Some Advice

boblardo

Not going to bore you with details but we had a situation where we needed to borrow money to fix the car as we didn't have enough in our emergency fund. Unfortunately we have no family to ask so had to use Wonga.

We borrowed £450 which will be getting debited out of account on the next payday. we can meet this payment but will only have £80 for the rest of the month

Our emergency fund will be "fully stocked" next time around so this really is a one off

My question really is, can I make a reduced payment to one of my other creditors for this one time to free up some money. i really don't want to reborrow from Wonga.

boblardo

I forgot to add i am in a payment plan with DLC, i intend to make a payment just not the full amount

The same with Northern Rock, we are currently in a payment plan to clear our arrears. we are making a contracted payment of £115 plus another £85 to clear arrears.

I intend to make the £115 payment to NR and make a reduced payment of £198 to DLC. it will still be a tough month though

~Beanie~

Is Northern Rock your mortgage? If so, I'm not sure that missing an arranged payment to repay your arrears is a very good idea. Perhaps you would be best speaking to them first.

boblardo

We don't have a mortgage, don't worry I would NEVER not pay the rent. We have an unsecured loan with them and have been meeting the contracted payments, the extra £85 was volunteered by us to reduce the arrears.

Triggles

Are there any other areas you can cut back this month? Or bump up your cash intake this month somehow, even just by a bit? Are you looking at just making enough to cover groceries and petrol, or more than that? There are always carboots sales to clear out some stuff, ebay, things like that. Also eating out of your store cupboard a bit if you're well stocked up. Also a month of very cheap meals. If it's just one month....

boblardo

We have already cut back but have revisited the budget again and by paying £248.47 instead of £398.47 on 1st May this will give us £400 for the month and every penny is accounted for.

To give a bigger picture we were in a DMP with CCCS. We took this over ourselves and cleared 9 out of 12 creditors within 6 months. we didn't budget for an emergency fund but have included this now.