Pay ALL Your Debt Off By Xmas 2026!

RedLipstick

Yes, my bad! I thought the consolidation loan APR will be much smaller, maybe closer to the personal loans available for the similar amount. 

Do you know how expensive is your existing debt? Maybe worth doing a SOA in your own diary so more people can contribute and offer advice? Or even just listing all the debts incl CCs with the min amounts you're paying per month plus the APRs. Also worth looking at the past, e.g. if you wanted to get rid of your debts in 2025 but that didn't work out, what was the reason, or how confident you are that the debt consolidation loan will stop you from getting another debt down the line, what if you lose your income, or emergency happens, etc. It's definitely nice to spread the debt and have one payment, and I am a quite an advocate myself, as they can be much more affordable, though I can see how risky it could be for some. 

Good luck with whatever you decide x

BlueJ94

RedLipstick said:

Yes, my bad! I thought the consolidation loan APR will be much smaller, maybe closer to the personal loans available for the similar amount. 

Do you know how expensive is your existing debt? Maybe worth doing a SOA in your own diary so more people can contribute and offer advice? Or even just listing all the debts incl CCs with the min amounts you're paying per month plus the APRs. Also worth looking at the past, e.g. if you wanted to get rid of your debts in 2025 but that didn't work out, what was the reason, or how confident you are that the debt consolidation loan will stop you from getting another debt down the line, what if you lose your income, or emergency happens, etc. It's definitely nice to spread the debt and have one payment, and I am a quite an advocate myself, as they can be much more affordable, though I can see how risky it could be for some. 

Good luck with whatever you decide x

Thanks ill double check, I just had a quick look and im paying £550.34 a month to individual loans

FrugalAspirations

I'd like to join, please! I have £7,315.80 across two 0% cards and I want to clear at least £4,000.

I'm going to reduce one of the cards to minimum monthly payments as it's 0% until 2027 and increase the other to £150 monthly plus top up when I can.

debtfreein26

Hello I'd like to join in too. I think I'll be number 16? My debt abount is £7959.74 

cuddlymarm

Good morning 
Number 4
Another £20 paid off the CC 😀

ThriftyPrincess40

Help, am I missing something? I made what I consider hefty overpayments to my credit cards in addition to minimum payment yet the interest for next month has gone up? I’m confused 

ThriftyPrincess40

Paid £13.58 to some interest on offending cc using some of my petrol budget. 

AuctionFever

Gosh that sounds very unfair ThriftyPrincess40   sorry to hear but well done with the extra payment x

Hi everyone, here to report back about tax return, which miraculously was under threshold so £0 to pay.  I thought I'd have a bill because we had to go on Universal Credit for a few months that year, and I assumed it was taxable, but it isn't so hooray!  @Highlanddream that sounds a great idea with the premium bonds... let us know if you win something with your set-aside tax money this month!!  While I was literally working out my totals I got a bit of a kick in the teeth with an email coming in telling me one debt has gone to a collection agency, even though I'd made partial payment and it was Christmas / New Year and only a couple weeks late, but whammo... so I've set up a direct debit with the company to have that one cleared by Christmas 'automatically'.  Sigh.  Paid first extra £12 with prolific survey withdrawal so :

#10: owe £8120 of £8132

ThriftyPrincess40

AuctionFever said:

Gosh that sounds very unfair ThriftyPrincess40   sorry to hear but well done with the extra payment x

Hi everyone, here to report back about tax return, which miraculously was under threshold so £0 to pay.  I thought I'd have a bill because we had to go on Universal Credit for a few months that year, and I assumed it was taxable, but it isn't so hooray!  @Highlanddream that sounds a great idea with the premium bonds... let us know if you win something with your set-aside tax money this month!!  While I was literally working out my totals I got a bit of a kick in the teeth with an email coming in telling me one debt has gone to a collection agency, even though I'd made partial payment and it was Christmas / New Year and only a couple weeks late, but whammo... so I've set up a direct debit with the company to have that one cleared by Christmas 'automatically'.  Sigh.  Paid first extra £12 with prolific survey withdrawal so :

#10: owe £8120 of £8132

AuctionFever said:

Gosh that sounds very unfair ThriftyPrincess40   sorry to hear but well done with the extra payment x

Hi everyone, here to report back about tax return, which miraculously was under threshold so £0 to pay.  I thought I'd have a bill because we had to go on Universal Credit for a few months that year, and I assumed it was taxable, but it isn't so hooray!  @Highlanddream that sounds a great idea with the premium bonds... let us know if you win something with your set-aside tax money this month!!  While I was literally working out my totals I got a bit of a kick in the teeth with an email coming in telling me one debt has gone to a collection agency, even though I'd made partial payment and it was Christmas / New Year and only a couple weeks late, but whammo... so I've set up a direct debit with the company to have that one cleared by Christmas 'automatically'.  Sigh.  Paid first extra £12 with prolific survey withdrawal so :

#10: owe £8120 of £8132

It was deflated balloon moment this morning 🤦🏻‍♀️ that’s pants about the debt company, seems really unfair. But glad you got it sorted 

Highlanddream

AuctionFever said:

Gosh that sounds very unfair ThriftyPrincess40   sorry to hear but well done with the extra payment x

Hi everyone, here to report back about tax return, which miraculously was under threshold so £0 to pay.  I thought I'd have a bill because we had to go on Universal Credit for a few months that year, and I assumed it was taxable, but it isn't so hooray!  @Highlanddream that sounds a great idea with the premium bonds... let us know if you win something with your set-aside tax money this month!!  While I was literally working out my totals I got a bit of a kick in the teeth with an email coming in telling me one debt has gone to a collection agency, even though I'd made partial payment and it was Christmas / New Year and only a couple weeks late, but whammo... so I've set up a direct debit with the company to have that one cleared by Christmas 'automatically'.  Sigh.  Paid first extra £12 with prolific survey withdrawal so :

#10: owe £8120 of £8132

Won £100! 

Prolific is quite good isn't it.