New SOA - next steps

ohdearhowdidthathappen

Well done on your good start... some ideas, apologies if I'm repeating others..

-That secured loan is very expensive, can you add it to your mortgage as that rate is so much lower?
-Do you need 2 cars? If so, could you swap them for cheaper ones?
-can you move credit cards charging interest over to 0%? Don't overpay the 0% ones, focus any extra on the ones charging interest
-food and entertainment can be cut massively; we rarely go out anymore while debt repaying. Boring, but necessary
-SIM only deals, we pay £7 each for a good package
- you could both get extra work, but I'd personally avoid that if you're both already full time

ohdearhowdidthathappen

Also, are you using tax free childcare as that can reduce your childcare bill by 20%. Can't be used in conjunction with childcare vouchers, so ignore me if you use those :-)

carrielovesfanta

Grazeley - in terms of trimming the grocery and discretionary spends, please come and join us on the "What dfw things will you do this week" thread. It really helps to see all the small things adding up and there's lots of inspirational folk on it

getmore4less

Grazeley wrote: »

In what way? It's defintely the correct balance, mthly payment and APR...

Copied and pasted from my documents:
The annual percentage rate of charge (APRC) is the total cost of the loan expressed as an annual
percentage. The APRC is provided to help You to compare different offers.
The APRC applicable to Your loan is 15.8%.
It comprises:
Interest rate
 a variable rate of 12.90%.

£32,000 12.9% £335pm interest only

You need to work on getting this rate down and overpayment ASAP.

Paying £371 this has another 20years to run and will cost £60k in interest.

…….........

Maybe you are quoting the total with interest added and the actual amount outstanding is lower and term shorter.

What was the original amount borrowed rate and full term?

getmore4less

Grazeley wrote: »

Yes, £50 more to pay mthly. I have made a note that when I am in a better position I will save to pay annually for my car insurance - so yes agree thank you. One to work on in the future.

Cancellation fee was £11, but no payment due this month. So as mentioned my money set aside this month (£58) paid this £11 and also the £42 deposit for my new plan.

If the new is £82pm(100-18) 984py. 934 prepaid(-50)

That's a equivilent rate of 10%

If the 100 was for more than one insurance then the 50 discount will be a higher equivalent rate on a smaller total for just yours.

Did you use cashback site to do the change?

getmore4less

Grazeley wrote: »

Upon spending a good amount of time running through my monthly statements/bills and checking my usuage, to ensure I dont end up taking a plan that then makes me go over that allowance, that told me that I use 1-2GB of data each month.
My new £15 plan gives me 2GB of data.

I am comfortable I am on the correct plan for me.

There are much higher data plans for under £10 some come with unlimited call and text.


https://www.hotukdeals.com/deals/vodafone-sim-only-10-a-month-for-8gb-plus-free-20-voucher-3266740

4GB unlimited calls text £8pm(follow the link)

Shop around 2gb is available for as low as £5pm

Here is a virgin one for £6pm
https://www.hotukdeals.com/deals/virgin-media-sim-only-600-per-month-2gb-with-data-rollover-1000-uk-mins-unlimited-uk-text-3272540


Loads more
https://www.hotukdeals.com/tag/sim-only

Also make sure you have a quidco and or a top cashback account.
And check what deals they have for everything you buy.

Quidco has some good 3 cashback deals
https://www.quidco.com/three-sim-only-contracts

Bored

I'm with giffgaff. There's no contract and I pay £10 each month for 3GB of data and unlimited calls and texts.

System

Why do you pay so much in pet insurance?

getmore4less

By overpayments on 0% debt you are effectively borrowing at 13% to do that.


What are the details of all the debts.
Terms of any loans and the dates any special rates run out.

I think you may hit rate rises if you can't get more 0% options.

Who is the secured loan with that is very expensive.

getmore4less

What cars are you running.
How many miles are they doing?

Fuel costs are high

There is probably room to restructure to cheaper cars.

If a car is HP any balloon payment due and when