Should i get a wonga loan

crucian

Have you heard of Christians Against Poverty(CAP).They run money courses which will help you to look at your budget and is usually in a small group with others which can be supportive, the courses are usually once a week for a couple of hours for 3/4 weeks,they are also run debt centres.Once you have done the course you can refer yourself to their debt team who are often able to help with speaking to creditors and putting a budget together with you .The service they offer is all free they have helped thousands of people to get out of debt and budget their money better.check out their website there maybe a course happening near where you live.

summer33

crucian wrote: »

Have you heard of Christians Against Poverty(CAP).They run money courses which will help you to look at your budget and is usually in a small group with others which can be supportive, the courses are usually once a week for a couple of hours for 3/4 weeks,they are also run debt centres.Once you have done the course you can refer yourself to their debt team who are often able to help with speaking to creditors and putting a budget together with you .The service they offer is all free they have helped thousands of people to get out of debt and budget their money better.check out their website there maybe a course happening near where you live.

Thanks for that, i might consider that. At the minute my hubbie gets paid weekly and child benefit weekly, and I am monthly, and just dont know what it is, but I cannot seem to work out what to pay what and when. I feel like I am going thru a bit of a crisis, as just cannot get it together like I use to.

You know normally I am like oh its ok something will turn up, but at the moment I am just sick of pinching of peter to pay paul ( think thats the saying )

[Deleted User]

summer33 wrote: »

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.

Please can you clarify on this point. If you are under the age of 55 you cannot "cash in a pension", how did you "cash in" the pension? Through some sort of scheme? Is your partner over 55?

summer33

citricsquid wrote: »

Please can you clarify on this point. If you are under the age of 55 you cannot "cash in a pension", how did you "cash in" the pension? Through some sort of scheme? Is your partner over 55?

Yes I could "cash the pension in". We are both under 55. It was from were I use to work after being made redundant years ago. If you had under £18000 then you could apply and the released the pension.

I did not know though it is classed as a taxable income, and would therefore effect my tax credits.

marliepanda

summer33 wrote: »

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

Can you sell the caravan?

summer33

we could but now only worth bout £2000, so not gonna help much with the debts, I dont think. I have thought about that a lot, but it our little haven to get away from everything, and good for the kids. We started off with tent, then trailer tent, and then finally a cheap caravan.

I know we dont have the money to do anything, but the odd weekend trip we do have doesnt cost us much, and take the food from the house, and most of the time the sites are cheap as chips.

I know it is a luxury, but that is exactly what it is for us. I know a lot of you wont agree, but I think this is important, especially for the kids, as when we do go away, we do lots of walks, and fun things, that dont cost anything.

[Deleted User]

summer33 wrote: »

Yes I could "cash the pension in". We are both under 55. It was from were I use to work after being made redundant years ago. If you had under £18000 then you could apply and the released the pension.

The £18,000 limit is in relation to trivial commutation, it's an option that allows those with small pensions to take the entire amount as a tax free lump sum. However trivial commutation is not available to anyone under the age of 60, from the HMRC website: http://www.hmrc.gov.uk/pensionschemes/small-pen.htm#1

Even if your employer shut down you should have only been able to transfer the pension to another scheme, you cannot just withdraw cash from a pension, it's not allowed. There are a lot of various companies that provide "Pension liberation" which is ultimately a scam and can stick people with huge tax bills.

Please can you clarify the exact circumstance under which you withdrew the pension cash because this is very important. Did a third party firm approach you, or did your employer just say "As you're being made redundant here is £3000 from your pension"? Or were you being refunded your contributions? How many years did you have the pension for? Do you have any documentation from the "cash in"?

kem10

summer33 wrote: »

we could but now only worth bout £2000, so not gonna help much with the debts, I dont think. I have thought about that a lot, but it our little haven to get away from everything, and good for the kids. We started off with tent, then trailer tent, and then finally a cheap caravan.

I know we dont have the money to do anything, but the odd weekend trip we do have doesnt cost us much, and take the food from the house, and most of the time the sites are cheap as chips.

I know it is a luxury, but that is exactly what it is for us. I know a lot of you wont agree, but I think this is important, especially for the kids, as when we do go away, we do lots of walks, and fun things, that dont cost anything.

Hello Summer33

Whilst I see what you're saying about a break it does all add up. Fuel, paying for the site, the extra food you buy for going away etc.

Also at this point in the 2000 would do you a whole heap of good. It would be your £250 you're worried about paid off, your rings back and could go towards a debt or paying off arrears to reduce your monthly payments.

You've done the hardest part by posting here and everyone will help you as much as they can.

I like the suggestion of the kids earning their TV/Xbox time - might save you having to do the washing up too!

marliepanda

citricsquid wrote: »

The £18,000 limit is in relation to trivial commutation, it's an option that allows those with small pensions to take the entire amount as a tax free lump sum. However trivial commutation is not available to anyone under the age of 60, from the HMRC website: http://www.hmrc.gov.uk/pensionschemes/small-pen.htm#1

Even if your employer shut down you should have only been able to transfer the pension to another scheme, you cannot just withdraw cash from a pension, it's not allowed. There are a lot of various companies that provide "Pension liberation" which is ultimately a scam and can stick people with huge tax bills.

Please can you clarify the exact circumstance under which you withdrew the pension cash because this is very important. Did a third party firm approach you, or did your employer just say "As you're being made redundant here is £3000 from your pension"? Or were you being refunded your contributions? How many years did you have the pension for? Do you have any documentation from the "cash in"?

I was part of a Marks and Spencer's pension and when I left they let me take all the money out (all £60!!!)

marliepanda

A caravan and weekends away is a luxury you cannot afford, especially as you are in arrears with two priority debts (mortgage and council tax) and arrears with a lot else too.

Considering a wonga loan whilst having a £2k caravan is nonsensical

Weekends away with the kids won't comfort if you end up losing your house either.