Help help - soa! :(

PDAddictVES

Pleeeeease Help I have a payday loan due in a few days totalling £1400 which is more than my wage of £1022 I have no idea what to do!! I have done a SOA, I am just about keeping my head above water! I have also have a loan from a family member for around £3000


Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1022
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1022
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 98
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 26
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 80
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 8
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 0
Entertainment........................... 100
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 982

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Wonga- Payday loan.............1300......1300......0
Capital One....................1500......65........0
Egg............................500.......40........0
Fashion World..................600.......30........0
Total unsecured debts..........3900......1435......-

Monthly Budget Summary
Total monthly income.................... 1,022
Expenses (including HP & secured debts). 982
Available for debt repayments........... 40
Monthly UNsecured debt repayments....... 1,435
Amount short for making debt repayments. -1,395
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,900
Net Assets.............................. -3,900

Dharma_Bunny

What did you spend the money on?

PDAddictVES

It has accumlated over the last year starting at £100 to pay a phonebill it just got out of control from there really, then I had to relocate for work and now rent my own apartment so I have to keep borrowing the money every month just to cover my rent and bills

incesticde

Dharma_Bunny wrote: »

What did you spend the money on?

why is that relevant to the OP's situation?

incesticde

You have a surplus at the end of the month which at least gives you something to work with.

Entertainment has to go, hard I know but you can't afford it for now.

Why are you paying £26 a month for TV licenses? Do you have two?

Keep a spending diary to kepp track of the pennies, every pound is a prisoner until you sort out the payday loans!

Have a search of the DFW board on how to handle payday loan companies, you need to get them to stop charging the interest ASAP

Good luck

Little_Miss_Uni-Debt

Do you have any items that you could sell? On ebay or sell at a car boot in one go?

Maybe do some over time at work or get an evening job in a bar or similar - just for a few months?

If you can raise a months worth of essential out goings, (rent, council tax, basic food etc) You are well on the way to paying it off. You can then put a full months wages to the pay day loan.

This will mean cutting out entertainment, clothes, your emergency fund for 2 or 3 months.

Though after the payday loan is gone, you can easily manage your outgoings and will be able to be debt free quite soon. You will actually have quite a bit to spare.

You just need a concerted effort for 2/3 months to cover your expenses so that a months wage can go towards the payday loan.

It really is a case of upping your income - You need to raise £378 to cover the difference between your monthly wage and the loan. Then you need to raise around £600 to cover a months basic expenses.

Alternatively, I know it's not an ideal suggestion, but I'd rather be a month behind on my smaller less important bills (so long as you don't have late payment penalties) and have the payday loan out of the way. It's a bigger mountain to climb to have £1400 sitting spare.

I presume the loan is increasing each month so really you need to thing about minimising long term what you will have to pay.

Is there anything of value you could part with and raise a chunk of the cash?

Dharma_Bunny

People usually detail where the money went in their OP, it helps to know if it's a general overspend or if it was something specific.
Also if the poster has been spending money buying something that could be sold, there's a solution right there.

Your budget is very tight, do you have room for a flat-mate?