Pay ALL Your Debt Off By Xmas 2026!

Blackberrycurved

Thanks BlueJ94 I know 😂but my OCD won’t let me. It’s a routine established in my head. Having OCD makes the spending difficult I’ve had a coffee before work for 3 years and I’m trying to kick that because it’s £15 a week but on top of missing the coffee I have this anxiety about changing routine so far I’ve managed to do it twice a week so £6 saved but it stupidly stressful. At least I didn’t drink any more expensive like champagne😳

c.w.2015

Small payment made today.
No.8 total paid £14.62/2000

MissMoneyMishap

Can I ask how anyone has successfully managed to pay down their overdraft?! It's doing me in!!

I am currently chipping away each day with my extra earnings from Prolific (mostly) but because it's my current account....well it's all very currently money in circulation! Have others just persevered, or would paying the extra into a separate account be a better way to go? 

Desperate tp feel like by bank it at a straight edge at leas to start each month! Any suggestions gratefully received

Blackberrycurved

Ah bless you MissMoney. I paid mine off I still kept an agreed overdraft on my account of £1,000 because I still occasionally need it when things go pear shaped at Christmas but I never pay any fees now.  Firstly I wrote down the amount and the interest as though it's compound interest which is sort of what it is not in good way. There's a calculator on here, how much do I need to pay to repay my debt, and it adds the interest and says how much. My overdraft fee was through the roof. Then I got a loan from Zopa for the amount and that's where it is hard because the less you borrow the higher the interest rate. So I borrowed 5k over 3 years to pay off £1,700 overdraft and then used the rest to pay off a CC because the Zopa loan was cheaper than the CC interest. I got a loan that I could repay early. So what I did was pay the monthly loan fee, plus what I usually paid into my CC each month, plus a little bit more which was what I'd been paying in overdraft fees. Was I better off? No I struggled but all the money had gone to repayments not interest so I cleared the Zopa loan in just over a year. Then I could breathe.  

_Dolly_Rocker_

No idea about the overdraft, never had one. 

How much is it? Can you reduce it monthly or more often? 

6 - _Dolly_Rocker_ £0 £5,000

Can I update my totals please? Changing it to £5,000 and I'm going to overpay my mortgage as the interest I will save will be higher overall than what I will make with the LISA bonus. 

As long as I'm able to keep up with the 2 jobs at the rate I am today then I will be mortgage free by the time I am 48!

ThriftyPrincess40

£5 off credit card today

MissMoneyMishap

Blackberrycurved said:

Ah bless you MissMoney. I paid mine off I still kept an agreed overdraft on my account of £1,000 because I still occasionally need it when things go pear shaped at Christmas but I never pay any fees now.  Firstly I wrote down the amount and the interest as though it's compound interest which is sort of what it is not in good way. There's a calculator on here, how much do I need to pay to repay my debt, and it adds the interest and says how much. My overdraft fee was through the roof. Then I got a loan from Zopa for the amount and that's where it is hard because the less you borrow the higher the interest rate. So I borrowed 5k over 3 years to pay off £1,700 overdraft and then used the rest to pay off a CC because the Zopa loan was cheaper than the CC interest. I got a loan that I could repay early. So what I did was pay the monthly loan fee, plus what I usually paid into my CC each month, plus a little bit more which was what I'd been paying in overdraft fees. Was I better off? No I struggled but all the money had gone to repayments not interest so I cleared the Zopa loan in just over a year. Then I could breathe.  

Ah, I see. Thanks for sharing that @Blackberrycurved. You did really well to pay that loan off so quickly. It just seems so nearly impossible to do it whilst using the same account, but borrowing more keeps getting me in more trouble. I'm currently paying off around £10-£12 per day from making extra money, but of course, because it's my current current account, the amount keeps going up despite me paying in everyday.

I probably need to apply a little patience, because it's around £750. When I get paid, if I can continue paying in my extra from £10-A-Day challenge, and keeping up my NSDs maybe I could get out of it by the end of February. 

Changeyourlife25

Another fiver off my debt for me 🤣
Just a min payment on an old water bill, nothing interesting like. 😆

£442.17 of £4,226.52 

Thanks so much for the survey recommendations, I’ll try get on that, a couple said they weren’t taking new users. 🤦‍♀️

Highlanddream

Changeyourlife25 said:

Another fiver off my debt for me 🤣
Just a min payment on an old water bill, nothing interesting like. 😆

£442.17 of £4,226.52 

Thanks so much for the survey recommendations, I’ll try get on that, a couple said they weren’t taking new users. 🤦‍♀️

It's worth joining the waiting list. 

_Dolly_Rocker_

Tried to make my first mortgage overpayment today but it kept taking me in a loop between the website and the app. 

I'll give them a call tomorrow.