IA's 'Does my bum look big in this Debt?' Diary

mrsspendalot

Nice one! Citi is finished!!

immoral_angeluk

well.. on wednesday.. I don't want to jinx anything.. you know our luck!!!!!

barnaby-bear

immoral_angeluk wrote: »

Just looked and it'd be £3,182.28 in Oct 08... which isn't as bad as I thought.
Looks like the interest is front loaded though... so many big words I can't understand it! lol!

A lot of people describe car credit as front loaded, the interest is just like a credit card interest, or a mortgage. It's compounding of the interest that is the pain. Like a mortgage at the start you owe loads so you are paying interest on lots and a tiny bit to reduce the capital, once the capital starts creeping down the interest as a proportion does so the proportion paying off interest decreases and the capital is paid off much faster. So halfway through a mortgage/car loan you will have paid lots of interest but little capital so will have paid less than half off, in the later half the proportion of capital paid off increases relative to the interest.

sammy115

Oh Well, she failed! going too slow!!! Of all things..... More money, onwards and upwards...

mrsspendalot

Awwwww nevermind. I failed 1st time for touching the kerb on my reverse round the corner .... i could have kicked myself as that was my best maneouvre! I hope I pass it this time round. Better luck next time xxx

immoral_angeluk

sammy115 wrote: »

Oh Well, she failed! going too slow!!! Of all things..... More money, onwards and upwards...

awww sorry.. fingers crossed for next time!

immoral_angeluk

barnaby-bear wrote: »

A lot of people describe car credit as front loaded, the interest is just like a credit card interest, or a mortgage. It's compounding of the interest that is the pain. Like a mortgage at the start you owe loads so you are paying interest on lots and a tiny bit to reduce the capital, once the capital starts creeping down the interest as a proportion does so the proportion paying off interest decreases and the capital is paid off much faster. So halfway through a mortgage/car loan you will have paid lots of interest but little capital so will have paid less than half off, in the later half the proportion of capital paid off increases relative to the interest.

I'm confused.. lol.
Would it help to over pay for the whole term or just save up to pay it off in October 08?

Call_That_Music?!?

hi IA,

(Yet another) IA lurker here - so glad to see the back of citi - congrats to you and ste :T .

Re. the teething, i used Weleda chamomilla on mine. It's homeopathic and a bit pricy (£4ish) but i only bought it once and it did 3 babies round our way, lol! Baby could be screaming, red-faced and inconsolable but as soon as this tiny pill touched his tongue, he'd just stop (I don't think Boots still dish out laudanum for babies, lol).

I've had a quick look and i i think they've changed the format to liquid / granules but maybe worth a try ?

barnaby-bear

immoral_angeluk wrote: »

I'm confused.. lol.
Would it help to over pay for the whole term or just save up to pay it off in October 08?

Eeek no idea, does it include settlement fees, is there a loans board...
I know there are mortage simulators and calculators that workout overpayments and total effects... I imagine the interest rate you are paying is higher than savings could be though, it's just at the moment you're racking up interest on a big lump.

I found a mortgage analyser that I guess you could put loan figures in, I think filling the first one in only is ok, it shows the balance year by year.....
http://www.maggenhoof.co.uk/mortgage/

poodlehorse

Another vote for Ashton and PArsons powders here. They were like magic on DS who truly suffered with his teething - thank goodness that is all over. Boots is where I bought mine, you do look a bit suspicious pouring little envelopes of white powder into your babies mouth but if they are going to work they work almost instantly. I believe they either work or they don't and there isn't an in between. I wouldn't have been without mine but had I known I could have sent down the remaining ones I have yesterday. I am sure they were a lot less than £4 though. I wonder if you could get a prescription from the doc for something for teething that is homeopathic, I know I got homeopathic stuff for colic on recommendation of the HV.