LBM! Now preparing for CCCS...

St0lli

Hi everyone! After much dithering I've sat down and realised after much head burying I really don't earn enough to meet all (and I mean ALL because there are quite a few of em!) my CC min repayments each month. I'm going to spend the next few days getting my SOA sorted in readiness for when CCCS are open again on Monday. My only reservations are a) my job requires me to be security cleared by the Defence Vetting Agency so I'm not sure how they will view this b) my mortgage is fixed for 3 years on interest only and ends on July 2011 so also unsure how I will be able to sort out a new mortgage when this fixed rate ends.

Anyhoo my main question is (and excuse me if I'm just being very dim) but my credit cards give the monthly interest rate and not the apr. Is it just a simple matter of multiplying the monthly rate by 12 to give me the annual or is it a slightly more complicated calculation (I seem to remember it being more involved when I tried to work it out before)?

I guess it can only be onwards and upwards from here but I must admit to having very mixed emothions. On one hand I'm feeling very positive because I'm sure this is the right thing to do but on the other hand I feel so stupid and angry with myself for letting things get to this stage.

I've also yet to tell my ex that I can't meet my part of my son's school fees which are due on 5th January. My son is 15 and so has just started his GCSE options and I don't want to take him from a school where he has been happy since he was 3 years old. He's already in receipt of a bursary so I'm sure the school won't be able to do anything else to help me.

Wow I feel so much better for writing all this down! I'm an only child with elderly parents whom I don't want to burden with my problems. Thats not me being virtuous but I know the affect this could have on my mother who is a real worrier and has just been given the all clear from her cancer treatment.

But I digress.... If anyone can give me the answer to my question re annual interest rates I would appreciate it. I'll check back later as I'm just off to the bank to pay some money in (Xmas presents) so that the mortgage will get paid....

Happy New Year to everyone!!! :beer:

mummytofour

Hi,
You sound very positive, I found once i had spoked to CCCS a huge weight had been lifted off my shoulders and life started to be a lot easier. The never ending circle of credit card debt was broken and for the first time in a long while I could sleep better at night.

I have no idea about your sons school fees, could his mum pay more?
Good luck, with sorting everything out.

St0lli

Hi Mummuytofour... I'm the mum and his dad pays the majority of the fees. Hopefully I'll sort something out or get the school to accept just my ex husbands contribution which is about 70% of the total... I'm hoping things will start to get better soon! Thanks for the kind words...

Anyone have any idea on how to convert the monthly interest rate to annual interest rate?

mummytofour

St0lli wrote: »

Hi Mummuytofour... I'm the mum and his dad pays the majority of the fees. Hopefully I'll sort something out or get the school to accept just my ex husbands contribution which is about 70% of the total... I'm hoping things will start to get better soon! Thanks for the kind words...

Anyone have any idea on how to convert the monthly interest rate to annual interest rate?

Sorry about missing the point that your the mum! Fingers crossed that the school will help out after all 70% is better than nothing IMHO.

dollydo

Hi StOlli

I have had the same probs over Christmas. Spoken to Payplan yesterday and went through everything - they didn't need to know apr or anything, just the amount outstanding.

I'm sure the school will be understanding, we had to remove our child from school as no longer can afford fees, however they are allowed to be included in a dmp ( so I was told) but creditors may not like it ! Be upfront with the school and ask if you can pay the remaining amount monthly. We did this for a while. They will not want to lose a good student !

CLAPTON

the actual calculation to convert monthly to APR involves compound interest and the formula is

((1 + m ) to power 12 ) -1) where m is monthly interest rate expressed as decimal i.e. 1.5% would be written as 0.0015

However simply multiplying by 13 is quite a good approximation (multiplying by 12 tends to underestimate the situation).

Numpty_Monkey

Try this calc for APR
http://www.makesenseofcards.com/mon2yr.html