Should i get a wonga loan

summer33

Hope this is in the right place. I am in mess with my finances, again.

I am short to pay the mortgage and nursery fees for February. Short by about £250.

I am considering getting a wonga loan, or something similar. Just wanted to know what anyone thought, or is this a NO NO. I have never borrowed this way before. ( I might not even get approved )

I am in arrears with my mortgage bout £1300. I have an agreement of £60.00 per month to clear this, so is really important I do not miss.

I am going to try and put some stuff on ebay to sell, but they only allowing me to sell 6 items per month, due to being a new seller.

Any help or options would be greatly received.

I have been looking at the old style board, so trying to get some cooking ideas from that, so at least I know we can eat for the next 2 weeks.

Thanks for any help

Official MSE Insert:

There are some fantastic replies to this question below. Read them in tandem with our Payday Loans guide if you're considering taking one out too.

bambos

summer33 wrote: »

Hope this is in the right place. I am in mess with my finances, again.

I am short to pay the mortgage and nursery fees for February. Short by about £250.

I am considering getting a wonga loan, or something similar. Just wanted to know what anyone thought, or is this a NO NO. I have never borrowed this way before. ( I might not even get approved )

I am in arrears with my mortgage bout £1300. I have an agreement of £60.00 per month to clear this, so is really important I do not miss.

I am going to try and put some stuff on ebay to sell, but they only allowing me to sell 6 items per month, due to being a new seller.

Any help or options would be greatly received.

I have been looking at the old style board, so trying to get some cooking ideas from that, so at least I know we can eat for the next 2 weeks.

Thanks for any help

Hi Summer 33,

Firstly make a list of all the things in your freezer and cupboards and devise a list of things you can make from this to see you through for the next two weeks. Have you got essentials like toilet roll etc?

Make sure you have enough to buy daily things like milk. You say that you are short by £250 and are considering a Wonga loan. Personally I would try and exhaust every avenue before going to Wonga but that's my opinion. I would consider the following options:

Like you said E-Bay (better to go for designer/larger items than small bits and bobs; although this can add up so shouldn't be discounted) you need to try and maximise your profit here.

Sell unwanted gold jewellery

Pawn some bits

Sell old phones/laptops

Loan from friends or family (not ideal but better than Wonga)

Do you have two cars? Maybe sell one and make do?

What about taking on some extra work like cleaning or ironing?

Can you trim down in other areas this month (cut down on the petrol)


hope this helps a bit, you will be surprised how quickly things can amount and I'm sure you will be able to raise £250 quickly.

bell123321

Maybe also post up a SOA so people can advise on where you can cut down so hopefully your be okay following months?

Do you belong to any of the mystery shopper websites could you do some of this to bring in some income? Deliver some leaflets for estate agents (I used to get paid well for the amount of work better then a newspaper round).

If you have any big items to sale maybe post in a local supermarket advertisement board? Or wilkinsons have boards too.

Good luck but I would strongly advise not to get the wonga loan and find any other means to obtain the £250.

thecassman86

Definitely post up an SOA as the above have suggested and we can find places where you can save.

I'd echo everyone else's advise and say that Wonga (or any payday lender) should be avoided as much as feasibly possible. A Wonga loan in February to pay your mortgage and nursery fees will start a spiral and in March you'll have the same payments as well as a heavy-interested Wonga payment! It's a slippery slope and there are other ways to raise the funds.

You've come to the right place

summer33

Thanks for both of your replies. I appreciate it.

I just feel a mess at the moment, I am off work sick at the moment ( full pay ) I just feel I am a big let down.

I feel I cannot manage the household bills etc. Dont know what is wrong with me

Bills getting me down month in month out. Trying best to sort and pay, but finding really hard at the moment.

I have enough essentials etc, loo rolls, meat in the freezer...but need to sort elec and gas meters for this week and next week.

Sorry to moan, but this is how I feel right now.

summer33

I will try and post SOA today. Thanks for your help, I think I need it.

bambos

summer33 wrote: »

I will try and post SOA today. Thanks for your help, I think I need it.

Hi Summer 33,

Please don't feel down, it's just the time of year, most people feel rubbish come Jan/Feb. like the cassman86 said your in the right place.

Look forward to seeing your SOA, we will get it sorted don't worry.

FireWyrm

Dont touch a PDL with a barge pole, even if you have to do something drastic to avoid it. You must not have such a footprint on your credit file if you have or want a mortgage within the next 6 years. Many of the 'reputable' lenders such as LLoyds have indicated that they will automatically reject lending applications that show a PDL in the history. The banks are looking for any and all excuses not to lend to anyone and this will just hand them a reason not to lend to you, or lend at extortionate interest rates that will cost you far more than the wonga loan in the first place.

This is a little known fact that is brewing up into a perfect storm a few years down the line when people realise what is happening.

summer33

thanks for replies. I think will give the wonga a miss. I didnt want to ...but felt today no other choice.

I am just getting apr interest rate for mortgage and then will do the SOA. All out other debts do not have interest as have all gone to debt collectors.

I have porned most of my rings, and 4 are due out next month I have 2 gold ones left, so will have to !!!!!! them now i think, although doubt I will get much for them. That was another reason why I didnt want to get a wonga loan as know I gotta get them rings next month, also this years council tax will start, and just made an arrangement to finish clearing this years council tax.

Oh where to begin, this just gets better and better.....how hard is life and bills.....

FireWyrm

summer33 wrote: »

thanks for replies. I think will give the wonga a miss. I didnt want to ...but felt today no other choice.

I am just getting apr interest rate for mortgage and then will do the SOA. All out other debts do not have interest as have all gone to debt collectors.

I have porned most of my rings, and 4 are due out next month I have 2 gold ones left, so will have to !!!!!! them now i think, although doubt I will get much for them. That was another reason why I didnt want to get a wonga loan as know I gotta get them rings next month, also this years council tax will start, and just made an arrangement to finish clearing this years council tax.

Oh where to begin, this just gets better and better.....how hard is life and bills.....

Chin up, there's always a way. Complete an SOA and post it - let us see what we can suggest.

kindofagilr

Massive massive (((hugs))))

Post up a SOA as soon as you can and all the lovely people here will be able to help point out where you might be able to save money xx