Debt Free by 21 With SOA Including Help make sense pleasee :D

TotallyBroke

Am confused... I know nothing about these payday loan things or wonga but from what you are showing on your SOA is you owe wonga £400 if you pay them £400 this month it leaves you -£250+ overdrawn/short for the month. But surely that means the wonga debt is gone and therefore next month you will have a spare £400 to cover the -250+ deficit and have 150+ to put towards the other debts......

or do I have that completely and utterly wrong ??

sweetipie92

No your right, but i am going to setup a payment plan with wonga so that i dont have to go into more debt to then get out of debt i just put in what i owed and had to pay on the SOA form and thats what it produced

ellesbellesxxx

Hi,
do your parents know about your money issues? If so, would they be happy to help you out - either by postponing rent or by lending you the money to shift wonga at least? Your mobile phone bill of 35 a month seems a heck of a lot.

Moreover, if you are spending that much on petrol for your job - it's actually a quarter of your wages. Is there any way you can get a job closer? or get more hours to make it more worthwhile? Or a weekend job?

Good plan selling stuff on ebay, hope you have checked out forums for making more money etc

You need to shift wonga, then start on debt of 36% before others...paying minimum on all

TotallyBroke

Why would you set up a payment plan with wonga at 3000% interest. ??? although is that really how much they charge!!! am astounded.

Set up an overdraft on your bank account for say £500 and pay it off and get rid. A lot cheaper to have an overdraft interest rate than that wonga hanging over your head...

Myself personally would rather the unauthorised overdraft fee than paying that interest.

TotallyBroke

Just had a look at this wonga site and it appears you cannot pay minimum amounts...

Copied from their site "Unlike some lenders, we won’t keep rolling your balance endlessly or encourage you to make minimum repayments. So please think very carefully before you apply, because we expect you to repay us when you promise to."

glasgowsaver2011

TotallyBroke wrote: »

Just had a look at this wonga site and it appears you cannot pay minimum amounts...

Copied from their site "Unlike some lenders, we won’t keep rolling your balance endlessly or encourage you to make minimum repayments. So please think very carefully before you apply, because we expect you to repay us when you promise to."

If you phone them they will agree to put a stop on all charges if you agree to a monthly payment figure.

sweetipie92

TotallyBroke wrote: »

Why would you set up a payment plan with wonga at 3000% interest. ??? although is that really how much they charge!!! am astounded.

Set up an overdraft on your bank account for say £500 and pay it off and get rid. A lot cheaper to have an overdraft interest rate than that wonga hanging over your head...

Myself personally would rather the unauthorised overdraft fee than paying that interest.

I have tried getting an overdraft but its not working..... a

as for the job its my first full time job so im just gunna have to stick with it till ive paid the debt off then i can get a diesel car on finance or save for one

TotallyBroke

Ok... if you think they will do that, their website doesn't seem to give that impression but I have no idea about them.

sweetipie92

TotallyBroke wrote: »

Ok... if you think they will do that, their website doesn't seem to give that impression but I have no idea about them.

sorry what question is this regarding.

TotallyBroke

Wonga doing a payment plan and stopping all charges

From what I can see from their website.... on the date you agreed they will take £400 from your account. If you do not have the money they will charge you a £20 unpaid fee, add their month interest, put a default on your credit file and try and take all the money again in a max of a months time

but I could have that totally wrong as I said I have no dealings with them