Advice need on SOA

sourcrates

I see you've been advised to ditch your landline too, but don't you need a landline in order to get broadband ? I think so, other stuff looks good though !!

debtfreedave

sourcrates wrote: »

I see you've been advised to ditch your landline too, but don't you need a landline in order to get broadband ? I think so, other stuff looks good though !!

You're right, even tho it's fibre the final part from the cabinet to the house comes through the phone line so with no phone there would be no broadband.

lazer

debtfreedave wrote: »

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


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


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.


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.

with insurances - I would think carefully before cancelling them, I think insurance is very important and not something you shoudl scrimp on.

I too have mortgage/critical illness insurance and income protection - pay about £40 a month for this.
With the loan insurance - how much is the loan - is the insurance for it worthwhile?

debtfreedave

lazer wrote: »

With the loan insurance - how much is the loan - is the insurance for it worthwhile?

The loan payments are 317.66 and the loan protection is 14.87. The loan itself runs to September 2017.

triple_choc_chip

Please don't re-mortgage to pay credit cards, it is in effect turning unsecured debt into secured debt, the problem won't be going away, just shifted to another area.

Interest only mortgages are very hard to come by today, you have to demonstrate a robust repayment plan and I don't think an anticipated inheritance would cut it! Also I think it's a maximum 75% LTV. The only change available here is to go onto a repayment mortgage, but you probably couldn't afford the increase in payments at the moment.

I too think you could reduce your grocery spend further and that you have duplicated cover on the insurances, another £100 a month should be so easy to release without you noticing the difference. Good luck, you seem determined, you will get there.

sourcrates

And on the theme of interest only mortgages, the difference in monthly payments between an interest only, and a repayment mortgage, is very slight, in most cases, my sister in law did this and only reduced her monthly payment by around £20-£30 !!