 friday month and 2 payments of some items this month instead of 1 etc. 

I have just this minute made a payment of £180.00 to my Hastings Loan bringing the balance down BELOW £2000 to £1967.48   leaving a final payment on £10.11 now in MAY 2027  which has gone down from August at the start of this month now to May by making these overpayments. 

I now have £6.62 left in my bank account but i get paid tomorrow so another salary payment of £1738.72 will be going into my bank and we go again, over paying every day with my daily and weekly payments and also if possible a lump sum at the end of the month. Looking ahead to this next month. I have an extra cost that i havent had to pay for the last 2 months which is the return of council tax payments which has increased by £7 to £134.00 a month. But also this coming month minimum wage increases by 77p an hour which should give me around £100 extra per month, after tax and NI deductions, which will help me to out in paying this extra cost and continue to have some money remaining at the end of the month to be able to some sort of lump sum payment towards my debts. 

So a summary of my debts : 
......................................................................................................................................................
Debt balances when i started posting on this forum on 6th Jan  

Hastings Loan  £2962.60
Virgin CC £1230.00
Tesco CC  £2273.00

Total £6465.60
......................................................................................................................................................
Debt balances at the start of this month (March)

Hastings Loan £2268.26 
Virgin CC £984.00
Tesco CC £2163.00

Total £5415.26 
....................................................................................................................................................
A summary of payments this month :  

Hastings loan £323.89 (£23.11 is interest) 
Virgin CC £195.00
Tesco CC £55.00

Total £573.89 (£550.78 after interest)   

My new current outstanding balances : 

Hastings Loan £1967.48
Virgin CC £789.00
Tesco CC £2108.00

Total £4864.48  

   Reduced by £1601.12 since 3rd Jan 

......................................................................................................................................................
Savings/Emergency account payments this month :
 
Previous balance £384.50
This months payments +£200.00
Withdrawal of -£20.00 for nephews birthday
Withdrawal of -£290.00 for daughters 21st birthday
Withdrawal of -£40.00 for Vet bill for the dog
End balance  £234.50

In summary,

• My Hastings loan is now below £2000 and will decrease quicker with the increasing daily payments 
• My last payment date on this loan is now down to May 2027 which is also coming down too which is good to see  
• The total loan amount is now down to less than £5,000 

RedLipstick

These debts are going down nicely, well done!

Tezzadp

No money spent today
No direct debits today

Hastings loan daily payment : £1.93 (Total paid so far this month* £1.93  - leaving a final payment of £7.70 (26 monthly payments) = Balance outstanding now £1965.55

*This month refers to 31st March to 29th April (the day before pay day)

Tezzadp

..............

YGymraes

In your first post you estimated your final loan payment to be in May 2028 I think. By now final payment is estimated to be May 2027! that’s fantastic progress.

Tezzadp

YGymraes said:

In your first post you estimated your final loan payment to be in May 2028 I think. By now final payment is estimated to be May 2027! that’s fantastic progress.

Thank you the overpayment i have been making daily and lump sums monthly have brought the loan down very nicely so far. Im hoping i can continue to make good progress with this and bring it down as quickly as possible and paid of as soon as i can. 

Thanks for the support. 

Tezzadp

Its weekly food shop day today and this week i only spent £21.80 which is comfortably under my £30-£40 weekly budget. 
Petrol £20.00 to get to work.

Direct debits

Monthly mortgage payment £517.72
Tv licence £15.00
DVLA Car tax £16.62
E-ON Electric bill £50.00
 
Debt payments

Hastings loan daily payment : £1.94 (Total paid so far this month* £3.87  - leaving a final payment of £5.20 (26 monthly payments) = Balance outstanding now £1963.61

*This month refers to 31st March to 29th April (the day before pay day)

Tezzadp

...............