Need Help understanding a repayment amount

[kirmistan]

Hi, great and useful forum

I am currently working on a program to assist me in managing me money, I have had great success with most of the creditors and can get accurate data months and years ahead but some catalog creditors seem strange for example :

 

Credit Limit = £1400.00

Prev Balance = £1140.38

Int Added = £34.22

Balance = £1174.60

Min Payment = £62.92

APR = 39.9% (34.1%) = 2.843 in every £

1174.60 / 4.17%(1/24) = £48.98

 

remainder = £13.94

any guesses as to what the remainder is?

I have called the catalog but the operator was much help (go figure).

Any help will be greatly appreciated.

[maroondevo52]

Hello and Welcome,

 

I have moved this thread to the appropriate Forum, hopefully you will get some help shortly.

 

Regards,

 

Scott.

[dx100uk]

cat companies charge int every 28days not monthly

 

as for you debt

 

I hope you are looking toward reclaiming PENALTY charges & PPI?

 

dx

[kirmistan]

Thanks for moving to correct forum Scott

 

@dx100uk

Ii had taken into account the catalog companies use of lunar months.

I don't have penalty charges nor PPI.

I just can not work out where the £13.92 is coming from.

[kirmistan]

After quite a lot of tinkering (my math's not great), and phone calls to catalog.

Payments are worked out over a set term (new accounts 1/12) mine(1/24) and so on.

They are calculated from the balance of the last time you had an order.

 

Mine is - £1216.59

This is then dived by the term (24)

 

Interest is calculated by.

The same balance divided by annual interest (34.1%) (not apr) divided by the term (24) times 100

 

1216.59 / 24 = 50.70

1216.59 / 34.1% / 24 * 100 = 12.22

total £62.92

 

hopefully you can use this to work out your own should you ever need to.

[maroondevo52]

So are you managing to work out some sort of budget to help you keep on top of your finances.

[kirmistan]

Yes my hope is to have a program that can help me budget better by predicting future payments and even advise when to pay more to pay a debt of faster etc

[maroondevo52]

Yes my hope is to have a program that can help me budget better by predicting future payments and even advise when to pay more to pay a debt of faster etc

 

It's good to hear you are trying to keep things under control, good luck with that.

[ericsbrother]

the remainder is the amount of the debt actually paid off so next month the opening balance will be £1160.66 if you have paid the £62.92 minimum