SS's 2008 Debt Free Diary

ZTD

southernscouser wrote: »

I don't even know what to do now!

I could leave the loan at £9,848.61 and carry on deducting £297.62 every month. But I will have to pay more than that to clear it.

Or update it to £12.261.81 and deduct £371.57 a month!

But then if I update it now, it throws all my old records out of synch. So it will look like I haven't paid as much as I have! :undecided

Pay £371.57 a month and deduct £297.62. Obviously the rest is interest.

southernscouser

ZTD wrote: »

Pay £371.57 a month and deduct £297.62. Obviously the rest is interest.

But it's front loaded! It's not like credit card interest. When paying the credit card I include the whole payment, not just whats capital and ignore the interest! :undecided

My head hurts! :rolleyes:

shaaark

Bloomin' eck, you should be so proud! I've started at the beginning and read your old diaries and what a result! It's really ace reading them and seeing how far you've come!

:j Hip hip hooray! :j

southernscouser

shaaark wrote: »

Bloomin' eck, you should be so proud! I've started at the beginning and read your old diaries and what a result! It's really ace reading them and seeing how far you've come!

:j Hip hip hooray! :j

Thanks shaaark.

But it's just gotten a whole lot worse! :rolleyes:

spud30

southernscouser wrote: »

Thanks shaaark.

But it's just gotten a whole lot worse! :rolleyes:

No it hasnt :rolleyes:

SS, you sound like you need a hug - I'll be there in about 4 hours hun

southernscouser

spud30 wrote: »

No it hasnt :rolleyes:

SS, you sound like you need a hug - I'll be there in about 4 hours hun

It has.

See the new sig. £2,500 extra and 3 months on my DFD! Yay! :j :rolleyes:

Ta hun!

mrsspendalot

Well done SS ... now its all out in the open you can work at bringing that bad boy down just as well as you did the first time round

mrsspendalot

I reckon you will try extra extra hard now to make sure you are debt free by your original date I challenge you

southernscouser

mrsspendalot wrote: »

Well done SS ... now its all out in the open you can work at bringing that bad boy down just as well as you did the first time round

I felt so close to sub £10,000 aswell!

Not going to be until May now! :wall:

ZTD

southernscouser wrote: »

But it's front loaded! It's not like credit card interest. When paying the credit card I include the whole payment, not just whats capital and ignore the interest! :undecided

My head hurts! :rolleyes:

What I've just said assumes that the interest charges remain the same throughout the term, which isn't correct for credit card interest.

The way it is, the interest charge "pops into existence" at the beginning of the loan.

The way you've calculated it, the interest "pops into existance" on a monthly basis which is (total interest)/(no of payments). Of course multiplying that by the number of payments leads to (total interest) * (no of payments) / (number of payments). Which obviously is (total interest) as the rest cancels.

Makes no difference to your term, your payments or anything assuming your loan is not paid off early.

What are you stressing about?