How to calculate paying off debt

nightsky224

My b/f has arounf 13k split between 2 loans to pay off.
To give us a target i would like to have a chart so that when we pay off extra money we can knock of a month/week so we can see how quickly we are paying it off. Is there any easy way of working this out because of the interest etc.

RAS

Hi

if these are LOANS, he neds to find out if there are any early redemption penalties before he makes additional payments.

Once you know the APR and the impact of early repayments you can play with the snowball on www.whatsthecost.com.

has he got PPI on either of the loans, if so was it front loaded (which measn he is paying interest on very expensive PPI as well as paying very expensive PPI?

nightsky224

RAS wrote: »

Hi

if these are LOANS, he neds to find out if there are any early redemption penalties before he makes additional payments.

Once you know the APR and the impact of early repayments you can play with the snowball on www.whatsthecost.com.

has he got PPI on either of the loans, if so was it front loaded (which measn he is paying interest on very expensive PPI as well as paying very expensive PPI?

No penalties, he can pay off lump sums (at least on on of them) No PPI either and he has v good rates, he has had these loans for a while and has increased his regular payments to about 600 a month i think. Will take a look at whats the cost now thankyou