Updated SOA he's finally had his LBM!

PPink

Please Delete OH doesn't wish to have have his details online

Thanks

RAS

if Virgin is a credit card, then put every penny towards that card.

Learn how to snowball at www.whatsthecost.com

Tixy

Hi

Good that you are helping, and that he is getting on board, make sure he takes some responsibility himself though!

First comments -

Account fee what does this get him? can he downgrade to a basic account?
Water - looks high for 1 person, is he on a meter? if not research to see how much cheaper it would be.
Emergency - i think £100 is quite high, although how much of this will be used on car insurance really? whats his annual car insurance cost? and car servicing costs (new tyres, service, mot etc)
Does he use the landline? does that include broadband as well?
What is other insurance? it is needed and a competitive deal?
B Gas boiler cover - is it needed and could it be got cheaper elsewhere?

I'd try to use all the £149 to extra repayments, not sure if you've done a snowball but it looks like its going to take quite some time for him to clear that level of debt and if the £49 isn't accounted for I think he'll probably just spend it. As virgin is £160 and the most expensive, what about upping the virgin payment to £300 every month so using £140 for extra repayments and leaving just the £9 as a buffer (after all he already has the £100 emergency and £100 entertainment).

PPink

RAS wrote: »

if Virgin is a credit card, then put every penny towards that card.

Learn how to snowball at www.whatsthecost.com

We've done the snowballing and just by having the APRs and overpaying 100 quid its taken 7 months off his term!

I'm going to be updating SOA and snowball each time money chnages thats for sure!

PP

PPink

Tixy wrote: »

Hi

Good that you are helping, and that he is getting on board, make sure he takes some responsibility himself though!

First comments -

Account fee what does this get him? can he downgrade to a basic account?
Water - looks high for 1 person, is he on a meter? if not research to see how much cheaper it would be.
Emergency - i think £100 is quite high, although how much of this will be used on car insurance really? whats his annual car insurance cost? and car servicing costs (new tyres, service, mot etc)
Does he use the landline? does that include broadband as well?
What is other insurance? it is needed and a competitive deal?
B Gas boiler cover - is it needed and could it be got cheaper elsewhere?

I'd try to use all the £149 to extra repayments, not sure if you've done a snowball but it looks like its going to take quite some time for him to clear that level of debt and if the £49 isn't accounted for I think he'll probably just spend it. As virgin is £160 and the most expensive, what about upping the virgin payment to £300 every month so using £140 for extra repayments and leaving just the £9 as a buffer (after all he already has the £100 emergency and £100 entertainment).

I believe he's on board he's fed up debt and has asked me to do it cos he's not sure how to do it all as much as I am considering I read he forums here all the time.

His account fee is AA cover, mobile phone insurance and some other bits. He sees this as worth while as the cost of AA is more than he's paying for his account without paying extra for all the other bits.

I don't believe he's on a metre but he's in a block of flats so can he get one?

Our car insurance was £200 each which will have gone up I'm guessing as everything else seems to. Car servicing is included in our agreement, including wheels, service etc. This is also for things like new washing machine which we had to pay out for and building up some savings in case he loses his job - though hes up for a promotion so hopefully thats not the case. I think I'll see if he will go down to 70 so an extra 30 quid.

He does use the landline and thats including the broadband - i believe having a landline helps your credit rating??

Other insurance is health insurance, he has had good use out of this over the last year and his knee may need an op so probably keep until then.

Boiler cover I'm unsure of but he reckons a new boiler etc will be more expensive than his emergency fund could cover and therefore worth it.

I've done the snowballing for the extra 100 over Virgin and egg (he gets you put on the highest but wants to put a bit on egg as it has a lot of money therefore he thinks hell be paying just as much interest) and so far weve saved 7 months! which i thinks pretty good - now to get it down some more!


If you can prove him wrong with any of the comments i've made that would be great as it will mean more money to debt!

Thank you for your comments so far!