Help and Advice Needed! :(

mourning33

rising_from_the_ashes wrote: »

Re Entertainment, I know you're young and want to have fun but if you cut this to £40/month, cut your Sky, broadband etc then you'd have £100+ to clear the debt fairly quickly.

Would you be able to get a 2nd part time job until the debts are clear (this is what I did) - if you work in a pub etc, it gets you out and it's fun without spending money!

Thanks for your help!

All sky and broadband is in contract until July so i can cut that soon.. However i will definately be reducing the packages with sky.

The phone contract for my mums phone is until November 2011. She literally has £0 income and a very un-supportive jobless husband.. i like to think her contact to the rest of the family is something to cheer her up!

I work 38 hours a week at the moment but i guess i can get some pub work..

I guess a positive thing is that i have given up smoking from 2 days ago.. Which isn't on my SOA! £120 a month off hopefully!

mourning33

Domino9 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2

Monthly Income Details
Monthly income after tax................ 1400
Total monthly income.................... 1400

Monthly Expense Details
Rent.................................... 367.5
Gas..................................... 50
Water rates............................. 27
Telephone (land line)................... 13
Mobile phone............................ 80 this is very high - if you are in a contract see if you can downgrade a tariff, if/when out of contract look at SIM only/PAYG
TV Licence.............................. 0 don't you pay this?
Satellite/Cable TV...................... 45 downgrade or cancel and go freesat/freeview
Internet Services....................... 17 see if you can get cheaper
Groceries etc. ......................... 130 you can cut this back a bit at least if it's only one of you - drop brands, meal plan, batch cook, shop at cheaper supermarkets (Lidl/Aldi)
Clothing................................ 20 stick with what you have for now
Other travel............................ 40 what does this include? could you get it cheaper if you got a weekly/monthly/quarterly/yearly ticket?
Contents insurance...................... 10
Presents (birthday, christmas etc)...... 15
Haircuts................................ 16
Entertainment........................... 100 this is also very high, cut back until you are debt free
Total monthly expenses.................. 930.5


Assets
Other assets............................ 500 what's this? can you sell it to put towards your debts?
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Wonga..........................800.......800.......2735 obvaiously with this APR this is your biggest priority right now - see about cashing in your assets, cutting back on groceries and entertainment etc this month - the APR is astronomical!!
Catalogs.......................650.......90........0 What's the APR?
Bed Ikano......................170.......32........0 What's the APR?
Total unsecured debts..........1620......922


Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 930.5
Available for debt repayments........... 469.5
Monthly UNsecured debt repayments....... 922
Amount short for making debt repayments. -452.5 Is there any way to raise this this month so that you break even? Cash in your assets? Then from next month you will be in a far better position without having to get another Payday loan?

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,620
Net Assets.............................. -1,120

Hi,

It really does seem to be that if you could get your PAyday loan sorted out once and for all that you would have a surplus at the end of the month instead of a deficit with which you could overpay your remaining debts.

Is there anyway that you could raise this money? Cash in your asset? Borrow from family (and pay them back over a longer time?). Have a clear out and sell things on e-bay/Amazon/Gumtree?

If after making changes and cutting back as much as you can, and doing all that you can to raise the cash you still find that you cannot make your SOA balance, then you need to contact one of the debt charities (CAB, CCCS, National Debtline - these are all free, impartial services where you will get non-judgemental advice)

HTH

D9

A very detailed and helpful response. Thank you!

Unfortunately as my mum has no job and my dad knows my situation but is not in a postion to help i can't lend from my family

Like you rightly said. If i cleared this Wonga loan or was on a payment plan everything would be alot easier.. I could put away some savings and get back on track.

Due to the little amount of my debt i don't believe i can go to a charity like CCCS and wouldn't this have an adverse effect on my credit?

Thanks again.

McKneff

Wow, well done on the giving up smoking, you couldnt have a better incentive for stopping.:T

Sorry if I seemed blunt, i really didnt mean it to come over that way.

Give Wonga a ring, be honest and good luck in finding a little job,

And you can call me Annie:D

mourning33

McKneff wrote: »

Wow, well done on the giving up smoking, you couldnt have a better incentive for stopping.:T

Sorry if I seemed blunt, i really didnt mean it to come over that way.

Give Wonga a ring, be honest and good luck in finding a little job,

And you can call me Annie:D

Thanks! I've made it very clear to my friends i am not touching a drop of booze for a month also! A health incentive as well as a financial one!

Blunt is good! not a problem!

