Pay a debt by Xmas 08

lunar

Iknow ive been really rubbish at keeping upposting my progerss with this challenge but ive still been making the payments. just £250 to go until i have overpaid egg loan by £1500 since we started. I would really like to try paying a bit more if i can before christmas.

Well done to everyone for the progress you have all made

jonnyboy80

Currently have a an OD with £1400 on it so would love to get that down to £1000 oe less before christmas!! good luck everyone else!

savingholmes

Hi all I've now repaid Barclaycard too so that is card number 3 done and dusted.:j It may impact my overdraft slightly however but it is still very satisfying to see it go. In my name that then leaves only 1 CC to pay off - which could be gone by Xmas too if I throw everything I can at it!!!!!:j So I want to increase my target to 4 - when I did my original budget I allowed less for debt repayment in Dec due to Xmas but I am so far ahead on presents (over 2/3 bought, some wrapped) within my normal and challenge money that I think I should be able to repay debt in Dec like any other month.:money:

We will then be left with one £40 a month loan that there is no benefit in paying off early and then 2 really large CC that happen to be in OH's name as he could get bigger 0% deals than me. Our plan then (jobs and economy allowing) is to pay 1 of those off by the summer and then transfer the second back to Egg when the 0% deal runs out.... and have that paid off by the following summer. We will then be able to make a start on repaying the mortgage which is currently interest only!

spam.jam

Well done everyone, and thank you for the inspiration
Ive got £100 to go in this challenge, its not a 'real' debt though, its part of some savings iv got towards emergencies, my grandparents look after the money and i 'borrow' it back when im struggling. all my other debts are interest free so im ok at the mo.

Damita

I'll join, been wanting to pay of my dedt by xmas well the CC so I can have a super new year!!!

nickynoo08

Well done savingholmes your doing brilliantly:j
My o/d has nicely come down to a less scary level. Got some cashback n survey money on its way so that'll go towards my o/d when it arrives. Should in total be paying an extra £68 off my o/d from survey n cb money. Also been doing really well with NSD which has definately helped my o/d.
Still plodding on with my visa. Its v slowly coming down, should be able to pay an extra tenner this wk so my baby steps are getting bigger.
Just found out i can claim £70 commission from my catalogue.
Should i 1 - claim it as cheque n put it towards my o/d
2 - claim it as cheque n pay it back into cat or extra for visa
3 - use it get xmas pressies for 'free'
I get more if i spend it back in cat but cant decide which option is best.

savingholmes

nickynoo08 wrote: »

Well done savingholmes your doing brilliantly:j
My o/d has nicely come down to a less scary level. Got some cashback n survey money on its way so that'll go towards my o/d when it arrives. Should in total be paying an extra £68 off my o/d from survey n cb money. Also been doing really well with NSD which has definately helped my o/d.
Still plodding on with my visa. Its v slowly coming down, should be able to pay an extra tenner this wk so my baby steps are getting bigger.
Just found out i can claim £70 commission from my catalogue.
Should i 1 - claim it as cheque n put it towards my o/d
2 - claim it as cheque n pay it back into cat or extra for visa
3 - use it get xmas pressies for 'free'
I get more if i spend it back in cat but cant decide which option is best.

IMHO I would not re-spend on a catalogue as I think they are poor value for money. There are lots of sales currently in the shops and I would suggest that you could get better bargains there. I would consider using it towards Xmas presents if it was part of a plan, but if the interest rate on your visa or overdraft is high then you probably should focus on repaying that first...

Hope that helps;)

Gemmzie

Paid off another £100 today from Quidco and overtime :j

clearmydebts

Hi all,

Paid off £1000 today. That is last of OH's pay cheques as he is back to uni now. Nearly have 2 credit cards paid off & hope to have them both gone by Xmas. That will just leave 2 credit cards and a whopping loan.

Everyone else is doing really well.

clearmydebts

Hi all,

Paid £177 off my credit card today and looked at OH's account and seen that he had paid off £400 on his credit card (that he forgot to tell me about!). It's good news though as I am just £243 off my aim for Christmas!

Have 2 credit cards with % rates (the other one is 0%). The balance on 1 is £296 and the balance on the other 1 is £2595. Although I would like to clear the lower one (psychologically) I think I will use quidco etc to pay that off and then try and make a dent in the bigger one. The rates are the exact same on them. What does everyone else think? Any suggestions?