Advice need on SOA

FireWyrm

debtfreedave wrote: »

Think you're right, Sky might have to go.

Don't think I can change anything on O2 until September but then I certainly will move to the cheapest PAYG I can find.

Cancel Sky and you get to ditch the license too. You only need a license to watch programs as they are broadcast, which means you dont need one for catchup or onDemand. If you want to watch something, Amazon has taken over LoveFilm and improved the original service. Of course you have to pay for some items as you go, but lots of series are free to watch via the monthly subscription of £5.99. I'm ploughing my way through eight series of Criminal Minds with another 3 of Lie To Me queued for watching at some point.

Also, ask about paying your broadband line rental annually. I bought mine from Sky for £140 which is considerably cheaper than the standard £15.99 a month they charge to spread it.

Anything else that you can pay annually also invariably works out cheaper. All insurances charge a hefty premium for monthly payments - somewhere around 34% usually. Check out all your insurances and see if you can pay them annually and make a plan to save that money ready for next year.

debtfreedave

lazer wrote: »

Lottery seems unnessecary

Cancel Sky Completely

Review Mortgage protections etc, to make sure you are getting the right protection and good value.

Phone/Broadband - are you in contract for both of these - if not phone up and get them combined with the same company and see what deal you can get, or see if your currrent companies can give lower rates.

Car loan - at £317 this is significant, could you sell the car and by something cheaper?

Lottery has already been cancelled. I'm considering cancelling sky, best have a conversation with the wife before I do that!

Phone and broadband are both with Sky and in contract for around 9 months.

I'll have to look into the car situation (to be fair the loan wasn't just for the car its just what we reference it as). I suspect that the most we would get for the car would be £8K and as the loan was front loaded with interest the pay off would be more than that.

[Deleted User]

Could you do without a Landline phone?

You can get a Virgin Big Talk sim which, for £10pm PAYG, will give you unlimited calls to 01, 02, and 03 numbers, 120 minutes of mobile to mobile calls, and you get the £10 top up as well.

Tixy

Given the minimum payments on your CCs it looks like at the moment you are probably still reusing credit somewhere, is that right? do you have an overdraft that is increasing? or are you respending on the cards?

It looks like you need to find reductions of at least £140 to be able to not reuse credit at all. You say you'd found £55 originally, what are you up to now with people's suggestions.

I'd still try working on your grocery bill a bit futher. Have you tried the drop a brand challenge? (especially for non food items such as cleaning products/toilet rolls etc). http://www.moneysavingexpert.com/shopping/downshift-challenge/
If you could get this to £250 ish then you'd at least be breaking even each month.

How long do you have left on the car loan?
and the barclays loan?

debtfreedave

Tixy wrote: »

it looks like at the moment you are probably still reusing credit somewhere

Until recently I was doing a lot of shopping etc on my cards and then making larger payments but that's part of the reason they've got so high so I've moved to paying everything on my debit card but it is very tight and still something of a shuffle to cover everything.

Tixy wrote: »

You say you'd found £55 originally, what are you up to now with people's suggestions.

I can lose another 32 by getting rid of Sky, although that didn't get the most positive response at home to say the least!

I can swap to a lower O2 tariff in Sep which will save 17.

My income, mortgage and loan protection total 79, tempted to get rid of them but also worried about doing so as the company I work for isn't in the best of health. I am looking for another job and if and when that happens I can lose that cover (and hopefully have a bit more income!).

Tixy wrote: »

I'd still try working on your grocery bill a bit futher.

We shop online so once my wife has picked everything we need I go through and try and substitute cheaper things in, I will try being more agressive with that.

Tixy wrote: »

How long do you have left on the car loan and the barclays loan?

Barclays loan is July next year and car loan is Aug 2017. Given how tight everything is it might be a case of needing to somewhat tread water until then and then use that additional money to reduce the debt when it becomes available.

I spoke with my parents last night but again their attitude was don't worry about it too much now as you'll be able to pay it off with inheritance and while that isn't a nice conversation to keep having I guess to a certain extent it is true but doesn't stop the stress and worry now.

ellerose

I get very decent boiler cover with my packaged bank account at £10 monthly (along with other useful insurances). Worth checking you don't have this already or could get it instead.

joedenise

debtfreedave wrote: »

I can lose another 32 by getting rid of Sky, although that didn't get the most positive response at home to say the least!

