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  • FIRST POST
    • never_again
    • By never_again 23rd Feb 06, 7:35 PM
    • 174Posts
    • 118Thanks
    never_again
    How do I work out my debt free date?
    • #1
    • 23rd Feb 06, 7:35 PM
    How do I work out my debt free date? 23rd Feb 06 at 7:35 PM

    Hello,

    I've seen on some threads that people have a debt free date.

    Would someone be kind enough to explain how I work this out.

    For information I'm putting rough figures below. I haven't checked my progress for a while but the the loans were correct in November:

    TESCO loan 14,000. Taken out in April 04 for 7 years @ 242.20 p/m

    Sainsbury Loan 4,400. Taken out in June 04 for 5 years @ 101.05 p/m
    ~~~~~~~~~~~~~~~~
    A&L Credit card balance last month 3,600 0% until July (I think) I pay whatever I can afford each month, but it will be paid off by September because my husband is getting a guaranteed payment from work.

    MBNA loan 6000 18 months; taken out last month, 1 payment made @ 348.29.

    None of my loans have PLP and my husband and have already cut out expendeture to the min.

    I am hoping to be debt free by Christmas 2008, do you think this is possible?

    I would really appreciate the help.

    Thank you.
    Last edited by MSE Archna; 28-02-2006 at 3:33 PM.
Page 1
  • kathfisch
    • #2
    • 23rd Feb 06, 7:38 PM
    • #2
    • 23rd Feb 06, 7:38 PM
    Hi there!

    Follow this link

    http://www.whatsthecost.com/snowball.aspx

    and enter the details of all your debts, interest rates etc. It will give you a debt free date.

    You can also enter different levels of repayment into it and see the difference made by even small over payments.

    Good luck with clearing your debt!
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 Proud to have become debt free... and striving to keep it that way
    • never_again
    • By never_again 23rd Feb 06, 7:51 PM
    • 174 Posts
    • 118 Thanks
    never_again
    • #3
    • 23rd Feb 06, 7:51 PM
    • #3
    • 23rd Feb 06, 7:51 PM
    Thank you for that.

    I've just input my info and i can be debt free by Sep 2008, not including the payout my husband will get. This has been a big boost - thank you
  • kathfisch
    • #4
    • 23rd Feb 06, 7:54 PM
    • #4
    • 23rd Feb 06, 7:54 PM
    No problem! I'm glad you can achieve your desired date, hopefully sooner with the payout. Best of luck with your efforts to become debt free! Maybe you want to add your debt totals to your signature to show everyone how you're doing and motivate yourself.

    Best of luck
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 Proud to have become debt free... and striving to keep it that way
    • headcovers
    • By headcovers 23rd Feb 06, 8:11 PM
    • 677 Posts
    • 405 Thanks
    headcovers
    • #5
    • 23rd Feb 06, 8:11 PM
    • #5
    • 23rd Feb 06, 8:11 PM
    Hi there!

    Follow this link

    http://www.whatsthecost.com/snowball.aspx

    and enter the details of all your debts, interest rates etc. It will give you a debt free date.

    You can also enter different levels of repayment into it and see the difference made by even small over payments.

    Good luck with clearing your debt!
    by kathfisch
    Thank you so much - that website is absolutely fantastic and has helped me immensely. If I could I would click your "Thanks" button more than once for that.
  • kathfisch
    • #6
    • 23rd Feb 06, 10:50 PM
    • #6
    • 23rd Feb 06, 10:50 PM
    Thank you so much - that website is absolutely fantastic and has helped me immensely. If I could I would click your "Thanks" button more than once for that.
    by headcovers
    No prob, glad to help!
    Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue Q
    Official DFW Nerd Club - Member no. 003 Proud to have become debt free... and striving to keep it that way
  • Haystakk
    • #7
    • 23rd Feb 06, 11:19 PM
    • #7
    • 23rd Feb 06, 11:19 PM
    ... Or, if you want a local Excel version on your computer that lets you put in overpayments as you make them, go here:

