Anyone good at sums / finances ..

[dugless]

I am considering taking out a loan to pay of a few cards and other loans etc..and would like to know how much in total I would have to pay completely out of pocket to pay of the followong individual loans..


1. 6k credit card 15.9% apr paying off at 200 pm.
2. 4k credit card 14.9% apr paying off at 100 pm.
3. 10k loan 8.5% apr paying off at 280 pm. (Inc ins)
4. 4k loan 23.0% apr paying off at 125 pm.

I hope one of you kind people can take out 5 minutes to help me out..

Thanks.

[planetdave]

Let's see.

That's fifteen carry the one and....bugger!

Even a redneck child of siblings would run out of fingers on this one.

[MrV]

Simple way is surely ring the lenders of the loans and ask for a settlement figure

You never thought about transferring your 2 cards over to 1 with either 0% balence transfer or alot lower life of the debt rate

[scared but happy]

I just typed in 'online apr calculator' into Google and came up with

www.moneytoys.com/loancalculator.php
www.efunda.com/formulae/finance/loan_calculator.cfm
www.efunda.com/formulae/finance/apr_calculator.cfm

Any good?

[madbadger]

Rates shouldn't make any difference, as it depends on the terms of the loan. Most are a couple of months interest penalty, but credit cards you should be able to just pay off the outstanding ammount.

So I would guess at £6k + £4k + £10k + £4k = £24k + a few penallty charges. £25k should do it, but you'll need to ask each borrower what the repayment is.

[Jinx]

Ok using a quick excel sheet (therefore could be totally wrong)

Loan 1 - paid off in month 39 total amount paid = £7697.41
Loan 2 - paid off in Month 56 total amount paid = £5562.50
Loan 3 - paid off in Month 43 total amount paid = £11569.44
Loan 4 - paid off in month 51 total amount paid = £6256.05
Total bill = £31085.4

Hope this helps.

[mcflurry]

dugless said:

I am considering taking out a loan to pay of a few cards and other loans etc..and would like to know how much in total I would have to pay completely out of pocket to pay of the followong individual loans.. 1. 6k credit card 15.9% apr paying off at 200 pm. 2. 4k credit card 14.9% apr paying off at 100 pm. 3. 10k loan 8.5% apr paying off at 280 pm. (Inc ins) 4. 4k loan 23.0% apr paying off at 125 pm. I hope one of you kind people can take out 5 minutes to help me out.. Thanks.

Pay off or transfer numbers 4, 1 and 3 in that order first. 23% apr is way too high..

www.moneysupermarket.com or www.moneysavingsexpert.com will start you off

[dugless]

Jinx said:

Ok using a quick excel sheet (therefore could be totally wrong) Loan 1 - paid off in month 39 total amount paid = £7697.41 Loan 2 - paid off in Month 56 total amount paid = £5562.50 Loan 3 - paid off in Month 43 total amount paid = £11569.44 Loan 4 - paid off in month 51 total amount paid = £6256.05 Total bill = £31085.4 Hope this helps.

Tha exactly what I was after.. a big THANKYOU !!!!

[ledfoot]

Try to put everything on a low interest rate balance transfer credit card.

And never use that card for purchases. Lock it away or shred it.

[Chim Girl]

Dugless, if you're planning to refinance please check that you're getting the right deal. I believe the figures you've shown are the amount you initially borrowed, not how much you owe currently. Depending on how long you've had the loans, these figures could vary quite significantly.

It strikes me that you are paying over the odds in terms of interest, however depending on your personal credit profile, refinancing many not offer you the best solution. Yes it will make your payments lower but it may well extend the amount of time you're in debt, in some cases it will actually cost you more in overall interest payable.

[wedg1e]

Holy smoke. I couldn't sleep if I was in that much debt...

[parrot of doom]

You don't have a mortgage? OVer the period of 25 years, my mortgage will likely cost me a good £70k in interest.....

[wedg1e]

parrot of doom said:

You don't have a mortgage? OVer the period of 25 years, my mortgage will likely cost me a good £70k in interest.....

I was ignoring the mortgage. For the most part, a house is worth more than the mortgage on it.
Most other debt is incurred on depreciating assets, so if you sell everything you'd probably still owe money.

My mortgage has £33K left on it, I have one £5K loan and a few hundred on my credit card (mostly incurred on company business so they pay me it back). I've never used my overdraft facility. I earn £20K and own two cars that stand me at about £11K (excluding loan interest!) and are probably worth about £6K. The most expensive thing I've ever bought new cost less than a grand.