Pay off as much as you can in 2011 Challenge!

kavics17

mmikailian wrote: »

Advice please?

Been over paying my Loan with the halifax and they said that it will just sit there until the amount i have is enough to over pay loan and that i will still pay interest on the amount and will not earn any interest on the overpayment? is that right?

I still have £5000 available on my MBNA card interest free until may 2012 maybe i should just tranfer to that and clear asap? he tried getting me to add to my morgage and i said no thanks

Any advice?

By overpaying you reduce the interest of your loan because the term of the loan reduces. It's well worth it, by overpaying my Lloyds loan I save a whopping £2k in interest. Just an explanation: I took out £15k last August, monthly repayment is £320 for 5 years. I overpay it every month by about £1300 so the balance of the loan comes down very nicely. So far I should have paid appr. £1500 on interest but because of the overpayment I only paid £500. They calculate interest on a daily basis so I'm saving 4 years of interest if I pay back Lloyds by August. Hope this is clear.

DedicatedDFW

Hi Everyone - I didn't get to post on here yesterday as I had a very hectic day and actually went out in the evening woo! :beer: So update is paid £20 off target 1 - this is from a small payment Saturday and as OH was very kind and treated me to my night out I have paid £17.50 off it today too which is at least what I would have spent on a night out. Hope that makes sense :rotfl::rotfl: so £1031.31/10,10,000

copperjar

rachelww1 wrote: »

Overpayment of £440 to bcard tonight, bringing total to £8647.11/£21000 41.18% :j. I so want to smash even this revised target. Right, off to look at my spreadsheet again, to see where else I can save some pennies......sad, sad woman that I am

Wow, that's amazing! Well done :T

phoenix_dragon

Hi everyone! Paid another £550, so total is now £1699.14/£7000.

lou06

Hi

Hope everyone having a nice weekend. Just managed to pay another £30 to the Egg Card, I had signs up for Paddypower through quidco cashback, and it turns out I won £31 !!!! - don't know and don't really want to know how to gamble, but husband told me what to bet against. Still waiting for my cashback though probably another month yet before it comes through but will be another £15.

Updated my sig and still waiting for the DD on 23rd to come off.

Must list some ebay tonight as it's free this weekend!

JWIL hope you're enjoying your hols x

DoItToday

I know I am a little late, but I would be grateful if you could add me onto the list. At my current payments I will pay off just over £5k this year, but I would like to set a bit more of an ambitious target to put us to do a bit more - and the support would be much appreciated!

So could you put us down for £7500? Cheers!

mmikailian

kavics17 wrote: »

By overpaying you reduce the interest of your loan because the term of the loan reduces. It's well worth it, by overpaying my Lloyds loan I save a whopping £2k in interest. Just an explanation: I took out £15k last August, monthly repayment is £320 for 5 years. I overpay it every month by about £1300 so the balance of the loan comes down very nicely. So far I should have paid appr. £1500 on interest but because of the overpayment I only paid £500. They calculate interest on a daily basis so I'm saving 4 years of interest if I pay back Lloyds by August. Hope this is clear.

This is what i thought but the bank was making it saound different?

boysma

Morning all

Day off today with DS2 for half term Paid another 15.00 to cap one today.

Did snowball calculator yesterday and if all goes according to plan I could be debt free by May 2012

Enjoy your Monday folks x

tattycath

£1472.92/£12,000

abba1772

another £55 towards my couch bringing me to £1022.50 / £3500 :T:eek: