We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Calculating Loan Repayments
determinedtodothis
Posts: 593 Forumite
Guys can you help me?
One of my mates loan companies have written to say that the apr has dropped to 11.316 Apr but even thought they are taking the direct debit next week they can't tell him what the payments will be reduced to - is there a way of working it out?
He owes £2350.30 and its meant to end in September pays £227.57 at the moment (he is £302.40 in arrears and is over paying by £100 at the moment)
One of my mates loan companies have written to say that the apr has dropped to 11.316 Apr but even thought they are taking the direct debit next week they can't tell him what the payments will be reduced to - is there a way of working it out?
He owes £2350.30 and its meant to end in September pays £227.57 at the moment (he is £302.40 in arrears and is over paying by £100 at the moment)
TOTAL: (1.9.2008) £[strike]20,971.00[/strike] (02.12.10)£11,006.07
£9,262.93 Paid off (Since LBM) 
Debt Free Date [strike]2021[/strike] 2015
Savings £100 Dec NSD 11/20, Sealed pot challenger 1043
:xmassign:
0
Comments
-
you can try the snowball calc
http://www.whatsthecost.com/snowball.aspx?country=uk
This might be better
http://www.whatsthecost.com/loan.aspxPROUD TO BE DEALING WITH MY DEBT NERD #869
DFD 5/1/16Numpty,Not sure why but I'm crying
. Of all the peeps on this board you're the kindest & most supportive of all & I'm :mad: & 
for you all at the same time . Wish I was there to give you a big :grouphug: & emergency hobnobs
xx0 -
Brilliant! Thanks i'm trying to help him get a bit more with it but maths wasn't my strong point!TOTAL: (1.9.2008) £[strike]20,971.00[/strike] (02.12.10)£11,006.07£9,262.93 Paid off (Since LBM)Debt Free Date [strike]2021[/strike] 2015Savings £100 Dec NSD 11/20, Sealed pot challenger 1043:xmassign:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards