Debts and redundancy - help

Bestthingsinlifearefree

Hi PP,

Thanks for the update.

I will post a more detailed reply at lunch time.

Keep up the good work.:beer:

Best,

Bestthingsinlifearefree

Pauper_Princess wrote:

Bestthingsinlifearefree

Just wanted to say a huge Thank You for making me think about the life insurance! Looking into it last night, it looks like the medical condition I mentioned is costing us a fortune (our present cover is the whole job lot - life assurance, critical illness, permanent disability etc etc)

So last night I went onto the Cavendish Online site recommended on here in the Life Assurance section, and got a quote for life assurance only for £8.49!!! Bit of a saving from £52.89!! And the £52.89 won't pay out anyway if I die from said medical condition. AND I'm going to cancel the ASU insurance too - like climbgirl says, I can always temp if it comes to it. The ASU £19.50 pays out £500 a month - a third of my wage!!!! Gah.

Also got OH to agree to switch to Sky Broadband (he won't give up his Sky Sports), which will save us £20 a month.

So, saved last night:

20.00 on broadband
44.40 on life assurance (hopefully)
19.50 on ASU insurance

Total = £83.90 in one night!!!!!!!!!

Also registered with a recruitment agency and told them my worries about losing my job, they are going to ring me at lunchtime and discuss what opportunites they have that might be suitable!!!

That's a great start PP.

£83.90 in one night times 12 = £1006.80 saved in the next 12 months:T

when you cut out the gym next April that will save you annually another £1032.

I agree 100% with the decision to scrap the AU, because it does not pay out for 3 months and by then you would have found something else and even if it did pay out it would not help much anyway.

Same with the life assurance. I think you were either paying to much or were over insured. Fixed term life insurance is generally cheaper.

In regard to sky could you down size your package BUT keep the sports ?


The key focus is you and your OH day to day spending and this is why doing a spending diary is real opener.

That chinese or pizza every week, few beers or magazines or coffees or clothes / CD treats all adds up.

The devil is in the detail. I assume you made a pack lunch today

What about trying to have a zero / spend free weekend ?

Spending less does not = less fun. You can have good times without spending money.

The other thing is to try and get your OH really committed to the project.

Don't make him feel that he is bringing in less cash and he is the one blowing it. Make him feel this is a joint, exciting challenge for your financial security and you want his support.

Maybe agree a reward he can choose once all the debts are paid off he / you get a special treat (paid for in cash) e.g if football is his thing he can get tickets to the big game.

work on your SOA and budget together.Identify areas where you have wasted money before e.g birthdays, taxis, eating out, food budget and try and minimize these.

I assume you are not paying the standard variable interest rate on your mortgage ?

Any spare cash throw at the Egg CC debt first as that 17% interest rate is day light robbery and one you have cleared that £400 or so debt, that will give you a big psychological boost.

If you both keep the momentum up and consistency you can be debt free in 10 months.:beer:

Keep us posted.

Best

efrieze

Is your sainsburys card 0% on purchases only or balance transfers too? If it is for balance transfers, maybe you can transfer the balance of the egg card over to it so that you have a bit more time to pay it off and with no interest rather than the enormous interest egg are charging? If not, i would be tempted to use the savings to pay off the egg card (again becasue of the high interest) and then if you lose you job you can use the egg card for spending if needed.

Another idea - you can get mobile sim cards on ebay very cheaply with free credit on them or free texts. Coudl you buy some of these for your husband to use when texting or calling about football gatherings??? Might not save that much but every little helps. At least, have you checked that he is on the bexst Pay as you go package?

Darren21

Hello,

Just a few things about the job front, I take it you are ACA qualified? I would of thought you should be earning at least £30k if that is the case?!

I wouldn't really bother with the paper or anything like that, apart from local council/nhs hardly any other companies advertise that way apart from for low level jobs - agencies/companies websites/ and https://www.gaapweb.com are the way to go.

That's funny, I tried practice and really hated it so am in industry now - much prefer it! Have you looked into the types of jobs as they are so diverse - it's hard to really say you don't like industry as there are so many types of jobs - industry wise there's a huge difference between retail/financial services/manufacturing/nhs/local council and all would value your ACA - and probably pay you more. That's just for starters as there are then many different roles within that, take a browse on gaapweb and see what you think.

Sorry for waffling a bit - fair enough if Industry really isn't for you. Just in my experience it generally pays more £££ and has more benefits.

