PCP - How to overpay and reduce interest, is it worth doing?

IAMIAM

Thats great, so around month 21, as you stated, I would have a settlement figure of around 9.8k meaning I would have paid how much in interest roughly....could you send me the spreadsheet, so i could maybe adjust the figures?

ev51

Excel Formulas to set up the "overpayment" sheet (remember some rows have been hidden).

Change cell A4 to "Payments" and cell B4 to =ROUND(PMT($B$2/12,$B$3,-$B$1,0),2) to calculate "normal" payments.

Change the numbers in pink cells for different loan amounts, interest rates, months and OFP/GFV's.

Grey_Critic

Seems like a lot of work being put into this but it is still up to the finance company to agree. Does not matter what we say if they say NO

IAMIAM

Grey_Critic said:

Seems like a lot of work being put into this but it is still up to the finance company to agree. Does not matter what we say if they say NO

The finance company say yes

IAMIAM

I now have the full Zopa App. What I like is you can keep over paying as much as you want (it even gives you provisional monthly payments if you make said overpayment). The sneaky thing is that it will always recalculate the monthly based on GMFV staying as is, but as soon as you put a number in that will close the whole loan down, it recalculates with the GMFV paid off too and rebates all the interest.

So I'll just keep doing that until I can input 10k overpayment and that says loan will need to be fully repaid otherwise they cant take the payment!