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  • FIRST POST
    • BillEatsCrisps
    • By BillEatsCrisps 31st Aug 17, 1:09 PM
    • 10Posts
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    BillEatsCrisps
    £15,591.56 - Clear it in a year
    • #1
    • 31st Aug 17, 1:09 PM
    £15,591.56 - Clear it in a year 31st Aug 17 at 1:09 PM
    I took out my first ever credit card in March 2001. I paid the balance off in full the first month. I think that was the last time I did that. The second month, I thought I had paid the balance in full again, but turns out i didn't (these were the days before Internet banking - these were the days where you got a bank statement once a month, you kept your own check on your balance within your cheque book stubs and from time to time you could check your balance at the cashpoint), so by month three I was already in the position of making payments towards my credit card bill and feeling the balance hanging over me.

    Over the past 16 years I've gone through all sorts of plans to get debt free. From remortgaging my house to paying only minimum payments to paying £1 per month to paying chunks and leaving myself short for day to day expenses......

    At my worst I owed £34,000 and started paying £1,000 per month towards it.

    I now owe £15,591.56 and I am sick of it!!

    So I'm setting myself a target to get it all paid off by the august bank holiday 2018. And for the august bank holiday I'll have a party!

    I have had a couple of really tight months recently and have only been able to pay these tiny payments, but I should be able to make some proper dents now and it feels good to have a plan.

    Wish me luck on my adventure!
Page 1
    • redofromstart
    • By redofromstart 31st Aug 17, 2:01 PM
    • 1,765 Posts
    • 10,783 Thanks
    redofromstart
    • #2
    • 31st Aug 17, 2:01 PM
    • #2
    • 31st Aug 17, 2:01 PM
    Good luck with it Billeatscrisps!
    • BillEatsCrisps
    • By BillEatsCrisps 2nd Sep 17, 10:56 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    • #3
    • 2nd Sep 17, 10:56 PM
    • #3
    • 2nd Sep 17, 10:56 PM
    Well I've made some payments.

    After three months of only paying £1 to each of my 14 creditors, this week I have completely paid off 2 of them and given £1 to each of the other 12.

    Then, looking down at my list of debts, I logged back in online and paid off all of the odd pence of the balances to round them down to full numbers (that's neater!)

    Total debt is now £14,836 spread over 12 creditors.
    • redofromstart
    • By redofromstart 3rd Sep 17, 8:25 AM
    • 1,765 Posts
    • 10,783 Thanks
    redofromstart
    • #4
    • 3rd Sep 17, 8:25 AM
    • #4
    • 3rd Sep 17, 8:25 AM
    That's good progress, I think I'd really struggle with the number of them rather than the amount. I like rounding things to even numbers too.
    • fruitloop04
    • By fruitloop04 3rd Sep 17, 9:38 AM
    • 158 Posts
    • 469 Thanks
    fruitloop04
    • #5
    • 3rd Sep 17, 9:38 AM
    • #5
    • 3rd Sep 17, 9:38 AM
    Good luck billeatscrisps! That's impressive to pay £15k in a year...I think it is going to take my a year to pay my £4k!!
    16.08.2017 CC 1 - £2050 £1,500 CC 2 - £1766.82 £1406 Emergency savings: £1250/£6000
    Mortgage - April 2017 £153,000 £149,954
    Debt free by xmas: 1070.86/1500
    (Non Mortgage) Debt Free Date: August 2018
    • leimichellecat
    • By leimichellecat 3rd Sep 17, 1:13 PM
    • 141 Posts
    • 259 Thanks
    leimichellecat
    • #6
    • 3rd Sep 17, 1:13 PM
    • #6
    • 3rd Sep 17, 1:13 PM
    Good luck Bill! I've got a similar size debt and target date. I'm taking on the 0% that expires first, then one debt at a time. I'm hoping clearing one debt will motivate me to clear the next! Each debter you don't have to engage with again will motivate you to get the next one out of your life!
    Taking on the world one debt at a time!!!

    Clear all the debt by Xmas 2018 #168 - £1220/£11470

    BYOLTW Feb 2018 0/12
    • BillEatsCrisps
    • By BillEatsCrisps 12th Oct 17, 9:53 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    • #7
    • 12th Oct 17, 9:53 PM
    • #7
    • 12th Oct 17, 9:53 PM
    It's been a little while since I last posted and I have been plugging away.

    I now owe £14,557 spread over 11 creditors.

    Keep on going.
    • BillEatsCrisps
    • By BillEatsCrisps 27th Nov 17, 1:08 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    • #8
    • 27th Nov 17, 1:08 PM
    • #8
    • 27th Nov 17, 1:08 PM
    I have killed off a few of my smaller amounts since my last post.

    I now owe £11,460 over 5 accounts.

    Keep on going
    • enthusiasticsaver
    • By enthusiasticsaver 27th Nov 17, 1:18 PM
    • 6,614 Posts
    • 13,913 Thanks
    enthusiasticsaver
    • #9
    • 27th Nov 17, 1:18 PM
    • #9
    • 27th Nov 17, 1:18 PM
    Well done. It is going down
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • fay66
    • By fay66 27th Nov 17, 1:56 PM
    • 737 Posts
    • 2,056 Thanks
    fay66
    Bill are you on good earnings to pay all of that
    Good luck billeatscrisps! That's impressive to pay £15k in a year...I think it is going to take my a year to pay my £4k!!
    Originally posted by fruitloop04
    How did you get away with the £1 token did you go through stepchange> Did they freeze interest
    Inland revenue £4500=
    Loan £1562
    Pay day loans -1400 1st pay 16 march £50
    Credit card 1 -4850/4850 int froze
    CC2 -978
    CC3 - 500/548 cc4 180/200
    • Happier Me
    • By Happier Me 27th Nov 17, 3:06 PM
    • 430 Posts
    • 932 Thanks
    Happier Me
    This may not be an option but if these debts are aged, you've been making irregular payments and they have been as low as £1 would any of your creditors consider a full and final settlement to clear the balance?
    • BillEatsCrisps
    • By BillEatsCrisps 6th Feb 18, 5:59 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    I havenít posted for a little while but I have been paying away!

    I now owe £8,192 over four credit cards.
    • joeyjimbles
    • By joeyjimbles 6th Feb 18, 6:07 PM
    • 1,587 Posts
    • 8,639 Thanks
    joeyjimbles
    Well done. That's almost half your original amount when you started posting. Must feel great to have reduced your debt by almost 50%.
    • BillEatsCrisps
    • By BillEatsCrisps 6th Feb 18, 6:15 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    It still feels like there is a long way to go, but yes, it does feel good
    • BillEatsCrisps
    • By BillEatsCrisps 28th Feb 18, 2:27 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    A few weeks have gone past and a few payments have been made.

    I now owe £4,549 across two accounts.
    • BillEatsCrisps
    • By BillEatsCrisps 30th Mar 18, 10:11 PM
    • 10 Posts
    • 10 Thanks
    BillEatsCrisps
    I paid one of my cards off yesterday. I now have one account left of £1,605 owing.
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