3 Phone Contracts - What to do?

Shikkaka

Shikkaka

Shikkaka

Soldato
Joined
10 Jun 2003
Posts
2,916
Location
Nottingham
Hi all,

I have 3 phone contracts against my name one of which is expiring in January.

The reason I've ended up with 3 contracts is impatience and stupidity.

Phone Contract 1 - Expires Jan 2014 - £21.17 pcm (50% friends and family discount)
Phone Contract 2 - 16 months remaining - £34 pcm
Phone Contract 3 - 16 months remaining - £32 pcm - currently use this one.

In January I have 2 options I can consider.

Option 1 - Cancel Phone Contract 1 freeing up £21.17 a month.
Option 2 - Upgrade Phone Contract 1 and sell new handset to pay off Phone Contract 2. This frees up £34 per month.

The remaining balance on Phone Contract 2 is £435 so I'd need a fairly hefty upgrade option in order to pay this off in full.

I'm a little out of touch with the latest phones so is there anything released at the moment or being released shortly that will sell on for £400+?
 
Don't use phone upgrades as a means of credit. You're better off getting a credit card.

As the contracts expire just cancel them until you're down to 1. £100 a month on phones is absurd
 
You're silly for letting it get this bad. All it shows is you have no self discipline. Do what Grrrr says and cancel them as they expire and then choose one to keep.
 
Hyburnate said:
You're silly for letting it get this bad. All it shows is you have no self discipline. Do what Grrrr says and cancel them as they expire and then choose one to keep.
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There are reasons behind each one.

The 50% friends and family discount one I kept on for my brother before he turned 18. He paid the bill but has since taken his own contract out. I have kept this as it is a very good price but it needs to go.

The other contract that isn't used was for a ex girlfriend because she couldn't get a contract. That's the lesson I've learn't. At the time I thought the relationship would last.
 
Are there any opportunities to downgrade the contract? Some let you do it after a while.

Might be worth a look.

Also some networks can be convinced not to charge VAT if you settle early.
 
Cancel the two contracts you don't need (or reduce the tariff down as above, whichever works out cheaper) and don't take out contracts for other people in future. You're trying to do other people a favour and potentially risking damage to your own credit score in the process, it's pointless. PAYG exists for people who can't get phone contracts.
 
Steameh said:
There are reasons behind each one.

The 50% friends and family discount one I kept on for my brother before he turned 18. He paid the bill but has since taken his own contract out. I have kept this as it is a very good price but it needs to go.
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It's only a good price if you need and use it.

If you took it out for him, he should have been paying it until the contract term was up and not taking out another contract.

Does seem to me that you'd do well learning to be patient and not getting into such a mess!
 
PeterNem said:
It's only a good price if you need and use it.

If you took it out for him, he should have been paying it until the contract term was up and not taking out another contract.

Does seem to me that you'd do well learning to be patient and not getting into such a mess!
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I didn't take it out for him, I've had the contract for years and only recently decided to go with 3 (because I was impatient) so let him use the phone and SIM. It made sense, he got a good contract SIM and paid for it and I got the new phone I wanted.

The only real mistake is taking out a contract for the ex. That's something I won't be doing again. I wouldn't call it a mess.
 
Steameh said:
Option 2 - Upgrade Phone Contract 1 and sell new handset to pay off Phone Contract 2. This frees up £34 per month.

The remaining balance on Phone Contract 2 is £435 so I'd need a fairly hefty upgrade option in order to pay this off in full.
Click to expand...

Am I the only one seeing that it's thinking like this is probably why your finding yourself in a sticky position?

Maybe I misunderstand, but you're going to take on a £508 contract/debt (assuming it's a 24 month contract you'll get) to pay a £435 debt?

If you don't have cash spare, just cancel contract 1 (costing nothing) and then try and downgrade one of the other two.
 
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