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Is there a more advanced snowball calculator?
weebit
Posts: 411 Forumite
It's been quite some time since the snowball calculator on whatsthecost.com was created and since then, credit companies have changed the way minimum payments are calculated and how interest is also calculated. These new methods are just not supported in the old calculator.
Examples:
Halifax overdrafts. These are no long a fixed percentage, but now charging a daily fee of £1 a day (or £2 a day over £2500 (at the moment, from November it will be £2 for over £2000)).
Credit Card Interest. This is now often calculated as a number of things put together, for example the minimum might be the total of 1% of the balance, plus interest charged that month, plus any fees and other charges. This plays havoc when you have a 0% deal, because while the deal is active, you'll only pay a minimum of 1% of the balance, whereas when the deal is over, it will be 1%+interest charge (which may bring to 3% of the balance instead) but the calculator still sees this as a 1% minimum.
I'm sure there are many other examples too which just don't work in the current calculator, but these are 2 examples I am subject to.
Does anyone know if there is a more advanced calculator out there that takes into account these issues? or perhaps someone with a good knowledge of Excel Spreadsheets could create one to help the community? (I'm sure if I have several weekends I could create one myself, but I just know it would be flawed somewhere along the line!)
Examples:
Halifax overdrafts. These are no long a fixed percentage, but now charging a daily fee of £1 a day (or £2 a day over £2500 (at the moment, from November it will be £2 for over £2000)).
Credit Card Interest. This is now often calculated as a number of things put together, for example the minimum might be the total of 1% of the balance, plus interest charged that month, plus any fees and other charges. This plays havoc when you have a 0% deal, because while the deal is active, you'll only pay a minimum of 1% of the balance, whereas when the deal is over, it will be 1%+interest charge (which may bring to 3% of the balance instead) but the calculator still sees this as a 1% minimum.
I'm sure there are many other examples too which just don't work in the current calculator, but these are 2 examples I am subject to.
Does anyone know if there is a more advanced calculator out there that takes into account these issues? or perhaps someone with a good knowledge of Excel Spreadsheets could create one to help the community? (I'm sure if I have several weekends I could create one myself, but I just know it would be flawed somewhere along the line!)
Aiming to pay off £50,312.94 in less than 3 years - Starting from December 2015
Current debt total: £32,756.02 (as of 1st March 2018)
Date Free Date Aim: Summer 2019 (8 extra months needed
)
Current debt total: £32,756.02 (as of 1st March 2018)
Date Free Date Aim: Summer 2019 (8 extra months needed
)0
Comments
-
I take it no one has any ideas on this then?Aiming to pay off £50,312.94 in less than 3 years - Starting from December 2015
Current debt total: £32,756.02 (as of 1st March 2018)
Date Free Date Aim: Summer 2019 (8 extra months needed )0 -
I asked the same question a while ago and also spent some time trying to find one without luck.
I'll probably put together a custom spreadsheet at some stage.0
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