We cancelled Sky over 2 years ago but by using the box we can still get all the free channels. To be quite honest the channels we were paying for we don't even miss now - we probably only missed them for 2-3 months for perhaps 2 or 3 programmes. We really don't miss Sky anymore as we've got plenty of free channels to watch.

Denise

ReadingTim

Mortgage protection............................21.28 ditch this as it's a complete con - in the event you need it, the company will do their level best to wriggle out of paying you a penny
Income protection...............................42.38 ditch this as it's a complete con - in the event you need it, the company will do their level best to wriggle out of paying you a penny
Boiler cover.......................................13.4 ditch this unless your boiler's over 15 years old, and pay for a one off service every couple of years. Also, as you don't have any chldren, a few days without heating or hot water won't be too much of a problem - merely a slight inconvenience.
Loan protection..................................14.87 ditch this as it's a complete con - in the event you need it, the company will do their level best to wriggle out of paying you a penny
Car service plan.................................18.3 ditch this unless the car needs an annual service which costs more than £220.
Sky............................................... ...67.25 ditch this completely - there's plenty of stuff on freeview anyway. Frankly, you can't afford even half this amount as you're currently suggesting
Daycare............................................216.67 Why daycare if you don't have any kids?
Pet plan............................................34 .31 consider dropping this, unless vet bills have and will cost more than £400 per annum.
Groceries..........................................325 time to go own brand, drop to the savers' range, cook, meal plan etc, especially as there are only 2 of you.
Dogs trust.........................................4.34 Charity begins at home. Suggest you stop this until your debts are paid off.
RSPCA............................................. .3 Charity begins at home. Suggest you stop this until your debts are paid off.
Lottery..............................................20 Stop this. You won't win it.
Specsavers........................................ 9 can you get contacts etc online - I do.

Drop everything as suggested, and save £100 on food, and you've got c.£560 per month to throw at your debts.

FinanciallyUnsavvy

I'm surprised nobody's suggested you get rid of your dog yet. Surprised, but glad! Don't worry, I wouldn't dare make such a suggestion. Pets are everything - and yours clearly is, judging by your donations to the animal charities!

Cut down your Sky package to the bare minimum, or do away altogether if you can manage. Also review your broadband and phone - £35 for line rental and internet seems awfully extortionate. I'm with Orange/EE and pay £19 a month for free evening/weekend calls and 15mb unlimited broadband.

I daresay you could cut your monthly grocery bill in half with a bit of frugality. I've switched to one weekly shop at Aldi and love it. I can feed two of us for less than £30 a week, and I don't feel like we're missing out. If anything, we're eating better than we were before. Plenty of meat.. Friday night ribs and chicken wings treat.. mmm!

I'd also review all your various insurances. The pet plan especially seems high, unless your dog has a certain condition. As others have said, some of these things may not be entirely necessary so it may be worthwhile doing some research.

Good luck!

debtfreedave

Thanks to everyone who has offered advice, it's appreciated.

ReadingTim wrote: »

Boiler cover 13.4 ditch this unless your boiler's over 15 years old, and pay for a one off service every couple of years.

It's 17 years old and making lots of strange noises! Really needs replacing but that's going to have to wait.

ReadingTim wrote: »

Car service plan 18.3 ditch this unless the car needs an annual service which costs more than £220.

Did a ring round of some local garages this morning and it looks like it works out slightly cheaper on the service plan than paying when it's done. Probably better to keep on the plan as it's easier paying monthly.

ReadingTim wrote: »

Mortgage protection 21.28 ditch this as it's a complete con - in the event you need it, the company will do their level best to wriggle out of paying you a penny.

I'm really torn on the 3 insurances (mortgage, loan and income). It's a lot of money every month but I feel like I've been paying in for years and if I cancel and then need it that's a lot of money I've wasted. Ideally I will get a new job soon where I feel more secure. Maybe I'm being too cautious but I'm worried that if I don't have the insurance should anything happen at my current company with the outgoings I need to cover every month I'll have serious problems.