Time to sort myself out

SergeantB

Okay this is my first ever post so please go easy on me.

This is the first time I have ever actually put all this down in writing.

At the beginning of this year I went through a very bad break-up. This lead me to being very stupid with money and yes it did also include a lot of gambling. Before I knew it I was borrowing and using payday loans to pay off my debts but then spending the money all over again.

I have now sorted myself out personally. I have moved on from the dark period of the past 7 months and now it's time to sort myself and my finances out.
I have moved back in with my parents so monthly outgoings are now minimal. I have a good paying job and have taken on a second evening job delivering pizzas.

Okay so here's what I currently owe and any notes about each debt.

Wonga - £660 due 19/10/2012 - I have emailed them to ask if I can start a repayment plan of £30 a month for a few months and then more thereafter. Don't really hold out much hope of getting it that low though

Quick-Quid - £906 Now on a repayment plan of £230 a month for the next 4 months

Cash Genie - £325 due 19/10/2012 Have emailed to request a payment plan of £80 a month for 5 month. no answer yet

Payday Express - £487 - due 19/10/2012

BOS CC - £1600
BOS Overdraft - £5000
Family - £4000
Friend 1 - £1400
Friend 2 - £1000

I know it's a lot of money but I am feeling pretty good about it now I have started to look into things.

The main problem is the payday loans obviously. And believe me when I say once they are paid off I am NEVER going back there again!

The family debt is going to start being repayed in January as is Friend 2. Friend one needs a minimum of £900 before Christmas.

Once I get rid of the payday loans I have worked out that if I am very careful with money I will have an extra £600 a month to start paying off the family / friends debt and paying. Then finally the overdraft / credit card.

Am I being completely naive here thinking I can do this?

B

alldownhill_2

Hello & welcome to MSE A very good step indeed.

Usually folks here request a statement of affairs ( SOA), lists of all your in's & out's then take things from there, here's a link....

http://www.stoozing.com/msoc/soacalc.php

SergeantB

Okay here we go. And remember I said I lived at home with every sympathetic parents so that's why there's a lot of bills etc without any payment values against them.

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1156
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 250
Total monthly income.................... 1406

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 31
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 11
Groceries etc. ......................... 30
Clothing................................ 0
Petrol/diesel........................... 100 I know this is high but I have included the petrol needed for my second job. I get a petrol allowance per shift but have included that in my extra income above
Road tax................................ 0 This is paid off until 31st December and is only £35 a year
Car Insurance........................... 30
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 452


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 8000
Other assets............................ 0
Total Assets............................ 8000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
WONGA..........................660.......660.......0
QUICK QUID.....................906.......230.......0
CASH GENIE.....................326.......326.......0
OVERDRAFT......................5000......86........0
CREDIT CARD....................1600......60........0
PAYDAY EXPRESS.................487.......487.......0
Total unsecured debts..........8979......1849......-


Monthly Budget Summary
Total monthly income.................... 1,406
Expenses (including HP & secured debts). 452
Available for debt repayments........... 954
Monthly UNsecured debt repayments....... 1,849
Amount short for making debt repayments. -895

Personal Balance Sheet Summary
Total assets (things you own)........... 8,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -8,979
Net Assets.............................. -979

wannabee_in_credit

Hi and welcome
Good luck getting everything sorted out - I'm very fortunate not to have gotten into the payday loan trap but I know from reading on here how difficult they can be to get out of.
You're in an incredible position to have low outgoings while you're at home. If you start chucking all your spare cash at your debts then you will be debt free in quite a short space of time.

digging

Firstly, well done for deciding to sort yourself out. Its the first big step. Just a few questions regarding your SOA (see below). A few things often get left out;)

SergeantB wrote: »

Clothing................................ 0
Do you really never buy clothes? ever?

Car maintenance (including MOT)......... 0
Do your parents pay for this? or is it a new car?

Medical (prescriptions, dentist etc).... 0
Do you ever go to the dentist or opticians? or do you get free examinations?

Presents (birthday, christmas etc)...... 0
You never buy anyone presents or cards for birthdays or christmas?

Haircuts................................ 0
Do you do this yourself?

Entertainment........................... 50
Have you kept a 'spends' diary? is this a realistic figure?

The only reason I mention the above is so you can get a realistic view of your finances. Have you thought about selling unwanted things on ebay? It takes a bit of time and effort but can become addictive making money.

Keep us updated with your repayment plans and good luck.:)

SergeantB

Hi Digging

Clothing................................ 0
Do you really never buy clothes? ever? -I will only buy new clothes right now when I absolutely need them. I am not currently in a position to be buying clothes for fun so have no budget for them. What I own can do me until I at least get my payday loans paid off.

Car maintenance (including MOT)......... 0
Do your parents pay for this? or is it a new car? - It's relatively new so doesn't need any maintenance on it. The MOT is not due until next year, again hopefully after all the payday loans are gone and then that can be counted into a new budget.

Medical (prescriptions, dentist etc).... 0
Do you ever go to the dentist or opticians? or do you get free examinations? - I have free private Medical and Healthshield through my work.

Presents (birthday, christmas etc)...... 0
You never buy anyone presents or cards for birthdays or christmas? Truth is I left this blank as it's not something I do every month so didn't want to put it into my over all monthly budget

Haircuts................................ 0
Do you do this yourself? - Haha. I've not actually had my hair cut in 3 years. It's very long but in good condition so doesn't even need trims


Entertainment........................... 50
Have you kept a 'spends' diary? is this a realistic figure? - This is what i have lived on for the past few months. In this I have included cigarettes as well though which i know should be one of the things to go

SergeantB

I have just been trying to work out my finances for next month and I need some luck.

I need either cash genie to agree to the repayment plan or Payday express to agree to 1 payment of 250 this month then one payment of 237 next month.

The story with payday express is that I had a loan out for the original 250 value but then I applied for a second loan. As far as I was aware this was a second loan not topping up the previous loan.

When I applied for the second loan I got an email stating 237 was to be repayed 19/11/2012 but then when I got the email confirming the transfer it stated that 487 was to be paid 19/10/2012

I have emailed them for an explanation and have quoted their own website that states

We are fair – we don’t expect you to pay back a loan after a few days. If you apply for a loan 0-7 days before your payday you will be expected to repay it on your following payday. For example: If you are paid on 28th of every month and apply for a loan on 22nd August, you will only need to pay it back on 28th September.

So fingers crossed one of these 2 companies comes through for me. Once this month is over I will be in a much better position financially and feel like I can finally get things paid off once and for all.

SergeantB

Have now got some good news from Wonga. They have agreed to a repayment plan of £30.12 a month until the balance is paid with all interest frozen.

So far QuickQuid and Wonga have been excellent with me and I'm glad I tried contacting them instead of suffering more by trying to pay it off then borrowing again as I have been doing.

Beginning to feel like I can breath again :j