How long will it take?

hopefulsoph
hopefulsoph Posts: 39 Forumite
in Debt-free wannabe
Hi there

Not sure if I am posting in the right place but just wondering if anyone could offer any advice on how I calculate how long it will take me to pay off a mail order debt of around £3200, around £1500 of this debt is BNPL and I intend to pay these elements before paying interest, they expire at diff times, the rest is a shocking 49%:eek:.

Want to get this sorted ASAP, as quickly as possible. I have around £700 p/m to service this, I have tried putting it into a snowball calculator but that doesn't seem to work.

I'd appreciate any advice, please be gentle I'm new to this! And the interest rate sickens me before anyone picks up on that!

Thanks again:o
«13

Comments

  • sarahmtly
    sarahmtly Posts: 40 Forumite
    First Post First Anniversary Combo Breaker
    Sorry I cant help with the calculations but just wanted to ask if you have considered a loan to consolidate your debt ? I've just got one myself to clear up a credit card bill. The interest rate was only 2.9%. Theres some great advice on this website and a loan calculator too. Sorry I cant help more
  • Whoknowskt89
    Whoknowskt89 Posts: 262 Forumite
    Debt-free and Proud! Newshound!
    Hi!
    Most people on this forum would not recommend consolidation loans as they don't always work.
    Post up a SoA (there's a link in the stickies thread) and input every amount and each Apr.
    Format to mse and then once here add in notes of when the 0% deals end.
    There will be people along to help and that can give you the best advice.
    Good luck
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Hi hopefulsoph,
    Welcome to the forum.

    If you are able to throw £700pm at the debt then do it.

    With £1700 incurring interest of 49%, the sooner the better.

    This whole debt could be gone within 5 months, only incurring interest for the first 3 months with those figures.

    When does the BNPL deal end? Is interest likely to kick in within the next 5 months?
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • hopefulsoph
    hopefulsoph Posts: 39 Forumite
    Thanks for the replies, yeah I'm pretty sure that £700 is do-able, I have been doing a bit of ebaying which is giving me my spending money!

    The BNPL bits all end at different times I.e £410 April, £300 May, £200 June, the next is sept and the last one is Oct! Really just want to get this paid off asap because of the ridiculous interest rate! Can't believe I was so dumb! Light bulb moment it truly was!
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
    First Anniversary Name Dropper Photogenic First Post
    hopefulsoph wrote: »
    Thanks for the replies, yeah I'm pretty sure that £700 is do-able, I have been doing a bit of ebaying which is giving me my spending money!

    The BNPL bits all end at different times I.e £410 April, £300 May, £200 June, the next is sept and the last one is Oct! Really just want to get this paid off asap because of the ridiculous interest rate! Can't believe I was so dumb! Light bulb moment it truly was!

    You have £700 a month to throw at this?

    Pay off the BNPL debts as they come up and put what remains towards paying off the rest of the debt.

    April: £410 to pay off the BNPL, pay £290 towards the rest of the outstanding debt.

    May: £300 to pay off the BNPL, pay £400 towards the rest of the outstanding debt.

    June: £200 to pay off the BNPL, pay £500 towards the rest of the outstanding debt.

    July: pay £700 towards the interest bearing debt.

    August: pay off the rest of the interest bearing debt. There won't be much left and I suspect you'll be able to clear those BNPLs. If not, pay them off the following month.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    If £1700 is interest bearing at 49% and the other £1500 on BNPL the whole debt should be paid off in 5-6 months. As you say criminally high interest so if you can get it moved to a 0% card that would help. If you pay £700 per month it will be cleared in 5-6 months. Personally I would chuck everything possible at it.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • hopefulsoph
    hopefulsoph Posts: 39 Forumite
    Brilliant, that really helps! Yes I am willing to chuck everything at it, I am due a birthday so if my relatives are kind I will chuck that at it too, may even have to bite the bullet and ask the hubs to help me clear it! Though he won't be impressed! Got a few other things to pay off but tacking this first!
  • Dobbibill
    Dobbibill Posts: 4,135 Ambassador
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    SnowTiger has given you a good month-by-month solution in #6, follow that.

    Make sure you tell them which amounts you want to pay each month. If you make a blanket payment, they won't necessarily take it off the BNPL balance, so make sure you tell them.

    Have you made the payment for March yet?
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
    Also - why not see what percentage of debt you still have to pay off and when you pay it off every month, calculate the percentage you have left to pay (or % of the debt you have paid off). You'll feel a sense of achievement if you do this and you never know, you might even end of making additional payments just to see the % of the debt being paid off!
    Good luck, well done with your LBM and don't do it again!
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • hopefulsoph
    hopefulsoph Posts: 39 Forumite
    Hi thanks for replies and ideas, very helpful have taken snowtigers advice also set up a little table with percentages to see progress. Made payment of £700 today for march so looking forward to seeing it drop! Ironically they have just increased my credit limit! Sneaky...I will not be tempted by it! But nice to see he available balance increase, will cancel as soon as it's paid off!
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