Should i get a wonga loan

Danni-R

If e-bay isnt any good quantity wise, could you sell the little ones clothes and old toys on Facebook? There are loads of selling sites around.

summer33

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 867
Partners monthly income after tax....... 1256
Benefits................................ 188.4
Other income............................ 0
Total monthly income.................... 2311.4

Monthly Expense Details
Mortgage................................ 536
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 240
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 64.25
Telephone (land line)................... 15.99
Mobile phone............................ 35
TV Licence.............................. 36.97
Satellite/Cable TV...................... 35.99
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 56.97
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480
Other child related expenses............ 64
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................................ 18
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
School Trip Debt........................ 50
Total monthly expenses.................. 2363.17


Assets
Cash.................................... 0
House value (Gross)..................... 1300000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1301500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 1223538..(536)......4.65
Total secured & HP debts...... 1223538...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Ruthbridge.....................224.17....2.........0
Link Financial.................2339......2.........0
Barclaycard....................388.06....2.........0
Credit Security................606.3.....10........0
Wescot.........................976.97....25........0
Shoosmiths.....................1664......10........0
Capital One....................742.61....2.........0
Wescot.........................6779......5.........0
Lowell.........................1749......2.........0
Total unsecured debts..........15469.11..60........-


Monthly Budget Summary
Total monthly income.................... 2,311.4
Expenses (including HP & secured debts). 2,363.17
Available for debt repayments........... -51.77
Monthly UNsecured debt repayments....... 60
Amount short for making debt repayments. -111.77

Personal Balance Sheet Summary
Total assets (things you own)........... 1,301,500
Total HP & Secured debt................. -1,223,538
Total Unsecured debt.................... -15,469.11
Net Assets.............................. 62,492.89


Here is my SOA.

The council tax and water are high, as I have included what will need paying next month, as paying the last bit of last years and starting this years.

Same as water, my husband has a ccj for last years and we paying £26.25 for that and then this years will start next month.

All the debts are interest free as gone to debt agencies. ( suppose thats something positive )

I haven't included this, but next month I have to get 4 rings that I have porned out of the jewellers, totalling £171.00

Any suggestions would be greatly received by me

kindofagilr

One quick thing is you and your OH earn about the same as me and OH, we have 2 kids, and we get more benefits than that? are you sure you are claiming all you can xx

[Deleted User]

You've made a small error with the value of your house on the SOA, you've written £1,300,000 instead of £130,000

Have you spoken with any of the debt charities, eg: StepChange? Your situation definitely needs professional help because of the involvement of mortgage arrears.

kindofagilr

summer33 wrote: »

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 867
Partners monthly income after tax....... 1256
Benefits................................ 188.4 Can you check this
Other income............................ 0
Total monthly income.................... 2311.4

Monthly Expense Details
Mortgage................................ 536
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 240
Electricity............................. 80 A Smidge High
Gas..................................... 80 A smidge high
Oil..................................... 0
Water rates............................. 64.25
Telephone (land line)................... 15.99
Mobile phone............................ 35
TV Licence.............................. 36.97 This seems high? mine is £12.12
Satellite/Cable TV...................... 35.99 Can you reduce this at all
Internet Services....................... 0
Groceries etc. ......................... 400 This could come down
Clothing................................ 0 I think you should have something in this with 3 kids
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 56.97 This seems high for one car
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480
Other child related expenses............ 64
Medical (prescriptions, dentist etc).... 0 Do you never have these?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 No home insurance at all?
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 Something should be here as I think you will spend some and not realise it? iyswim
Haircuts................................ 18
Entertainment........................... 50 £600 a year??
Holiday................................. 0
Emergency fund.......................... 0
School Trip Debt........................ 50
Total monthly expenses.................. 2363.17


Assets
Cash.................................... 0
House value (Gross)..................... 1300000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1301500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 1223538..(536)......4.65
Total secured & HP debts...... 1223538...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Ruthbridge.....................224.17....2.........0
Link Financial.................2339......2.........0
Barclaycard....................388.06....2.........0
Credit Security................606.3.....10........0
Wescot.........................976.97....25........0
Shoosmiths.....................1664......10........0
Capital One....................742.61....2.........0
Wescot.........................6779......5.........0
Lowell.........................1749......2.........0
Total unsecured debts..........15469.11..60........-


Monthly Budget Summary
Total monthly income.................... 2,311.4
Expenses (including HP & secured debts). 2,363.17
Available for debt repayments........... -51.77
Monthly UNsecured debt repayments....... 60
Amount short for making debt repayments. -111.77

Personal Balance Sheet Summary
Total assets (things you own)........... 1,301,500
Total HP & Secured debt................. -1,223,538
Total Unsecured debt.................... -15,469.11
Net Assets.............................. 62,492.89


Here is my SOA.

