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The Challenge - Debt free in two years!
Comments
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That is an absolutely shocking amount of interest! What is the APR? They shouldn't offer those pay later loans, they seem to neglect to tell people that they will still be charging interest for that time! :mad:
Keep looking forward though, overpay that loan with absolutely everything you've got, and keep thinking about all the interest you WON'T be paying them in the future!Debt at LBM Apr 2010 £28,767 Debt free as of Nov 2013 :j0 -
Apr is 14.5% so could be worse. I know it's not the best rate, but hopefully now my other cards are clear I can start to pay off around £700 a month from it to bring it down!Adam's diary - My Debt Diary - The Challenge | LBM May 2010 with £23,343.35 | £16,141.46 to go...
Cleared: £7,369.16 / 30.85% | Current DFD: Oct2012 from Jan2014 | July repaid: £600/£800
Goals: Aug-11 37% | Nov-11 60% | Feb-11 67% | May-12 76% | Aug-12 86% | Dec-12 debt free0 -
My highest APR is around 17%, which of course is Lloyds my largest debt!LBM Aug 09: £18,650.47 - Current: £12,854.93 (£5946.79)
Barclays: £2,928.34 Lloyds: £2,499.60
MBNA: £3,788.99 Overdraft: £1,900.00 Mum: £1,738.00
Surveys: £6.60/£40.000 -
That is a lot of interest, not that you needed one, but a really good incentive for full steam ahead though. The quicker you pay back, the less interest they get.0
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That is shocking! Most people would look at that APR and think it was probably average, I can't say I know many people who would actually take much notice of the actual figure repayable
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It's good that you can repay early though, my old HSBC loan was a nightmare, if I wanted to up my repayments I had to basically re-do the whole loan :mad:.
That total is going to come down really quickly with such a big payment
Very happily married on 10th April 2013
Spero Meliora
Trying to find a cure for Maldivesitis :rotfl:
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I think another problem I have is that I've taken a payment holiday, which means the interest still gathers whilst I'm not repaying! I was desperate last year and did this - stupid I know, as it now means I'm paying more interest off in the long run!That is shocking! Most people would look at that APR and think it was probably average, I can't say I know many people who would actually take much notice of the actual figure repayable.
It's good that you can repay early though, my old HSBC loan was a nightmare, if I wanted to up my repayments I had to basically re-do the whole loan :mad:.
That total is going to come down really quickly with such a big payment
Mine is the same, if I want to increase my monthly payments I have to do a new loan, however, I can make overpayments to it on top of my original monthly payments that will continue
I've just sent £10 to Lloyds today to check my online overpayments are still working. Will update figures when it's confirmed.Adam's diary - My Debt Diary - The Challenge | LBM May 2010 with £23,343.35 | £16,141.46 to go...
Cleared: £7,369.16 / 30.85% | Current DFD: Oct2012 from Jan2014 | July repaid: £600/£800
Goals: Aug-11 37% | Nov-11 60% | Feb-11 67% | May-12 76% | Aug-12 86% | Dec-12 debt free0 -
Is your Lloyds loan the one you are concentrating on at the moment Adam?LBM Aug 09: £18,650.47 - Current: £12,854.93 (£5946.79)
Barclays: £2,928.34 Lloyds: £2,499.60
MBNA: £3,788.99 Overdraft: £1,900.00 Mum: £1,738.00
Surveys: £6.60/£40.000 -
Is your Lloyds loan the one you are concentrating on at the moment Adam?
Yes, I only have that one left now Well, I have OH too, but she wont let me pay her off any quicker than the £200 a month I've been giving her, so it's all concentrated on this final one :j Adam's diary - My Debt Diary - The Challenge | LBM May 2010 with £23,343.35 | £16,141.46 to go...
Cleared: £7,369.16 / 30.85% | Current DFD: Oct2012 from Jan2014 | July repaid: £600/£800
Goals: Aug-11 37% | Nov-11 60% | Feb-11 67% | May-12 76% | Aug-12 86% | Dec-12 debt free0 -
Sounds like you have a lovely OH!
Hope you have a good weekend
Very happily married on 10th April 2013
Spero Meliora
Trying to find a cure for Maldivesitis :rotfl:
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Thanks JOdy, you too Adam's diary - My Debt Diary - The Challenge | LBM May 2010 with £23,343.35 | £16,141.46 to go...
Cleared: £7,369.16 / 30.85% | Current DFD: Oct2012 from Jan2014 | July repaid: £600/£800
Goals: Aug-11 37% | Nov-11 60% | Feb-11 67% | May-12 76% | Aug-12 86% | Dec-12 debt free0
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