Should i get a wonga loan

thecassman86

kindofagilr wrote: »

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

Wow, kids really aren't cheap are they !

National_Debtline

Hello there,

The £188.40 you have placed within the budget, is that for your child benefit?(you've actually put in a 4-weekly figure, the monthly figure is £204.10).

Your mortgage is a priority debt, rather than take out a loan to clear the arrears you should be able to negltiate with the lender. The general approach is to pay your mortgage plus a tiny bit extra towards the arrears. We have a very useful guide to dealing with mortgage arrears which you can find here: http://www.nationaldebtline.co.uk/england_wales/guide.php?page=guide-mortgage-arrears

£240 per month seems very high for council tax, is this the correct figure?

You should look to reduce the payments on all of your 'non-priority' credit debts to the bare minimum of £1 per month if possible.

Also consider being proactive with the nursery, you may find that they are accommodating given the circumstances.

Best wishes,

David @ National Debtline.

DomRavioli

Hi OP,

400 a month is a LOT for groceries! Pop on over to the Old Style Board (we're in the Household and Travel section of the forum) where we do a monthly grocery challenge, and there are loads (and I mean loads) of ways to save the pennies on pretty much everything.

If you do go over to the Old Style (OS) board, post what you have in your cupboards, and how much money you have in the kitty - there are some ingenious lovelies who will make your budget stretch in ways you couldn't imagine!

I would also be cancelling the Sky/Cable TV - right now, you can't afford it so it has to go! Thats 35 a month saved (not 250 but it helps!)

£50 for entertaining can also be jacked in - there's nothing a cosy night playing cards (or whatever you have already at home/can borrow from friends or family - most of them have been in this situation!) can't fix, and your kids and OH will remember the time spent, not the money.

Same again with the landline - unless it is absolutely vital, or you are tied into a contract, get rid.

Are there any local car boot sales/table top sales over the weekend? Get digging in the kids rooms (toys always go well) and be prepared to let things go for something rather than taking them home again - hopefully fixes the ebay problem and its cash when you need it.

£18 for the haircuts - when you're broke, they can wait! if it is for boys, ask if friends have clippers, and use videojug/youtube/ehow/wikihow for videos - for girls, it doesn't matter so much if its a bit tatty, just trim the ends (I didn't have a haircut in a salon until I was 17 years old and I turned out ok!)

Its all the little things that add up to the big things.

Hope to see you over on the OS boards soon!

Niki

summer33

yes I agree elec is high, we are on a prepayment meter. We are with british gas and i did a comparison on the site the other night and it said, i could get no cheaper. I try my best to keep it at a low.

Tv licence is correct as like most bills, i leave for few months, and then it pops up to bite me on the bum, so I have had to start from scratch with them, it will reduce down in may to the £12.00

Childcare is correct, it is approx £360-£420 a month, depending on days in month ( as she goes in 3 days a week £30 a day ) It is £480 as again have arrears, so need to increase payments. I owe the nursery £280, once thats cleared, it will be the £360 or £420 a month.

Car insurance is correct. No bad driving history, have over 10 years no claims, husband is on as additional driver too.

When kids need clothes, we just find the money from somewhere, and this is probably the problem as bills get missed and then it doubles up the next month not good at all

FireWyrm

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 CHB only? Are there any other tax credits you should be claiming? Your earnings are pretty low, I thought there would be some tax credits in there somewhere.
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 Ah...know you are paying arrears, but you have got to drive yourself and lower this. At the moment, my electricity bill is half that per month. Seriously think about switching to the likes of Co-Op who have less standing charges.
Gas..................................... 80
Oil..................................... 0
Water rates............................. 64.25
Telephone (land line)................... 15.99 You can save £60 a year by paying up front for this. I know it isnt possible yet, but a long term issue you could easily rectify.
Mobile phone............................ 35 PAYG?
TV Licence.............................. 36.97 Huh? Last I looked it was £12.12 a month. In any case, you dont need a license if you only watch catch up and lovefilm types. You could get rid of this.
Satellite/Cable TV...................... 35.99 get rid of it....there must be other things to occupy your time and mind.
Internet Services....................... 0
Groceries etc. ......................... 400 Big savings to be made here. I have the same size family and I do just fine on £250.
Clothing................................ 0
Petrol/diesel........................... 120 Every month? Always? Is this a guess or you know for sure? You need to investigate this.
Road tax................................ 0
Car Insurance........................... 56.97 Yikes. What are you insuring? Shop around. Your car is worth £1500 and your insurance is £600 a year...that isnt right.
Car maintenance (including MOT)......... 0 Yeah, this'll bite you in the bum next year. You need to get a handle on your finances now or you'll be up a creek when you next come to MOT. I've just spent £200 and that is pretty normal for the year.
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480 Any chance of vouchers or salary sacrafice?
Other child related expenses............ 64 Cant afford it right now. It goes.
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 Every month? You cant manage this right now. You need every penny.
Entertainment........................... 50 Just, no. You must know this.
Holiday................................. 0
Emergency fund.......................... 0
School Trip Debt........................ 50 Hmmm... No more trips for now. I know it is gut wrenching but you are sinking, stop digging holes.
Total monthly expenses.................. 2363.17 Right, even if your SOA is accurate (and most definately arnt) you are sinking at the rate of £50 a month. This has to stop. Your entertainment budget would mean you break even at least and then you can start to make headway.