The council tax and water are high, as I have included what will need paying next month, as paying the last bit of last years and starting this years.

Same as water, my husband has a ccj for last years and we paying £26.25 for that and then this years will start next month.

All the debts are interest free as gone to debt agencies. ( suppose thats something positive )

I haven't included this, but next month I have to get 4 rings that I have porned out of the jewellers, totalling £171.00

Any suggestions would be greatly received by me

Ive answered in red, hugs hun, well done for posting SOA xx

Cotta

Electricity is too high at £80 per month - what is this being used on?

TV licening also looks incorrect at £36 pm this would equate to £432 PA.

Get rid of sky - saving £36 p/m.

£672 for car insurance is also too high, do you have a bad driving history?

£480 childcare per month is crazy, not an expert in this area but is this normal?

summer33

My tax credits is up the wall at the moment. I have got overpayments from past few years. I have appealed but they rejected it. Also what messed it was last year I cashed in a pension and they classed this as extra income for last year, so it looked like I earned more than I actually did.

With the pension money we bought a cheap little caravan for £3000 for little hols, and the rest went on debts we owed, mainly to family. If I had know it was going to effect my benefits, I wouldnt have cashed it in

kindofagilr

Cotta wrote: »

£480 childcare per month is crazy, not an expert in this area but is this normal?

With 3 kids I can see this being right, I know nursery can be £35-£50 a day, it depends on OP's kids ages, could be nursery fees or before and after school club fees xx

thecassman86

summer33 wrote: »

[tt]Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 867
Partners monthly income after tax....... 1256
Benefits................................ 188.4
Other income............................ 0
Total monthly income.................... 2311.4

Monthly Expense Details
Mortgage................................ 536
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 240 Wow! How much longer do you have to pay for last years?
Electricity............................. 80Is this £80 combined? Or for each? It's high if for each, have you considered comparison sites?
Gas..................................... 80
Oil..................................... 0
Water rates............................. 64.25
Telephone (land line)................... 15.99
Mobile phone............................ 35 You can't afford this. How much longer is left on the contract?
TV Licence.............................. 36.97 Presumably this is quarterly? I'd call them to get it monthly if i were you.
Satellite/Cable TV...................... 35.99 You can't afford this and should cancel until you're back on your feet.
Internet Services....................... 0
Groceries etc. ......................... 400 This can be cut. I know there are 5 of you but some people on here feed 5 people on much much less than that.
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 56.97
Car maintenance (including MOT)......... 0 Nothing ever?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480 Whoa! Any way to cut this at all?
Other child related expenses............ 64 What's this for?
Medical (prescriptions, dentist etc).... 0 Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 No Buildings and contents insurance??
Life assurance ......................... 0 No Life Assurance??
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 18
Entertainment........................... 50 Cut?
Holiday................................. 0
Emergency fund.......................... 0
School Trip Debt........................ 50 How long left?
Total monthly expenses.................. 2363.17


Assets
Cash.................................... 0
House value (Gross)..................... 1300000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1301500


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 1223538..(536)......4.65
Total secured & HP debts...... 1223538...-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Ruthbridge.....................224.17....2.........0
Link Financial.................2339......2.........0
Barclaycard....................388.06....2.........0
Credit Security................606.3.....10........0
Wescot.........................976.97....25........0
Shoosmiths.....................1664......10........0
Capital One....................742.61....2.........0
Wescot.........................6779......5.........0
Lowell.........................1749......2.........0
Total unsecured debts..........15469.11..60........-


Monthly Budget Summary
Total monthly income.................... 2,311.4
Expenses (including HP & secured debts). 2,363.17
Available for debt repayments........... -51.77
Monthly UNsecured debt repayments....... 60
Amount short for making debt repayments. -111.77

Personal Balance Sheet Summary
Total assets (things you own)........... 1,301,500
Total HP & Secured debt................. -1,223,538
Total Unsecured debt.................... -15,469.11
Net Assets.............................. 62,492.89

Annotations in red.

I don't mean to sound harsh but i'm surprised you're even considering Wonga loans etc when you're already not meeting your month to month spend.

Any chance of extra work for either you or OH? I understand you have 3 kids but is there any leeway for that at all?

How are you intending to pay £171 to the jewellers? More debt? I'd honestly say you really shouldn't do that...

There are things you can cut back though, best of luck

kindofagilr

How is the tax credits overpayment being paid?? are they clawing it back from anything you are entitled to now? xx