I will give wonga a ring tomorrow? or should i email them? Thanks Annie!

rising_from_the_ashes

mourning33 wrote: »

Thanks for your help!

All sky and broadband is in contract until July so i can cut that soon.. However i will definately be reducing the packages with sky.

The phone contract for my mums phone is until November 2011. She literally has £0 income and a very un-supportive jobless husband.. i like to think her contact to the rest of the family is something to cheer her up! Is there another family member that would be able to help out and even pay 1/2 of it?

I work 38 hours a week at the moment but i guess i can get some pub work.. It would be a good way to get yourself sorted out and it can honestly be fun - I used to work 40 hrs (f/t job), 15-20 hours in the pub AND go to college 2 nights a week! It can be done (I was much younger then, it'd probably kill me now)!

I guess a positive thing is that i have given up smoking from 2 days ago.. Which isn't on my SOA! £120 a month off hopefully!That's great, well done & keep at it. Pop into the "giving up smoking" thread and you'll get loads of support on there https://forums.moneysavingexpert.com/discussion/2957492

Another couple of things above, good luck & pop back for support, advice (and a moan if it helps).

Now, I must go & take the dog for a quick walk around the block before it's totally pitch black outside!

theoretica

If you can give this a short sharp blast you can get yourself into the clear. Two very frugal months are probably all you need.

Entertainment to zero (there are lots of things to do for free, especially outdoors in the decent weather or try to make a little extra money for your entertainment by selling things you don't want on ebay, or anything else you can think of)
Clothes to zero
Food/groceries - try to halve this bill, eat up what you have in your cupboard and look on the oldstyle forum for ideas

This would save you about £180. After one month instead of being -£450 when Wonga take the £800 you will end up at - less than £300 so even if the payday loans people won't accept a plan you will only need to reborrow £300 and can pay the whole back after your 2nd frugal month.

Once you are clear of this payday trap please think about putting what you had been paying in interest into a savings account to keep you out of this stressful situation in future. As it had been going to the loans people you will still have the same amount to spend.

[Deleted User]

I don't believe that any of the charities will refuse to give you advise based on your level of debt - it's your ability to pay that will determine if you need their assistance.

I was recommending going to one of the debt charities if you couldn't come to an alternative solution and if you found that you are unable to make the payment/make the full payment (if for example Wonga refuse to accept a payment plan) - if either of these happen they will adversly affect your credit history

Taking advise from one of the debt charities will not in itself cause any advserse affects on your credit file, althoug depending on what they recommend as a solution, this may have an affect (but not worse than missing payments)

HTH

D9

mourning33

Domino9 wrote: »

I don't believe that any of the charities will refuse to give you advise based on your level of debt - it's your ability to pay that will determine if you need their assistance.

I was recommending going to one of the debt charities if you couldn't come to an alternative solution and if you found that you are unable to make the payment/make the full payment (if for example Wonga refuse to accept a payment plan) - if either of these happen they will adversly affect your credit history

Taking advise from one of the debt charities will not in itself cause any advserse affects on your credit file, althoug depending on what they recommend as a solution, this may have an affect (but not worse than missing payments)

HTH

D9

Thanks, After the conversation with Wonga tomorrow i will be sure to contact this charities for advice if it doesn't go so well!

mourning33

theoretica wrote: »

If you can give this a short sharp blast you can get yourself into the clear. Two very frugal months are probably all you need.

Entertainment to zero (there are lots of things to do for free, especially outdoors in the decent weather or try to make a little extra money for your entertainment by selling things you don't want on ebay, or anything else you can think of)
Clothes to zero
Food/groceries - try to halve this bill, eat up what you have in your cupboard and look on the oldstyle forum for ideas

This would save you about £180. After one month instead of being -£450 when Wonga take the £800 you will end up at - less than £300 so even if the payday loans people won't accept a plan you will only need to reborrow £300 and can pay the whole back after your 2nd frugal month.

Once you are clear of this payday trap please think about putting what you had been paying in interest into a savings account to keep you out of this stressful situation in future. As it had been going to the loans people you will still have the same amount to spend.

Thanks for these suggestions I will make sure to get some savings when this is cleared up!

McKneff

Ring them to start with, note the time date and who you spoke to and file it.

If they agree to a payment plan get them to confirm it in writing. Ive got my fingers crossed for you.

Let us know how you get on won't you.

Good luck
Annie

If it's an 0870 or 0845 number look on Saynoto0870 for a generic number. Very MSE