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


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

My suggestions above.

However, you have a bigger problem and that is you are living right on the edge of affordability, something you already know. Are there any opportunities to increase salaries? Evening jobs? Anything?

You have to repay £15K which sounds a lot but really, people have done far more with a lot less so dont feel defeated just yet.

You absolutely must be sure where every penny is going. Experience tells us that most people have a fairly selective memory when it comes to the SOA - it is more a wish than a realistic reflection of actual spending. Are you sure that this is completely correct? I suggest getting bank statements for the last 3 months and literally going through them transaction by transaction. I am suspicious of that petrol spend, your TV license is definitely wrong and you can do something with the power and insurance bills, not to mention the food bill. What have you got in the house right now to eat? Could you go a week on the store cupboard items if you had to for instance? Can you find some money by just doing something like that for two weeks? I know those types of meals get monotonous, but really, you need to get some wiggle room here.

summer33

Thanks for all suggestions so far.

I think the only place for improvement is trying to reduce the shopping, and entertainment type stuff.

Any ideas on the gas and elec though, I know it is high, dont know why,

bambos

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 Very High is this debt from last year?
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 64.25
Telephone (land line)................... 15.99 Does this include Internet?
Mobile phone............................ 35 Get a PAYG
TV Licence.............................. 36.97 Very High is this debt from 2013?
Satellite/Cable TV...................... 35.99 Get Freeview
Internet Services....................... 0
Groceries etc. ......................... 400 You need to reduce this down. Have you tried shopping at Aldi or Lidl?
Clothing................................ 0
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 56.97 This is high, have you used a comparison site?
Car maintenance (including MOT)......... 0 Nothing?
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 480 Can this be changed or reduced in any way?
Other child related expenses............ 64 In addition to the above expenses?
Medical (prescriptions, dentist etc).... 0 Never?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0 None?
Contents insurance...................... 0 As above???
Life assurance ......................... 0 I think this is important
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0 You need to budget for this
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

I hope this has assisted somewhat. I think you need to look at where your monthly budget is going as you seem to be spending a lot on bills and not so much on things which will become 'unexpected costs' such as car MOT or repairs, you also do not appear to have any buildings or contents insurance which I think is very important as you would be up the creek without a paddle if something happened.

Your food shopping bill could be reduced, do you use Aldi? Do you meal plan and use up what's in the house?

Definitely look at putting some things on Facebook, E-Bay, Gumtree etc.

Maybe look at Avon/Betterwear, you could also look at doing house cleaning, ironing or dog walking, even babysitting.

It's a good thing that your debts are now at 0% as any payments will start to eat at the debt rather than the interest. Could you maybe look at some overtime when your partner is at home? Evening work? Leaflet delivery? Takeaway delivery driving? Or maybe a 0 contract hours with a supermarket just to get some extra pennies?

Are you sure your getting the correct benefits? Child benefit and child tax credits? You should be getting your renewal letter soon.

Are any of your children at pre-school? If so check to see if your local council are running the 2 year old funding pilot scheme. If your child is 3 you should get up to 15 hours funded automatically.

Hope this has helped.

summer33

Thanks again.

The tv licence is correct, as failed to pay, so went on new arrangement.

The other childcare costs for £64.00 is my 2 older childrens dinner money. £8.00 each per week.

The council tax is high, as owe £458.00 from last years.

Mobile phone is on a contract, and that includes my phone also, with texts and calls.

I have the last 2 weeks started shopping in Aldi and seen the difference in cost as use to shop in asda.

Fuel is high each month, i put down as £30, but can vary from £25-£30 a month. Main problem with this, is kids go to a school were my husbands mum lives, (different area to us) as she use to collect them. She no longer collects, hence high childcost fees now, so I am travelling with them to school, then back on myself to go to work. This is a huge chunk of our fuel, but we have decided to move the kids school in Sept, but may consider doing it sooner, to a school closer to home????? Dont know

kindofagilr

thecassman86 wrote: »

Wow, kids really aren't cheap are they !

They really arent lol xx

kindofagilr

OP how old is your youngest? just wondering if she is nearing the free 15 hours a week yet xx