Time for my SOA

rising_from_the_ashes

omas wrote: »

We are renting 3 bed house from our friend. Before we used to paid £575 for 2 bed flat. Can't get anything cheaper. It's just walk distance from my wife's work.

In this case you seriously need to consider getting rid of one of the cars.

Having 2 is a luxury that is using a lot of money that is no longer there is your wife will be reducing her hours = wage.

If she can walk to work - there really shouldn't be a necessity for 2 cars.

It doesn't have to be forever but it would certainly help balance the books a lot whilst you're trying to clear the debts.

omas

adolphin10 wrote: »

You say you are paid every 4 weeks. Is the amount shown the 4 weekly salary or have you caculted a monthly amount. if it is the 4 weekly salary then you will have 13 pay days per year for only 12 months expenses ie one spare pay.

Yes and 13th pay is overpaying our loan.

rising_from_the_ashes wrote: »

In this case you seriously need to consider getting rid of one of the cars.

Having 2 is a luxury that is using a lot of money that is no longer there is your wife will be reducing her hours = wage.

If she can walk to work - there really shouldn't be a necessity for 2 cars.

It doesn't have to be forever but it would certainly help balance the books a lot whilst you're trying to clear the debts.

We've got only 1 car.

omas

Tixy wrote: »

Just a comment regarding the Sky tv - on freeview you can get up to 50 TV channels, including 3 children's channels. On freesat its even more. Before you discount the idea of cancelling Sky then I'd suggest having a look at what channels you can get - there should be plenty you can get for free to keep you entertained without you having to go out more.
If you do still decide to keep Sky then its often worth phoning and threatening to leave, as they'll then often give you a good deal (eg half price for 6months or similar) if you agree to stay.

If you don't have the £94 spare a month and some is spent on things like travel for OHs parents then I would budget for this and see what you really have spare. At the moment unless you make some changes somewhere you won't be able to clear your debts by the end of 2013.

If you only pay 323 a month then it will take you 92 months to clear the debt, so over 7.5 years. If you could pay the £420 your SoA shows (and didn't use that £94 for other travel or emergencies etc) then it would take you 52months, so by the end of 2015.

If you want to clear it in 27months (ie by the end of 2013) you'd need to be paying about £640 a month. I can't see enough areas you could cut back to pay that much towards your debts each month, but I think you need to make some tough choices about what you can cut down or give up so that you can pay more towards your debts.

If you look at a detailed snowball (and put in the promo 0%s and what they increase to) it will show you the best order to tackle your debts - and will tell you to pay off next first, then very and then isme, to pay the least amount in interest.

From my calculations if we will sort out all "little" debts (excluding car) and will get money from PPI and bank charges to overpay loan we supposed to settle loan in 22 months. Like I said "if" will sort out other debts quickly enough and will get money for PPI and bank charges. If not then our DFD will move to end of 2014. Without doing anything we will pay of everything Feb 2016. We also decided to get rid of SKY :T

rising_from_the_ashes

My apologies Omas - I must've got muddled with another SOA!

ETA: well done on Sky! Honestly, after a few weeks you'll not miss it (esp if getting FreeSat) - I can usually find something to watch and you often get good films on Film 4, the ITV & 5 US channels. Eurosport's been added recently so a bit of sport available too.

nhaslum

rising_from_the_ashes wrote: »

Eurosport's been added recently so a bit of sport available too.

source? as far as I know it's only available with at minimum Sky's News and Events pack.
No where on the internet backs it up apart from people saying you can tune to the German channel manually.
Be nice if it was true though! :T

omas

I'm gonna miss Sky+ functions. I gonna keep my Sky+HD box to receive Freesat from Sky, but not gonna pay £10/month to making pause or record stuff. I was looking around for Freesat HD box with record function, but they cost very close to £100. It's madness!

whiteguineapig

hi omas
i phoned up about 3 months ago to cancel my sky,
they then offered me half price for the next 6 months, i took this and i am now saving up to get a humax (? think thats what its called) , this still does the pauses and series links etc so i won't miss my sky too much
i have managed to hang on to it for quite a while but i finally bit the bullet!
it is quite expensive but i am using the money i am saving

omas

whiteguineapig wrote: »

hi omas
i phoned up about 3 months ago to cancel my sky,
they then offered me half price for the next 6 months, i took this and i am now saving up to get a humax (? think thats what its called) , this still does the pauses and series links etc so i won't miss my sky too much
i have managed to hang on to it for quite a while but i finally bit the bullet!
it is quite expensive but i am using the money i am saving

I have called yesterday and haven't got any offer. Maybe that's even better.

omas

This month we managed to save £180 and had to spent on:
£40 I've had to give back to my mate (He lent me £40 last month)
£50 Car maintenance (wheel alignment, 2 pairs of tyres and the heater resistor)
£90 Gap insurance (I rid off my bike 1 year ago, but had to pay gap insurance this month)
From Friday we are starting "new" month (wifes payday) and trying to save £260 to pay off Very and Next in one month.

Tixy

Good luck with it omas.

Its depressing when you feel like you've made changes but still had extras to pay out, but you'd have been in a worse position if you'd had to pay those items without making the savings.
Onwards and upwards for next month.