Snowballing Help

OneLife_OneShot

Hi guys, just finished paying off over £1000 worth of debt on the challenges board.

I have one problem I am trying to snowball my remaining debt, 1 overdraft and 3 small CCs. I know the interest rates of the CC's and have them all entered but I get charged interest on my overdraft and am not sure how to calculate how to snowball it.

It says online regarding my interest for October :

Total debit interest we will take: £18.02

The current unarranged rate which applies is 1.75% per month, effective annual rate 23.1%
or other rate agreed with you.

I am planning to pay off £150 a month of my £1400 overdraft while still being charged interest, can anyone point me in the direction of what to put in the box for it in snowballing?

Thanks

Tixy

Is this your main account? or an old overdraft that doesn't have day to day banking going through?

If its not your current account and if there are no other charges for the overdraft, just interest, then the EAR of 23.1% should go in the interest rate box.

For the monthly repayment you could put in the £150, but for the true snowball figure the minimum you need to pay is the 1.75%, i.e. to pay off the interest but not pay off any of the balance.