My debts
All your debts, and how to clear them.
The debt plan is measured against your net pay, and the monthly amount goes into your budget.
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How the plan works
Each month, each debt takes its interest: one twelfth of the annual rate. Then its minimum payment goes in.
Highest rate first: the extra goes to the debt with the highest interest rate. It costs the least interest.
Smallest balance first: the extra goes to the smallest balance. It clears debts sooner, and many people find the plan easier to keep.
When a debt clears, its instalment moves to the next one. So the monthly amount stays the same until the end.
If the instalment does not cover the interest, the debt never clears. The plan tells you so, and it counts up to 50 years.
The plan is indicative. Your bank works out interest in its own way, and it may charge fees.