    http://www.geocities.com/schizeckinosy/Snowball.html

    The beauty of this one is that the details you enter can be changed when you want to change them, and it will keep them until you update them again - so no need to re-visit the 'What's the Cost?' website and re-entering all your details if circumstances change.
    Last edited by Haystakk; 23-02-2006 at 11:21 PM.
    The difference between genius and stupidity is that genius has it's limits...
    • Quincifer
    • By Quincifer 24th Feb 06, 9:17 PM
    • 225 Posts
    • 141 Thanks
    Quincifer
    • #8
    • 24th Feb 06, 9:17 PM
    • #8
    • 24th Feb 06, 9:17 PM
    Thankyou indeed, that website is ace! Gives a full breakdown on what to pay off when - im gonna print it out and keep it to work to!
    x
  • EddieC257
    • #9
    • 1st Mar 06, 12:36 PM
    • #9
    • 1st Mar 06, 12:36 PM
    Hi headcovers I also tried that website today it was very good thanx for the general advise, this is really helpful.
    • PJ1
    • By PJ1 1st Mar 06, 8:22 PM
    • 131 Posts
    • 633 Thanks
    PJ1
    Hi Everyone,
    I've just been to this website as suggested but am now thoroughly depressed. I knew I had large debts but now I've found out it going to take me until Dec 2012 to pay them off!!! I'm not happy! (
  • D&DD
    Hi PJ1 welcome to Mse when you feel ready try posting a SOA and we'll have a look for you see if we can help
    C.R.A.P.R.O.L.L.Z Marketing Manager
  • Jaffa
    this website sounds good but not only do I need to work out when I'll be debt free but I need help on where to start with sorting out a budget.

    Can anyone help
  • D&DD
    Hi Jaffa welcome to MSE best way for getting help is to start a thread detailing your areas you need advice on and when ready post a full statement of affairs then hopefully we'll have some ideas to help
    C.R.A.P.R.O.L.L.Z Marketing Manager
    • PJ1
    • By PJ1 1st Mar 06, 8:48 PM
    • 131 Posts
    • 633 Thanks
    PJ1
    Hi PJ1 welcome to Mse when you feel ready try posting a SOA and we'll have a look for you see if we can help
    by D&DD
    Hi D&DD,
    Thanks for that. How do I do a SOA that would make sense to everyone else-it doesn't make much to me! :confused:
  • D&DD
    Hi PJ ,when I found this place at xmas my head was truly swimming I could see all these ways to cut down outgoings bills etc but it took me a good week or so to sort out all my paperwork(I used to 'file' things in drawers etc...)before I could even start! I dug out a nice file,sorted through ALL my festering piles of papers and started to make a list..
    First I made a list of all my debts
    Second I found all the paperwork relating to these debts (apr's,ppi payments etc)
    Third I started searching thru the site for bills I already have and wanted to cut down on for example sky tv,I typed in a search and lo and behold 3 months halfprice..
    Four Listed all my incomings and outgoings..truthfully!!
    Five Started to work out a realistic budget which I'll be able to stick to

    Hope this helps a bit for you getting started.. take a look at my signature down below..The big chunk I got rid of since xmas was off my a&l loan when I found we didnt need ppi as hubbie is already insured through work :rolleyes:
    C.R.A.P.R.O.L.L.Z Marketing Manager
    • PJ1
    • By PJ1 2nd Mar 06, 7:17 PM
    • 131 Posts
    • 633 Thanks
    PJ1
    Hi Everyone,
    I've just been to this website as suggested but am now thoroughly depressed. I knew I had large debts but now I've found out it going to take me until Dec 2012 to pay them off!!! I'm not happy! (
    by PJ1
    As an amendment to yesterday's post (see above) I realised I'd made a mistake so recalculated and found my debt-free date is now Dec 2010 so with two years saved I'm feeling much happier now. Have 8 debts totalling 18,360 so its gonna be a long slog! Will be visiting frequently to help keep my spirits up! Good Luck everyone.
  • D&DD
    Thats good news PJ think theres quite a few of us aiming for 2010 it'll be great to see everyone declare themselves debtfree..
    C.R.A.P.R.O.L.L.Z Marketing Manager
  • FieryBlondeScot
    i just worked mine out as dec 2009
    initially a bit gutted but had to remind myself
    1. would of prob been dec 2019 had i not got on the mse site and learnt all i know now
    2. my debt is 13 grand, some peoples is 30grand
    3. at least i am dealing with it!!
  • tee pee
    I have just been on the web site and I know my debt free date now but how do I put it on my posts like you clever people do?

    Ps November 06 I will be debt free.
  • tee pee
    God I wish I was IT minded
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