Snowballing help..

immoral_angeluk

Trying to use the snowball calculator and even though I'm putting in all our debts it's only taking the credit cards into account and isn't showing the debts we have which are fixed monthly payment (loans and debt collectors payments..) and is just putting the money we'd be paying those into paying the credit cards instead whic obviously we can't do as we need to keep paying those and can't afford to not pay them and put the money into paying credit cards (If you see what I mean.)...
Can anyone advise as I'm not sure what I'm doing wrong..

lynsayjane

you need ot make sure you fill all the info out, when i first did it i got excited thinkin i'd be debt free in six months, till i realised my biggest debt wasn't there. i'd not put in the apr or something. go over the info at the top and make sure everything is filled

southernscouser

I take it the page can't scroll to the right?

Thats weird coz my loan works like that and was fine for me! :think:

You're definately giving the debt a name and put the fixed amount in the £ cbox rather than the % box?

immoral_angeluk

Put everything regarding the loans in and it came up with 4 blank columns with 'fixed rate' at the top of each but no names or amounts!

sarah0404

You need to tick the non-flexible box on the debts that you have a set payment to make. The calculator should allocate the monthly amount to those debts and spread the rest between the other debts (like credit cards) where you can overpay. I just tried it, and it seemed to work ok for me. Good luck!

immoral_angeluk

Yep ticked the box too but nothing's coming up!
Argh I must be missing something! Haven't put the APR in just the monthly payment because I don't know it.. would that effect it?

immoral_angeluk

Ah ha! Got it.. forgot to put the number of months left LOL

CLAPTON

for fixed loans where you can't overpay then they are outside the snowball calculator as obviously there is nothing that can be done about those

so leave out the fixed ones and only put in ones that can vary and only put the total payment available per month less the fixed payments

immoral_angeluk

wait no that didn't work... ARGH!

Megatimbo

Hello I_A yes the apr has to be entered for the calc to work out the interest and to determine the best way avoid paying the most interest as well.
Apr % can be found off most cc statements,or just play with the figures to get an idea its all good fun
To be honest i dont base my debt free day on the results but gives you a good idea of when you are likely to be debt free,the more cash you throw at the debts (if possible) the better as you will save in the long run.
Hope this helps regards M

immoral_angeluk

Thanks everyone. Finally got it to work! January 09 here we come!