Disagreement with OH

Silver_Queen · 26 June 2017 at 9:53AM

Also, your buildings and contents insurance seems pretty high - can you shop around to get it for cheaper? I know some people get contents insurance for like £7-£8 on here?

Loanranger · 26 June 2017 at 9:54AM

House insurance, buildings and contents, totals 47 pounds and 45 pounds for phone(s). Extortionate. This is knocking on for a hundred pounds a month and you could get far cheaper by shopping around and putting the savings straight into your debt.

JourneyToSolvency · 26 June 2017 at 9:54AM

Ah great - don't know when it's up for renewal but I'll have a look - I think that came bundled with the mortgage 6 years ago!

Ilona · 26 June 2017 at 9:55AM

JourneyToSolvency wrote: »

Oh - re the food budget - we've spent just under 160 (including trips to shop for milk etc) this month with one more shop before the end of the month (we shop on a Friday so will be a 5 shop month) I just put £50 a week on the budget as I wasn't sure how far we could get it down.

Why do you shop every Friday, have you run out of food by then? Have you nothing in your cupboards and freezer? No packets, no tins, no frozen veg? See if you can stretch a seven day shop into a nine or ten day shop. Make something from what you already have in. You see, by having a routine you are not open to flexibility.

A lot of people have a routine of a shopping list, and a meal plan. I do none of those. I shop at 7pm at Tesco, buy up the yellow stickers, 75% off, food going out of date, and make my meals from what I have in. I pop in Aldi for a few things, but only if I am in town for other things, bank, library, etc. Being flexible means you can cherry pick the best buys from all the shops. Admitted easy for me being retired, but as you go to work you could perhaps combine your journeys rather than going on a weekly shopping trip.

I run out of things, sure, but I am flexible with my eating, and what I haven't got I do without. No running to the shop for odd items. No milk, I use Coffee Mate. Bread in the freezer means I do not run out.

Ilona

JourneyToSolvency · 26 June 2017 at 9:56AM

I'm locked into my phone contract till Feb but will definitely look to get a cheaper one next time. At the time mine seemed quite reasonable.

JourneyToSolvency · 26 June 2017 at 10:04AM

I think the shopping thing is just habit - Aldi's is generally quiet on a Friday night so that's when we go.

I do meal plan and generally stick to it - OH tends to do most of the cooking so I try to keep it simple - I work most of the hours I can so I'm usually working or knackered.

JourneyToSolvency · 26 June 2017 at 10:16AM

Can I just say thank you - you've all made me see that a) I was right (not surprising

) and b) some places that I can save and will try to do so, for example the presents - I've been slyly speaking to family members (OH's, I don't have any) and suggesting that we not buy each other presents (the adults) as we don't really need anything. OH and I are on a present amnesty for the foreseeable future - such a waste of money!

So hopefully the money I will be putting away for Christmas won't all be used, I've already got littleuns Christmas presents so we're good there. Any that's left can go on a debt.

Raven42 · 26 June 2017 at 10:56AM

Have you put the actual figure to your OH as to how much the mortgage option is, or even done the sum yourself?

I remember when I considered similar a good idea but showing the sheer continued cost added to a mortgage put me off massively.

You just need amount borrowed originally vs with debt, interest % and length of loan to calculate it.

Good luck

JourneyToSolvency · 26 June 2017 at 11:06AM

The snowball calculator did the sums for me, it said over the time of the mortgage adding on the debt (not all because we don't have that much equity) assuming the rate was 5.5% (I can see it going higher in the future) then we'd be paying over 6k more in interest. I have shown him but then he says I'm being stupid because some of the excess would be used to pay off the loan and therefore less interest. :mad:

He could be right, I'm not the best with this stuff but I doubt by putting at extra 200 (less if he got his way) onto the loan a month would reduce the interest by 6k :huh:

Perhaps someone with better maths skills than me

would be able to work it out?

I'm still not comfortable with having it secured against our house though - it'd be taking away security for our son.

God I hope he never reads this :eek:

StopIt · 26 June 2017 at 11:07AM

Hmm let's see, 2 failed consolidations loans, now wanting to secure nearly 50% of the current mortgage remaining on top of this?

When does this debt cycle end?

Never, ever turn unsecured lending to secured lending. I'm sure someone can tell me of a reason to do it and I'd still tell you not to.

Get to the snowball calculator, and tell your partner to get his head of out his...I meant sand and tackle this debt properly instead of kicking the can into the danger zone.

Edit: You beat me by a minute, good going!

Also, I don't care that it may be a little cheaper overall to secure the debt, it's still a remarkably stupid thing to do AND it'll encourage him to spend more money and have 80k mortgage and 20k in new unsecured debt. What happens then?

Draw the line here. Do not let your partner cross it.

Disagreement with OH

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