Reality Check Update

elzie

Hi All,

I had so much brilliant advice last week from you all that I have been working through it all this week and here is what has happened so far!

I have a letter from the IFA stating that the policies I had from the bank are totally useless. I have income protection for my hubby that would not even pay out as he would receive 75% pay from his employers after 26 weeks of absence. so this is an initial saving of £28.79 per month.

The mortgage protection is much the same. The bank have me down for protection on a decreasing basis but because I am currently on an interest only mortgage this would leave me exposed to a large morthahe with little or no life cover as the years progress.

A new company would protect us for £109 oer month- saving £60.55 per month.

Any thoughts on this?

I have also been to Aldi for the first time ever and was actually very impressed!!! Spent £42.36 and I know that is still a lot but that is like £35 a week cheaper than what i would normally waste and its just as good. I am a total convert!!

Off to out local market in a min to grab my veg and fruit for the week so will spend about a fiver on all that so pleased with my efforts for the first week so far!

My sister has now got the £1400 for the car that she owes me bbut im not sure how to prioritise my debts to sort them out. I have unfortunately been turned down for a lifetime balance cc deal by sainsburys as had Oh by capital one- is that real bad??

Thinking of asking my mum to take one out for me but not sure yet....

I have also received 52 envelopes from the bank with the last 6 years copy statements- (bet the postie loved me!) and have worked through them last night- they have taken nearly £1900 over the last 6 years in charges!! scary stuff!

im not sure how to proceed with reclaiming these tho....

Thanks to you all again for the advice and any more is always welcome!

Elzie x

**purpleprincess**

Hiya hun!!! Well done so far!!! xx

kar

Hi elzie, good to see you back and making progress. www.consumeractiongroup.co.uk is the place you want to look for template letters to your bank.

109 still seems quite high have you checked online to see if there is a better deal? If not at least thats a pritty big saving for you.

Pleased to hear the shopping went well. You can keep trying with the meal planning and things and you'll be surprised how much it will drop over the weeks.

Good luck with things

Annie_Fanny

elzie wrote:

Hi All,

I had so much brilliant advice last week from you all that I have been working through it all this week and here is what has happened so far!

I have a letter from the IFA stating that the policies I had from the bank are totally useless. I have income protection for my hubby that would not even pay out as he would receive 75% pay from his employers after 26 weeks of absence. so this is an initial saving of £28.79 per month.

The mortgage protection is much the same. The bank have me down for protection on a decreasing basis but because I am currently on an interest only mortgage this would leave me exposed to a large morthahe with little or no life cover as the years progress.

A new company would protect us for £109 oer month- saving £60.55 per month.

Any thoughts on this?

I have also been to Aldi for the first time ever and was actually very impressed!!! Spent £42.36 and I know that is still a lot but that is like £35 a week cheaper than what i would normally waste and its just as good. I am a total convert!!

Off to out local market in a min to grab my veg and fruit for the week so will spend about a fiver on all that so pleased with my efforts for the first week so far!

My sister has now got the £1400 for the car that she owes me bbut im not sure how to prioritise my debts to sort them out. I have unfortunately been turned down for a lifetime balance cc deal by sainsburys as had Oh by capital one- is that real bad?? Can you list your debts with aprs - we will then be able to help you prioritise. Also have you had a look at the snowball calculator? http://www.whatsthecost.co.uk/snowball.aspx This will help you prioritise.

Thinking of asking my mum to take one out for me but not sure yet....

I have also received 52 envelopes from the bank with the last 6 years copy statements- (bet the postie loved me!) and have worked through them last night- they have taken nearly £1900 over the last 6 years in charges!! scary stuff!

im not sure how to proceed with reclaiming these tho.... Take a look at this website for advice http://www.consumeractiongroup.co.uk/ and also the many threads on this website i.e. http://forums.moneysavingexpert.com/showthread.html?t=177454

Thanks to you all again for the advice and any more is always welcome!

Elzie x

Well done on what you have achieved so far!

elzie

Thanks Purple Princess! Just looked at my mail and the recipe ideas are fantastic!! will have a proper look in a mo!

My debts are as follows:

nan- £3000 no interest and no push for repayment but would like to do some.

Oh Halifax credit card- £3000 at 15.9% interest I think and £200 at 0%.

Cahoot Loan £8700 at 8.5%

Over draft 1 at 14.5% £700
Overdraft 2 at 14.5% £600
Overdraft 3 at 0% £500.

Burtons Card £200 at about 29.9%!!

I will have a look at the threads and websites now- thankyou again!

lynzpower

the first thing you want to do with the money is get rid of the burtons card. Its only small, but the interest is astronomical.
I suspect that the best thing to do with the rest is pay it off the expensive part of youre OHs CC, can you do this

CLAPTON

if the overdrafts are from the same bank that you are going to reclaim your excessive charges, there is some risk that they may close your acount and insist that you repay your overdrafts immediately.

otherwise clear burtons , halifax, overdraft 1&2 but if there is a risk to the over drafts then would be best to clear them before the halifax

In_Search_Of_Me

Just wanted to say well done for all the hard work so far!! Sounds ike you've been well & ruely lightbulbed!! Just a note of caution...pace yourself...all that thinking/adding/sorting/phoing soon gets exhausting so make sure ou have some chill time too. Big hugs & keep up the good work!

beanielou

You are doing well Elzie
Burtons has to go and then give it the bye bye!

Emmzi

Read this articalon life insurance..

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1099917811,37970,

And shop around for quotes. £109 sounds high to me.. like there's a lot of commission with it!!

elzie

Thanks Emmzi, just been to Cavendish Online and had a quote for £36.54! instead of the £109.

had anyone heard of this company?

Ps Burtons card now paid off!!! Woo Hoo- also going to oay off overdrafts with HSBC before hitting them with the bank reclaim letter!