how to work out the p in the £

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fivebyfive

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Post by fivebyfive » Sat Jul 03, 2010 6:29 pm
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I keep reading about the payments given to creditors and its confusing me.

the ccs are arrnaging itand they have said the total debt is £43000 and monthly payment of £439, so what does this mean? is this a good amount?

chelle
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plasticdaft

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Post by plasticdaft » Sat Jul 03, 2010 10:54 pm
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A basic way of getting your p/£ figure is to work out how much you will pay over the 5 years. 439 x 60=£26340. That would give you a return to creditors of 61p for every pound you owe,but Ip's fees and running costs will still have to come off that. If you had costs of say £5k over the 60 months you would pay back £21340 or 49p in the pound. A good amount if you ask me.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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