Working out how much I can pay towards debts

lynseydee

I have an excel spreadsheet that I use to list what gets paid on a monthly basis. We currently pay £1,800.00 into our joint account and I know just before payday I can take away the amount paid for that month and whatever is left over is extra towards the debts. My problem is that I have tried to set up a formula to make it easier to work out but I don't seem to have set it up how I would like.

Basically my problem is this. Last month I sold my car and the funds from that were going to pay off the overdraft. I didn't pay it off straight away as we had a weeks holiday and I just wanted the safety that if we fancied a day out I wouldn't have to worry about it. Technically if the money was used towards the overdraft at the end of May we would have had approximately £1,000.00 to pay of the overdraft but I just paid of what was left of the £1,800.00. I want to use the extra this month to pay it off but it is saying I only have £100.00 to pay off the overdraft so I don't know where I've gone wrong with my formula.

I'm sorry if any of the above doesn't make sense but I'm hoping somebody out there can help.

If it's any help my formula is =SUM((G3+G4+G5+G6+G7) - G40) which is basically all incoming money - total money spent so why is it not carrying over last months car money?

Thanks

GeorgeUK

Have you included on the spreadsheet the extra 800 that you paid?

Can't really help without seeing your spreadsheet but click the cell with the formula, then in the formula bar to colour all cells used in the formula.

lynseydee

Yes, I put the money from the sale of the car under May as that was when it was banked but it hasn't carried it forward to June.

I think the only way it will work is if I take the car money out of May and put it in June but I'm not too sure.

If it will help I can attach my spreadsheet with the information you need to help.

GeorgeUK

I like spreadsheets

attach away (can you do that)?

poorandindenial

Fellow spreadsheet fan here too, whenever i do anything the first thing I do is set up a spreadsheet. My OH and I even organise our lives by sending a spreadsheet back and forth.

I think I have just overshared.

GeorgeUK

I'm glad my life isn't that complicated :rotfl:

I can write what i need on a piece of scrap paper.
Hmm, perhaps i've just overshared

Edit: As an aside to that, have you moved your Virgin debt to another 0% deal or is this going to get hit with interest now?

lynseydee

Hi George, not sure if I know how to attach the spreadsheet but will give it a try over the weekend.

With regards to the Virgin card I did try to get another balance transfer card but unfortunately got declined a couple of times, I think it may have been something to do with the fact that we've not long re-mortgaged. I was going to leave it about six months and try again in the new year. Luckily my hubby's bank loan has just finished so we will be able to throw extra at that so should be alright for a few months.

I like my spreadsheet too :j

DevonGirl

Hello All

I don't want to hijack Lynseydee's thread or anything but does anyone have a good 'debt spreadsheet' they could give me a web link to, or PM to me, please? (I'm on a DMP with CCCS and their figures of my debt don't take into account the interest that some of my creditors are still charging).

Many thanks - sorry lynseydee, back over to you!
DG

euronorris

I'm also a bit of a spreadsheet person. I have to use them everyday at work, so have a good understanding of how to make them work for you, rather than the other way around.

Lynseydee, are you able to post just the figures that you are trying to calculate and explain exactly what you are trying to acheive with the formula. Sorry, I got a little lost with the description in the original post but am keen to provide you with a solution that works

Devongirl, do you want a spreadsheet that will work out the interest charged that is being charged each month? Or just a revised calculation of what is now owed (to take into account the interest and charges that have since been applied?

I'm not sure I can do a spreadsheet that will determine the interest payments each month, as I will have to find out the full calculation that is applied, but I can give it a go.

Let me know

DevonGirl

euronorris wrote: »

Devongirl, do you want a spreadsheet that will work out the interest charged that is being charged each month? Or just a revised calculation of what is now owed (to take into account the interest and charges that have since been applied?

I'm not sure I can do a spreadsheet that will determine the interest payments each month, as I will have to find out the full calculation that is applied, but I can give it a go.

Let me know

Hi EN

The latter please - I want to work out how much I owe. CCCS provide a monthly statement, but they don't take into account interest added by some creditors, so I keep having to go in and change it. Would be great if you can help! :beer:
DG

euronorris

Let me see what I can put together, but it won't be until tonight as am at work at the moment. Boo hiss! lol