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HONEST FEEDBACK ON MY SOA PLEASE???????

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  • Hi,
    some info HERE about rejoining pension scheme, scroll halfway.
  • Groovy_Chick_
    Groovy_Chick_ Posts: 21 Forumite
    10 Posts First Anniversary Name Dropper Photogenic
    edited 19 July 2023 at 10:49AM
    @fatbelly - Yes I think I would cut it up as like you say, I wouldn't want to complicate matters if it were to be used for everyday spending. 

    I pay my council tax monthly over a 12 month period, if I change it to 10 months should I allocate the rest to a savings pot as by the time the 11th and 12th month come around I am hoping the balance of credit card debt would be cleared.

    I don't watch any on demand TV or live TV to be honest. So there is a small saving to be had there.

    I am not currently recieving any cashback incentives either, these are some brilliant ideas, I have a notepad to hand to write all info given to me down.

    Currently banking with Halifax, as switched around a few times previously but have always come back to them as my preferred bank, seen a few good things about first direct, do you have any experience with them? 


    gwynlas - Hi, Thank you for your reply. Thank you for your kind words, I have tried my best to get a step ahead with financial stuff as it was never talked about when living at home but money struggles were known so I think that is what has driven me to educate myself more on money and how to manage as a single person. 

    I looked into critical illness through Halifax this morning and they are wanting 200 per month and that's with life insurance aswell for 1,000,000 worth of cover. If something were to happen to me, I want to be the start of generational wealth for my family as we have never had this before so they would get the million then 350,000 and any extra profit my house would make at the point of my death. 

    I do have 2 spare bedrooms so could definitely look into storage for people for money as I wouldn't like to take a lodger in. Please feel free to throw any more suggestions my way. Very open to learning and educating myself on as much as possible. 


    @frugalmacdugal - thank you for your reply I will take a look now into the pension side of things, all feels very overwhelming, It almost feels like one of those things that you should sit down with a cup of tea and take hours looking into, I guess that goes for all financial things, I have a huge folder of financial documents that I could do with going over to be honest.


    GC 
    G.C.
  • fatbelly
    fatbelly Posts: 22,919 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    edited 19 July 2023 at 11:10AM
    I know what it's like with banks - I'm with Halifax too. I went with them when their reward account was worth having but really now there's no good reason to stick with them. I should take my own advice (except I have had a previous account with them so might not get all the handouts)

    Defo cancel the tv licence then - I think they leave you alone for 2 years if you do the  online declaration. Hopefully after that the licence fee will be scrapped.

    Council tax is interest free - so just push it out as far as possible and concentrate on paying the things with interest. You could even let elec, gas and water drift a bit - certainly don't allow a big credit to build up with them - the money is better going to the credit cards.


  • enthusiasticsaver
    enthusiasticsaver Posts: 16,053 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I would not pay £200 a month for life and critical illness insurance. You have no dependants, are young and presumably no life limiting conditions. You don’t need a million either. You can just cover the mortgage plus a bit extra and it will be a much lower premium. Your pension gives you life insurance included so another reason to restart it. 
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  • NeverendingDMP
    NeverendingDMP Posts: 2,191 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    edited 19 July 2023 at 1:33PM
    Sorry as I might be sending you on a wild goose chase and I think someone else may need to explain this better but have you checked whether the rates on your credit cards are Apr or simple/standard interest rates. I only say this as we used to have vanquis and aqua. Our vanquis  was about 29 ish percent Apr but the aqua we had access to was described differently and is almost 40% when concerted to an apr. This may affect which order you wish to try and pay them. If similar I agree to go smallest first to keep you motivated . Good luck 
    Jan 18 Joint debts 35,213

    Mortgage Jan 18- 77224 May 25- just under 65k

    June 25 Debts in my name only £5170. DH can't keep track...
  • fatbelly
    fatbelly Posts: 22,919 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Aqua say

    The APR applicable to your account will depend upon our assessment of your application.

    so it could be anything

    Vanquis say likewise

    Your APR and credit limit may vary based on your circumstances.




  • tigergambit
    tigergambit Posts: 207 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I would not pay £200 a month for life and critical illness insurance. You have no dependants, are young and presumably no life limiting conditions. You don’t need a million either. You can just cover the mortgage plus a bit extra and it will be a much lower premium. Your pension gives you life insurance included so another reason to restart it. 
    GC,
    My son recently remortgaged and I believe he got £160k life cover for around £25 pcm. He's same age as you. Not sure what critical illness cover was included. 

    Regarding a "lodger" are you sure you couldn't rent-a-room for 6 months? Look on Spare Room and see who is looking in your area - normally lots of young professionals and the first £7,500 per year is tax free. Make sure you get them to sign an appropriate contract - if it's your home you have far greater rights than a non-resident landlord. Same son has always rented a room and has never had any problems. (He's a bit of a money magnet though, unlike me)
  • TheAble
    TheAble Posts: 1,676 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Not sure on the need for a lodger. The part that stands out though is that your income from your job is on the low side. Maybe explore how you can increase that. I haven't read every post though so sorry if I've missed something.
  • theoretica
    theoretica Posts: 12,691 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    While considering insurance something else to look into is whether your pension (as you rejoin it!) comes with any death in service benefits.  If it is a civil service type pension (eg NHS) it may.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • SaverRate
    SaverRate Posts: 976 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Move from giffgaff use https://www.moneysavingexpert.com/cheap-mobile-finder/sim-only-filters/

    Contents insurance of £180 a year seems high? Have you used a comparison site to check, note dont just go with the cheapest insurer go with the best value and a well known insurer. 

    Internet Services - £35. Seems possibly high depending on your package? I pay £44 a month for TV, Calls & Internet & sky sports. 


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