Debt Clearing Challenge

ehallett

Hi everyone

I have been inspired by Beckseven's clear a debt by 16th June thread .

Had to change from my loan as a debt to clear to a couple of O2 debts I have that total £549.89 - still aiming for 3rd June to clear them by.

My main ways of doing this will be:

Carboots
Mystery Shopping
Surveys
Slice the Pie
Clicks
Quidco/Greasypalm
Ebaying
Competitions

Right, off to try and get my first tenner now

Emily x

pandapaws

Good luck! I'd love to join you, but sadly my loans are a bit beyond the scope of the £10 a day challenge in the short-term as they're about £17k and £21k! Will be there on £10-a-day anyway though in May, here's hoping it's a good one!

GirlRacer_2

Hi Emily, well done on signing up for the challenge. Really hope your successful. Keep us posted.

beanielou

Best of luck Emily
Go girl go!

ehallett

I have just checked my Quidco and it says I am due a £5 payment this month so that will go towards the loan. I am going to do some more on Quido, however I'm not sure if it will pay out in time. Will wait and see.

I have looked at my Onepoll account and have £11.70 in there. I don't know if I will reach the £40 payout before this challenge ends but I will give it a go!!

My Toluna account has 18,190 points in it. I will get to at least 30,000 and then can get a £5 Sainsburys voucher that I can sell (every little helps ).

I think that I will just withdraw any money that I make for this challenge and then save it, NOT touch it, and then take it to the bank when I have saved up £100 and pay it off the loan.

Emily x

tsharp

With a loan, aren't the repayments set every month, so it will only be paid off once the final payment has been made?

Usually if you settle early they sting you.

thepinklady

Good luck with the challenge Emily..!

xx

ehallett

tsharp wrote: »

With a loan, aren't the repayments set every month, so it will only be paid off once the final payment has been made?

Usually if you settle early they sting you.

Poo, hadn't thought of that. I've just checked the T&Cs of my loan and there is an early repayment charge. Not sure how to work out how much, but it says that if I repay within 90 day of the loan ending then there is no charge.

Therefore, I might have to change the debt for this challenge and come back to my loan in a couple of months.

I've got a couple of debts to O2 that I am paying off gradually. They come to £549.89 (don't ask how I stupidly managed to rack up massive bills like this :eek: !!). I've been paying off £100 a month for the past couple of months so it will be good to get rid of these.

By the way, I have now cancelled the contracts and am on a pay & go phone now that I only top up by £10 a month.

I will still be aiming for the 3rd June as a target date to clear these debts by.

Emily x

Snaggles

Hiya - even if there is an early repayment penalty, often it is just a couple of months interest. So if you have, say, 12 months left on the loan, it would still be worth doing, because you will pay 2 months interest, but you will still save 10 months interest. It's worth checking with them how much it would cost you to clear the loan now, and comparing that to how much you will pay in total if you continue paying your monthly repayments until the end of the loan term.

ehallett

Snaggles wrote: »

Hiya - even if there is an early repayment penalty, often it is just a couple of months interest. So if you have, say, 12 months left on the loan, it would still be worth doing, because you will pay 2 months interest, but you will still save 10 months interest. It's worth checking with them how much it would cost you to clear the loan now, and comparing that to how much you will pay in total if you continue paying your monthly repayments until the end of the loan term.

Thanks Snaggles. I think I will stick with the O2 debts at the moment as they do need to be cleared and I will tackle my loan in June when it will be within 3 months of finishing so there will be no fees to pay.

Emily x

Avogirly

Hello, on the loan repaying subject. I have heard that if you want to repay it, pay all except your next monthy payment. Let that run and get paid, and therefore you don't pay the early repayment charges. Never tried it myself, but I have read that others have.

Good luck with your challenge. xxx