Interest

A phone call to the bank that owes me money yesterday as postie only delivered a La Redoute catalogue (no idea why - never requested). I'm told that the refund I'm due is usually processed within 4 working days, and it will be in the form of a cheque. 4 working days ? From when ? The day they recieve my acknowledgment I'm told. Well that doesn't add up, should have been here last week.

Mr Marbles tells me that cashiers only do the mundane tasks like this every two weeks on Thursdays or Fridays and to face facts they are hardly going to break their necks refunding me.
He's probably correct, but that doesn't make it right.

Anyway, having paid Cahoot off I called them to request the relevant paperwork regarding the loan set up and insurance, very helpful call centre assistant said no problem, however was I aware that there was still £41.77 left to pay on the loan. Obviously it's interest accrued between the last statement and the day I paid it off. That sucks, better sort it though, want to be free of them.

Still haven't bought any ink yet....


Wandered over to Whatsthecost credit card calculator this morning. I owe Marbles £9550.03 interest rate 26.9 APR, 2.5% minimum payment a month. results :

• It'll take you 1329 months (that's over 110 years) to pay back £9,550 if you only pay the required minimum of 2.50%.
• Over that period of time, you'll pay an additional £65,658.08 in interest.
• If you could afford to pay an extra £10 a month towards your credit card debt, it would mean you'd repay it in 433 months (just over 36 years) and you'd save yourself £30,151.78 in interest. In fact, if you could afford an extra £25 a month, you'd repay it in 247 months (just over 20 years), and save £43,168.91.
  
• Totals (paying minimum of 2.50% per month):
  Original debt £9,550.03
  Time to clear debt 1,329 months
  Interest charged £65,658.08
  Total paid £75,208.11

Talk about motivation !