QOL's pay off 15000 by xmas thread.

qolwillclearmydebts

I have set myself a relatively tough challenge of paying off 15000 by xmas. Im lucky in that I earn pretty good money from a couple of businesses, one of which involved having dollops of coins hanging around.

Im also expecting a payment of 7500 some time soon which could halve the debt if im disciplined enough to use it..

Things Ive done today.

Paid in £30 into separate holding account. Each time this account reaches £100 will pay it off card.

Things to do tomorrow. Scour house for coins, see how much I can bag up.

iwanttosavemoney2008

good luck with clearing your debts put up an soa so we can see if we can help you in any way

Jacks_xxx

:wave: Good luck sweetie!

I just wanted to suggest that if these are interest bearing cards then you would probably pay slightly less interest if you pay off the money asap rather than wait for it to total £100.

I used to do exactly that cos I liked lookiing at that nice stack of
£100
£100
£100
£100
£100
£100

on the statement!

But now I pay in any random amount as soon as it comes in.

And if it's a round figure that I've got to pay in then I add an odd amount to it (77p normally:D ) cos I don't really miss the extra 77p but all those odd pennies add up pretty fast!

I just find that in debtbusting in general I do better if I don't think in round figures.

So that'sd my slightly embarrassing confession about my financial weirdness for the day done!

Love Jacks xxx

qolwillclearmydebts

thanks
will have a look at soa although in truth i am fairly solvent. i have a derelict barn in france, plus another flat near Nice with equity of around 70 000 pounds plus shares worth about 12000 but they are fairly illiquid and with the credit crunch having destroyed one of businesses i'm having to cut down on my lifestyle and clear some credit cards. I used to market french and berlin property and could earn £5000 from a sale but some dodgy deals put me off and the market has collapsed this last year

Really want to clear the decks than aim to attack my mortgage.

qolwillclearmydebts

Monthly income after tax................ 2400
Partners monthly income after tax....... 770
Benefits................................ 100
Other income............................ 200
Total monthly income.................... 3470

Monthly Expense Details
Mortgage................................ 717
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 170
Electricity............................. 30
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 30
Mobile phone............................ 60
TV Licence.............................. 10
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 360
Clothing................................ 100
Petrol/diesel........................... 50
Road tax................................ 20
Car Insurance........................... 30
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 30
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 20
Other insurance......................... 30
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 70
Holiday................................. 80
Emergency fund.......................... 0
Total monthly expenses.................. 1997

Assets
Cash.................................... 3000
House value (Gross)..................... 250000
Shares and bonds........................ 15000
Car(s).................................. 2000
Other assets............................ 100000
Total Assets............................ 370000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 125000...(717)......5.77
Total secured debts........... 125000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
first direct ..................15000.....300.......17.9
mbna...........................6000......150.......2.9
barclaycard....................6000......150.......6
Total unsecured debts..........27000.....600.......-

Monthly Budget Summary
Total monthly income.................... 3,470
Expenses (including secured debts)....... 1,997
Available for debt repayments........... 1,473
Monthly UNsecured debt repayments....... 600
Surplus(deficit if negative)............ 873

Personal Balance Sheet Summary
Total assets (things you own)........... 370,000
Total Secured debt...................... -125,000
Total Unsecured debt.................... -27,000
Net Assets.............................. 218,000

qolwillclearmydebts

paid in 45 having emptied out various coats trousers drawers. Also found cheque for 58.19 i should have paid in 5 months ago so stuck that in as well.

decided im going to keep and pay in any £5 notes i get.
Target for the weekend is to try and work out how to earn £25 from a matche bet.....

qolwillclearmydebts

got cheque for 7500 someone owed me so will use 6500 of that when it clears instead of wasteing it like normal.

qolwillclearmydebts

also moved 2600 of it onto 0% card (until March 2009)

boredofbeingathome

Well it is quite a challenge, and you seem to be getting the dosh in.
Good luck.

qolwillclearmydebts

first flush of enthusiasm

lisa_martin_2

You are doing the right thing by clearing your debts.

There is plenty of time for "fun and spending" responsibly when you are debt free. Thats what I keep telling myself anyway.

Good luck on your challenge. I'm sure you will do it

Lisa x