Experian Debt Percentage.

Dunree

Hi Guys,

I've just had a look at my % available debt, according to Experian.

They say it is at 57%. This has come down very steadily in the last few months.

How do they come up with this figure?

My current debt level is around £11k, with savings of around £7k and an annual salary of just over £50k if that all helps

Dunree.

rb10

It should be your total debt as a percentage of available credit.

So with £11k of total debt, I'd assume that you have c. £19,300 of total available credit (i.e. total credit limits / overdraft limits etc). £11k is 57% of £19.3k.

Dunree

Ah, right that makes sense.

JLPC £4800 limit, standing at £3500 exactly.

Barclaycard £6500 limit, standing at £4450.

CapOne £3600, nothing owed on it (Interest rate v high).

Black Horse loan, £2900 owed.

No missed or late payments in the last four years on any of these.

Does that still add up to 57%???

Confuseddotcom

Dunree

I assume that available credit is what I have now, as opposed to what I can get?

dresdendave

Dunree wrote: »

Hi Guys,



My current debt level is around £11k, with savings of around £7k and an annual salary of just over £50k if that all helps

Dunree.

Unless any of your debts are at 0% APR wouldn't it be worth using your savings to pay off a big chunk of your debt?

Dunree

dresdendave wrote: »

Unless any of your debts are at 0% APR wouldn't it be worth using your savings to pay off a big chunk of your debt?

Funny you should say that Dave, because I have been thinking about that.

The Black Horse is around 30%. They'll settle for £2345, I phoned them on Monday.

Do you think it would be worthwhile doing that?

Sorry, but I am rubbish at maths, my talents lie elsewhere

Ps, nothing is at 0% apr.

zerog

30% APR? You said you still owe 2900. You need to tell us the amount you borrowed, the total duration and the monthly repayment.

Dunree

zerog wrote: »

30% APR? You said you still owe 2900. You need to tell us the amount you borrowed, the total duration and the monthly repayment.

Borrowed £5k at a time (3 years ago) when finances were extremely bad due to being married, at that time, to a sponge.

Money was needed to replace a boiler at old home as winter was fast approaching.

Didn't fully research all options at the time, they came in first with a definite offer.

Currently pay £147 p/m, but paid an extra £500 on Monday, hence the phone call to them.

My financial circumstances could not be more different from back then. Big increases in salary, new partner on similar salary, we live rent/mortgage free.

Does this help?

zerog

I'm trying to answer your question of whether it's worthwhile to pay £2345 now. You haven't given enough information. How much have you paid in total so far, how long is the loan for, how much interest did you agree to pay, you obviously can't have been paying 147 a month for 3 years and still have 2900 to go.

Dunree

Hi Zerog,

It was 60 payments at just under £147 p/m. Have paid over £5k so far. Exact amount owed on Monday was £3001.31, if I settle early, it's £2345.

Looking at these figures in more detail, the more I'm inclined to settle.

I regret ever getting involved with them in the first place, but at the time, it was that or freeze with no heating or hot water, and my head was all over the place as well

Is that what you are looking for?

Sorry for not replying last night, had an early rise this morning.

Dunree

[Deleted User]

I'd settle if I were you. In fact, I know it's nice to have savings in the bank but I'd take your 7k and clear as much of your debt as possible, starting with the highest interest ones. You'll be paying far more in interest on your debts than the bank is paying you in interest for your savings..