Snowball Calculator

Nicky321

I have asked this question previously but didnt get any responses.

Does anyone know how I will fill in the snowball calculator now repayments are changing?
eg, Virgin CC are now making minimum payments at 1% outstanding balance + Interest + any default charges etc.

On the snowball calculator I have the option of setting the min payment as a % or £ amount. I'm thinking I will have to enter the set minimum payment on the snowball calculator each month as calculated by virgin CC each month. This means I have to refill the snowball calculator each month. Anyone any ideas?

DVardysShadow

If you are using http://makesenseofcards.com/snowcalc.html , the 6th column allows you to set the min payment type as %. If you set this to the monthly interest plus 1%, this should deal with everything except default charges.

To deal with default charges, add another debt, equal to the total default charges for as far ahead as you can calculate and set the monthly payment equal to the charge for the current month.

Nicky321

DVardysShadow wrote: »

If you are using http://makesenseofcards.com/snowcalc.html , the 6th column allows you to set the min payment type as %. If you set this to the monthly interest plus 1%, this should deal with everything except default charges.

Outstanding balance = £7673.34
1% min payment would be = £76.73
+ interest for the month = £115.41

I would enter debt £7673.34 and set min payment column to 1%
But would I then have to enter another line for the interest?

I dont think i even understand myself It was easy when it was min payment as 1% of outstanding balance, but now the interest has to be paid off each month aswell, it doesnt seem to have enough columns.

DVardysShadow

Nicky321 wrote: »

Outstanding balance = £7673.34
1% min payment would be = £76.73
+ interest for the month = £115.41

I would enter debt £7673.34 and set min payment column to 1%
But would I then have to enter another line for the interest?

I dont think i even understand myself It was easy when it was min payment as 1% of outstanding balance, but now the interest has to be paid off each month aswell, it doesnt seem to have enough columns.

No, interest is 1.5% per month, minimum payment is Interest plus 1%. So, 2.5%.

Nicky321

DVardysShadow wrote: »

No, interest is 1.5% per month, minimum payment is Interest plus 1%. So, 2.5%.

So I just set minimum payment column to 2.5%

Thankyou, simple it seems, but i was getting confused.