overpayment calculation advice

Harman83

Hi all,

Can anyone assist with advising me how much more I would need to pay into the following loans to clear them by december 2014.....

Tesco loan 25k, 6.2% 281 per month over 120 months. Already made 94 payments.

finance agreement 2900 11.4% apr over 96 months pay 57 per month. Already made 38 payments.

Kind regards......

[Deleted User]

Put the current balances, minimum payments, and APRs into the Snowball Calculator.

http://www.whatsthecost.com/snowball.aspx

Then play around with the figure in the "Including your minimum debt repayments, how much per month do you want to spend on servicing your debt?" box, until you get the repayment time down to 11 months or just under.

That will give you a list of the precise amount to pay, each month, to each loan.

Tixy

Have you checked you can overpay each loan and that there is no penalty?

So you owe about £7000 to tesco at 6.2%

The second one I can't get the loan, term and APR to agree to your monthly payment - are you sure these are correct?

Assuming you owe around £2200 to this debt and that there are no fees for overpayments then you'd be looking at around £860 a month to clear by December.