My SOA - please be gentle!

nic_santorini

7roland8 wrote: »

Not viable for lots of reasons - not a sellers market - would have to find somewhere else - and way too much stress to even contemplate.

Just asked son and he said the internet is a good package (from his point of view anyway!). Anyhow it was elder son who sorts out the 'best' deal so will have to speak to him.

I have to agree with the above, you have over quarter of a million pounds in equity!! you may say it is not a sellers market, but it is a buyers one too, so that would equal out the monies. You are on full benefits so may have to watch how much equity you released I guess, yes it is stressful, but so is trying to pinch the pennies when you have all that tucked up in bricks and mortar.

digitalphase

Internet and phone also seem expensive. I have the top phone and internet packages (inclusive of all phone calls day, evening and weekend and unlimited downloads/top speed on broadband) with Plusnet and I pay around £30 a month. They also don't tie you into an 18 month contract. Had no problems at all with them, so would recommend them, unless of course you are tied into a contract already

7roland8

Thanks - I'll suggest they look at plusnet - don't think we're on a contract.

[Deleted User]

What's the APR's of your debts?

This might help you decide where to put any surplus you have towards the one costing you the most - reducing the overall you need to pay, and reducing the length of time that it will take you to pay back

Also, at least the warmer weather's on it's way and hopefully you'll be able to put the £80-£100 you currently spend on fuel towards debt repayment over the warmer months.

7roland8

Well my Barclaycard is the oly one I've hd for ages - the othrs I've taken out and moved some balances to when they offered 0%

At present Barclaycard is 1.527% a month
Capital One looks as if its still on low interest as its only quoting £5.41 for next month
P.O. also at 1.527%
£13.74 for the Amazon card - not sure of rate.

I do have an offer of free balance transfer till Jan 2012 with Barclaycard - then it goes up to 19.9% per annum.

Would rather not have everything on one card though - is it denial to think its better to have it spread - something like not having all your debts in one basket!

[Deleted User]

Description....................Debt......Monthly.. .APR
barclaycard....................4200.18...100...... .1.527
Capital 1......................3270......98........0
Amazon bank of usa.............988.42....25........0
P.O.finace.....................89.56.....5........1.527
Total unsecured debts..........8548.16...228.......-

At present Barclaycard is 1.527% a month
Capital One looks as if its still on low interest as its only quoting £5.41 for next month
P.O. also at 1.527%
£13.74 for the Amazon card - not sure of rate.

You should check the amazon APR, and if it's higher than any of your other debts pay the minimum only on all debts, except this one (unless you decide to shift to the 0% you have been offered)

Having all your debt in one place, or spread out should not make any difference - what matters is how much each debt is costing you.

You are fortunate to not have very high APR's on the debts you've listed above.

It looks like your Amazon debt might be charging you the highest in interest (call them up, or check your paperwork to confirm) - and if this is the case and you can't/decide not to change to a 0% card, then pay the minimum (only) off all debts, except this one and pay all the surplus you have towards this one.

When the Amazon debt's then gone "snowball" you're debt repayment so as you continue to pay the minimum off everything and pay all the surpuls you have in a month towards the debt with the highest APR (including what you were also previously paying towards Amazon - minimum payment + surplus).

This "snowballing" method will mean that you pay back less overall and pay it all back sooner as you will have more cash to pay towards the actual debt from reducing the amount of interest you pay.

property.advert

The internet package seems so high that I wonder if it isn't one where you get a "free" laptop or something. My unlimited internet with Sky costs £5 a month (as part of a package admittedly).

Also, do you know why you have so much debt and how it was accumulated. If due to a significant fall in income then ok but if as a result of continual overspending, you would need to address that first.

7roland8

Thanks for th advice Domino - couldnm't see the rate on the Amazon statements last night - will have to dig out original letters. Yes think I've bene doing the 'snowballing' anyway - paying minimun=m for three and all rest off Barclaycard.

Property.advert - no free anything - but the downlaod amount was limited when I only paid the £19 so son would have a few days at end of month that he couldn't use it as he'd gone over limit - hense his now paying the extra £10.

Re card debt - think its a combination of bills for private dental work when I couldn't get NHS, and just genrela stuff going over limit - we're now on half what we were before since last yr so its compounded now. Not rerally spending much on anythign now so hoping the stuff will clear slowly - but in winter we were having about £70 for food and coal which wasnt enough so I would get food on Barclyacard and then pay backw hat I could/had left over - which probably in Dec was nothing. But I do keep an eye on things. Then we had the £450 to pay towards heating conversion - which they needed 'then' so of course went on card.

curlytop12

hi there,
just wondered if its worth keeping the car as you said neither you nor your husband go out and its costing £20 a month?
otherwise SOA looks pretty tight except for maybe changing internet pack.
good luck.
G

ellesbellesxxx

You could join a cashback site like Quidco - this will help with shopping etc - even signing up for free trial of love film and getting credit report will bag you free money! I opened up Santander site via QUidco which gave me 100, Quidco gave me 35!