£1 loan payments, orangutans and learning it doesn't all happen overnight...

Kepp

Thanks everyone!

Ceniza

I don't know if you're interested, but I've created a spreadsheet where you input a starting balance, along with the minimum monthly payment and it will calculate the DFD. You can also add a lump sum 'bonus' payment, and a regular overpayment amount. It will recalculate DFD and show a graph with current progress, SB prediction and then a projected line based on the values you enter. Hard to explain without showing you, but it helps. I will try upload some pictures tonight to show you how it works

Ceniza

Actually, I can upload now. If you can see this, you enter the details in Red, and it works out the rest for you.



Outstanding: This is what is left currently, based on actual repayments
Current DFD: This changes depending on the values entered in 'overpayment'
Overpayment: This is the monthly amount you're going to overpay by. Assumes a constant, but takes into consideration actual values
Bonus Payment: This is only in there because I get a bonus each year, so assumed single payments can go in there
Interest: This is the amount of interest I would pay normally
Outstanding 2011: This is just added so I have a target for this year to reduce to
Extra Cleared: This just shows me how much extra I would have cleared each month with the overpayments
Int. Saving: This is how much interest I will save over the life of the loan by making the overpayments

This is how the graph looks (I find it easier to follow this):


Goal Reduction: This is based on a SB repayment
Actual Reduction: This is my actual total each month
Forecast Reduction: This is based on my spreadsheet calculations.

I can see here each month, by adjusting the forecast to actual, how close to my target I am. At the moment I'm a little off because I still have a 0% loan to get out the way at the end of the month, once that is gone the actual and forecast should be at the same point each month

Woowoo

Hi Becs

Welcome back & hope you had a fab birthday

I would love to see some pics, think you have my email address x

o2bfree

Welcome home and Happy Birthday for yesterday

Kepp

Thanks guys

I was in bed by 8:30 last night, so not the most exciting birthday, damn jet lag! Out with my family for dinner tonight though, friend's on Wednesday and Thursday and pub crawling on Saturday, so will more than make up for it!

More payments have cleared so have hit the 26% mark now.

Got some extra pub shifts lined up already for this week, feels like I've never been away...just need to go and find £1 now from somewhere to send to Lloyds in case they've been missing me

**Kat**_2

Hope you found the £1!

Kepp

£1 found and sent this morning, hope Lloyds are pleased I'm home!:D

Overpayments cleared which has really boosted the percentage and I've now broken the 28% barrier.

Cleaning tonight to earn some pennies, really do feel like I've never been away!

Kepp

Oh, and I'm sub 21K now too! :j

**Kat**_2

Woo hoo!!!!!!!!