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

sweetipie92

I think your correct! Im going to ring them soon and speak to them and see what i can do! think offering them £45 a month isnt to bad?

sweetipie92

Ok so ive just signed up to experian.... and it seems some of my debts arent registerd on there and also i havent heard from them in a good few months.... one im worried about its WONGA.com though so anyways heres my totals

Creditor Amount
Wonga £961.00
o2 £500.00
Lloyds (unplanned) £1,524.00
Capital One £370.00
Barclaycard £371.00
TOTAL DEBT £3,726.00

now do i go it alone and offer them amoutns each or go to a DMP company?

TotallyBroke

sweetipie92 wrote: »

Edited with corrections
Monthly Income Details[/b]
Monthly income after tax................ 809
Total monthly income.................... 809

Monthly Expense Details
Rent.................................... 100
Mobile phone............................ 35
Petrol/diesel........................... 200
Car Insurance........................... 200
Holiday................................. 20
Total monthly expenses.................. 555


Assets
Car(s).................................. 1500
Total Assets............................ 1500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Wonga..........................400..961
.....400.......3000
Capital One....................371.......15........39
Barclaycard....................350..371
.....15........39
02.............................500.......40........0
Lloyds tsb.....................1600...1524...40........30
Total unsecured debts..........3221...3727...510.......-


Monthly Budget Summary
Total monthly income.................... 809
Expenses (including HP & secured debts). 555
Available for debt repayments........... 254
Monthly UNsecured debt repayments....... 510
Amount short for making debt repayments. -256

Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -3,221
Net Assets.............................. -1,721

Ok so it is looking even worse... Wonga have already added their interest and want double what you originally borrowed...
You need to pay this off asap.... I think it is time to speak to your parents and ask them to bail you out because that debt is just going to grow and grow

TotallyBroke

Once you have wonga paid off then you will have spare money to throw at the other debts.... but you need to get that paid now.

ellesbellesxxx

I agree! Yes they may be shocked etc but you will get into a neverending spiral here x

glasgowsaver2011

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.

Because if you are in arrears with wonga.

Say you originally took out 200 and now owe 500, they will accept 20 a month for 25 month and freeze your charges.

the interest will stop

glasgowsaver2011

sweetipie92 wrote: »

I think your correct! Im going to ring them soon and speak to them and see what i can do! think offering them £45 a month isnt to bad?

So you offer one creditor 45 a month.

then just default on the others?

:(:(

sweetipie92

ive thought about it... im going to offer wonga £50 a month and pay my other creidits the minimum payments which ill setup with them aswell... once my insurance goes down in october i can double what i pay to Wonga and get that paid off! how does that sound?

glasgowsaver2011

sweetipie92 wrote: »

ive thought about it... im going to offer wonga £50 a month and pay my other creidits the minimum payments which ill setup with them aswell... once my insurance goes down in october i can double what i pay to Wonga and get that paid off! how does that sound?

If you dont mind me asking, you said you only had 45 a month, now you have £50 plus other minimum paymnets!

thats the best part of 100 a month

Is it also the case that your car insurance is 200 a month? 2400 a year?

glasgowsaver2011

You SOA still shows you having 300 a month left over

Ask your parents to withhold the rent for a few months

that is 400 a month.

You would easily be debt free in a year