Have i used the whatsthecost.com right??

continualdiamond

I would like someone to take a look at what i've done, but can't work out how to get it up on here. So i'll give a few examples, are these right, is this what i do??

Want to make sure i am right, fixed amounts easy obviously, but the 0% for 9mths and credit cards, wanna sure its correct..as i am going to follow this plan..


Ex. TSB credit card...

balance - £6077
apr - 14.9%
2% min payment


oven

balance - £700
apr - 25.9%
0% for 9mths
4% min payment

continualdiamond

My credit card balance isn't working out right....argghhh

£6077.09 balance

apr is 15.9% not 14.9% like i said above

2% min payment.

Now my cc statement says:

BALANCE FROM PREVIOUS STATEMENT 6072.78
PAYMENT RECEIVED - THANK YOU 131.60-
INTEREST 88.28
BALANCE BROUGHT FORWARD 6029.46
CREDIT COVER PREMIUM - 79P PER £100 47.63


yet the snowball cal says:

£6,072.78
payment £121.46
interest £80.42


what am i doing wrong???? why isn't it giving me the same min payment my cc statment gave me???

ThankYouAndEnjoy!

continualdiamond wrote: »

Now my cc statement says:

BALANCE FROM PREVIOUS STATEMENT 6072.78
PAYMENT RECEIVED - THANK YOU 131.60-
INTEREST 88.28
BALANCE BROUGHT FORWARD 6029.46
CREDIT COVER PREMIUM - 79P PER £100 47.63

what am i doing wrong???? why isn't it giving me the same min payment my cc statment gave me???

Based on the above credit card 'statement' your debts have gone up instead of down £135.91 of charges, only £131.60 pmnt. With a payment of only £121.46 this would have been even worse.

Contact your card provider and ask them to explain the charges and why your min payment, 2% as requested, is not even covering the cost of charges. Continuing in this vein will only increase your current card balance.

Annie_Fanny

continualdiamond wrote: »

My credit card balance isn't working out right....argghhh

£6077.09 balance

apr is 15.9% not 14.9% like i said above

2% min payment.

Now my cc statement says:

BALANCE FROM PREVIOUS STATEMENT 6072.78
PAYMENT RECEIVED - THANK YOU 131.60-
INTEREST 88.28
BALANCE BROUGHT FORWARD 6029.46
CREDIT COVER PREMIUM - 79P PER £100 47.63


yet the snowball cal says:

£6,072.78
payment £121.46
interest £80.42


what am i doing wrong???? why isn't it giving me the same min payment my cc statment gave me???

What is the credit cover premium?

continualdiamond

Credit cover premium, is payment protection.

Could the whatsthecost.com cal not be doing it right? ie because of the payment protection cover charge???

It's not my cc its my fiancee and actually the max is £6000, but when he lost his job and filed a claim, it went up, this claim then had to be cancelled cos he got his job back and he receieved no help with payments because he'd only been out of work for a mth.

So based on this, because he's over his limit, if this why the min payment isn't covering it???

I just need to be sure what to pay, because the snowball way is having this cc as not the 1st thing to pay off, to keep paying the min, but of course it isn't matching up......

please help, we really wanna follow this snowball cal

Mindy_2

I find that the snowball isn't absolutely accurate, but I pay the money that the bill asks for with the exception of MBNA which always shows the minimum payment as being less than the estimated interest - so I throw another £15 a month at it to keep it coming down, but this isn't my highest apr card so it is just ticking over until I get to it.

On the credit cover premium, you are paying a shed load of money for something that he may well never need, I would cancel this double quick.

Looking at the above calculations I think that the credit cover premium is not being taking into account in your snowball.