Rgc_3

quote...Anyway, I know that my mistake is in nagging him instead of using clever psychological manoevres on him, but I can't seem to bite my tongue!!!...

....but you ladies are genetically dsigned to be experts in both of these skills :rotfl:

seriously
im with you on not cancelling life assurance(especially if there is a job threat)

is there any redundancy insurance tied up in those debts(northern rock for example)

have you checked your redundancy payments with current employer(might just be stat minimium but best to check it out now)

in the event that your company is sold(I know your not saying that but just in case)you are aware of your rights under TUPE???

check out some of the online employment agencies for jobs

best of luck:beer:

Pauper_Princess

Best,

I hope get accepted for the new life assurance. It's with Legal and General but it has free Terminal Illness Cover, so I'm not sure if said medical condition will affect premiums. Anything's better than £52.89 plus £19.50 :j

Did a round up of where our disposable money went last year - as I thought, most of it went on food (Asda Extra Special etc! Now replaced with Asda Smartprice!!! ), DVDs (too easy to stick them in the trolley!), going out, clothes. Etc. Nothing we need

So, hiking back everyting this month so try and get on top of things.

We're halfway through a 2 year fixed rate on the mortgage (please don't ask me what the rate is. No idea )

Think I'm managing to win over OH - he took a packed lunch today! (I've been taking them for 2 weeks now, yaay)

So determined to do this!!! Thanks again

efrieze,

the Sains cc is 0% on purchases only. We took it out for the house insurance. We've now had to stick vets bills and a new TV on it cos we're hopeless!!). I have taken some money out of the ING account this morning to pay off the Egg card, I got charged £10 interest last month so I want this repaying :eek:

Darren21,

I wish I earned anything like £30k!!!!

:rotfl:

I work in a tiny little town and earn £24,720 - the good side though is that I have little travel exps (it's 3 miles from home) and free parking. The agency I've just registered with has asked my to consider industry again - like you said there's so many different types of jobs in industry. I told them to throw anything at me and I'll consider it

Rgc,

We don't have any unemployment insurance on the cards/loans - always flatly refused to pay it. From looking at the HMRC website, until I've been here 2 years, I won't get a penny in redundancy - only been here 18 months!!! Gah. But hopefully if this agency can come up with something it won't come to that... she says!!

Thanks again for all your help and support!!!

:T

Bestthingsinlifearefree

That's great PP,

Really cut down on the disposable income bit. Thats the key.

Maybe give both of you a budget of £15 each a week for treats. Then both will spend it on something you appreciate. Will it be the chinese or the CD or a few beers in the pub, or the cinema etc etc to spend your joint weekly treats budget of £30 on ????

How about cycling to work 1 or 2 days a week (its only 3 miles:eek: ) ?:D
(I cycle each day to work and Mrs Bestthings has the car)

How about one or both of you doing over time or a temporary job for a few months and throw the extra at your debts ? Does the post office do over time / extra shifts for the run up to christmas ?

How about taking in a lodger e.g an over seas student or something, if you have a spare room ?

Just a few ideas to boost income.

Maybe have a look at the meal planner section.

Best,

Pauper_Princess

Best

Can't cycle to work - I can't ride a bike :eek:

Plus the road to work is a death trap, really narrow country road - I'm really surprised no-one's been killed on it yet!!

I'm trying to find something part-time - thought about asking around for a bit of book-keeping or something. OH should get a bit of OT nearer to Christmas but it's making him do it

Lodger - ha!!! "spare" room in our house is OH's computer/guitar/playstation room!!!!

Just found out, a guy I work with needs someone to train one of his private clients on Sage. I've just found out because he's rung another client to ask if they'd be interested!!!!!!!!!! I could've done that with my eyes shut and HE KNOWS THAT :mad:

I want to look at the meal planner thingy sometime too

efrieze

Another suggestion - have you looked into whether you can hand over you gym membership to someone else to take on? I have seen people selling part-year gym memberships on ebay - might help (unless of course you actually use the gym!)

Do you get your car insurance through the same company for both cars? Some places do a discount for a second car.

Bestthingsinlifearefree

Tell OH he either does the over time or the spare room gets emptied and will be rented out to a lodger :eek: :eek:

Book keeping that's a great idea.

It's all about developing the MSE mentality in all areas, lots of small changes make a big difference.

But keep it fun and positive :T You can save money and have a good time.

Best,