Paying off debt early

fairmorn308

hiya guys

I have the following debts and wanted to know if there is someone who could work out roughly how much i am paying if pay off early

Welcome loan £2500 ( think its roughly 60% APR ) monthly payment £239 ( 23 months left )
Welcome car loan ( think its roughly 64% APR ) monthly payment £170 ( 42 months left )
Another car loan ( think its roughly 27% APR ) monthly payment £210 ( 35 months left )

That totals to £619 but I am able to add another £1000 to that to help pay off the above debts quicker.

I get a bonus in october of £3500 going back into the above to clear.

I have spoke to the above and there ok with me over paying.

poorandindenial

have you tried the snowball calculator at https://www.whatsthecost.com??

You may have to run it a few times to do the debt at different stages but it should be able to help you

hypno06

Ooh, def use the snowball calculator - it is the best thing ever!!

(well, apart from chocolate, of course )

Lorne

I would third the snowball recommendation - excellent tool really kept us going!

tyllwyd

About your loans - it seems very unlikely that you are paying 60% APRs. I'd go back and have another look - it is more likely to be about 20-30%. If you only have the monthly interest rate, you can multiply that by 12 to get a rough estimate of the APR.

fairmorn308

welcome loan details

Total credit £3574.88
APR 63.91%
Monthly payment £239.38
Term: 23 months left

British trust Details

Total credit £7,886
APR: 24.1%
Monthly payments £206
Term: 34 months left

Am looking at paying these off by xmas, can someone please work out the final amount i would end up paying back.

mizmir

Not sure we can do that accurately - but the snowball calculator (see earlier posts) will do it all for you - you can put in all the details you have about the loans (interest rates, penalties etc) and the amount you can pay each month and it will tell you how long it will take, how much you will pay overall and how much interest you will pay - and which ones to pay first!

Well worth doing.

GeorgeUK

Quick question - are you paying PPI on the loans?
This may be why you think the APR is so high. Contact them to get it cancelled if you don't need it. Also check to see if you were missold the PPI if you do pay it. http://www.moneysavingexpert.com/./reclaim/ppi-loan-insurance

tyllwyd

If you are going to pay the loans off early with a lump sum, you need to contact the companies for settlement figures, because there may be early repayment fees to pay on top of the interest.

You've told us the total amount borrowed and the term remaining, but could you also tell us how long the term was originally (eg was repayable over, say, 48 months?)

fairmorn308

Welcome finance loan

Credit : £2500
PPI: £1074.88
Personal Accident plan: £175
Lifecare 24: £195
Total Credit: £3574.88
Term 24 months
APR: 63.91%

Term Left: 22 months

Welcome car loan

Credit: £4350
Term: 48 months
APR: 42.1%
Term Left: 40 months left

I was reading the CA and it says after 1st quarter of term has elapsed the settlement figure will only be £3886.46

Think am going to do this and wait another few months and pay this balance off.

British Trust Car loan

Credit: £5145
Arrangment fee: £360
Option Fee: £120
Term: 36months
APR: 24.1%
Term Left: 34 months


This is the lowest credit i have interest rate anyway so going to pay off the other 2 1st ASAP cause there costing me a fortune.

fairmorn308

anyone help?