Should i get a wonga loan

[Deleted User]

marliepanda wrote: »

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

How long had you been a part of the pension scheme? If it's under 2 years some schemes will simply refund your contributions (less any employer match, tax relief and salary sacrifice). Refund of contributions is perfectly legal, however based on the amount of money that the OP earns I'm doubtful that £3,000 is what they could have contributed to their pension in under 2 years.

The specific circumstance is very important, need to ascertain what happened with the scheme that the OP was a part of first Entirely possible that her situation was genuine, but it's also possible that it wasn't, which can have tax implications.

summer33

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"?

Ok I worked for a company for 8-9 years. Got made redundant. Had paid into that pension all that time. When I left I just left the pension with the current people it was with. At the moment cannot remember off the top of my head. I never moved it, or paid into it anymore.

I use to receive regular statements from the company it was with. One day my friend who i use to work with rang me and said she had rang the pension company, asking if she could cash in the pension, and they said yes, as was under the £18000.

I rang the company it was with, and they said would put it through for me also. I also paid tax on it. I never went to an independant company as would not want them to get a cut of my pension.

So can confirm it was all above board. I also adv the HMRC of this when I got my renewals through last year, as they told me how much I had earned, and couldnt understand why it was not showing this much on my P60, and then realised it was my pension pay out. HMRC didnt have a problem with it.

marliepanda

citricsquid wrote: »

How long had you been a part of the pension scheme? If it's under 2 years some schemes will simply refund your contributions (less any employer match, tax relief and salary sacrifice). Refund of contributions is perfectly legal, however based on the amount of money that the OP earns I'm doubtful that £3,000 is what they could have contributed to their pension in under 2 years.

The specific circumstance is very important, need to ascertain what happened with the scheme that the OP was a part of first Entirely possible that her situation was genuine, but it's also possible that it wasn't, which can have tax implications.

About two months forgot to opt out if the auto enrol

Also sounds like they got more than 3k, the caravan was 3k and they say they also paid off family debts.

summer33

citricsquid wrote: »

How long had you been a part of the pension scheme? If it's under 2 years some schemes will simply refund your contributions (less any employer match, tax relief and salary sacrifice). Refund of contributions is perfectly legal, however based on the amount of money that the OP earns I'm doubtful that £3,000 is what they could have contributed to their pension in under 2 years.

The specific circumstance is very important, need to ascertain what happened with the scheme that the OP was a part of first Entirely possible that her situation was genuine, but it's also possible that it wasn't, which can have tax implications.

it is genuine. The company I worked for contributed too. I did pay tax on it when they paid it out.

Mr_F_Dorsetty

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

If you have a substantial amount of things to sell on E bay I suggest you find yourself an Ebay broker.

A friend of mine was emigrating and found a guy near him who did this. The man collected all the goods, put all the goods on Ebay, posted all the goods and charged 30% of the sale price for that.

Which I think was a bargain and certainly my friend sold things for not only more than they cost him on occasion, but he also sold stuff he would have just binned.

Worth a thought imo

summer33

citricsquid wrote: »

How long had you been a part of the pension scheme? If it's under 2 years some schemes will simply refund your contributions (less any employer match, tax relief and salary sacrifice). Refund of contributions is perfectly legal, however based on the amount of money that the OP earns I'm doubtful that £3,000 is what they could have contributed to their pension in under 2 years.

The specific circumstance is very important, need to ascertain what happened with the scheme that the OP was a part of first Entirely possible that her situation was genuine, but it's also possible that it wasn't, which can have tax implications.

Just to clarify regarding earnings. When I worked for the other company I was full time, as never had children, and then when I had my first went back full time from maternity, as my mum looked after him. I only went part time after I had been made redundant, when I had my 2nd child.

summer33

kem10 wrote: »

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!

I agree and see exactly were you are coming from. I think for the time being though, I am going to see if I can really reduce the food shopping, as I know I am paying far to much when I shop in asda, as know I can get the same in Aldi for cheaper Hopefully I can hit the council tax with the savings, and once that done, pay more towards the mortgage arrears.

I would just like to keep hold of the caraven as do love it and think is important I know noone will agree, but going to try my best this year to cut down on everything.

Once council tax arrears sorted, debt for school trip, and water arrears, and tv licence reduces that will free up some extra income,.....in meantime just gotta have some cutbacks.

kindofagilr

summer33 wrote: »

Can your daughter do 2.5 days at nursery? (my sons preschool they can do 2.5 days or, 5 mornings, or 5 afternoons)

Just then if she did 2.5 days then could you get her after work and you would just need childcare for her for 1.5 days?

Does that make sense xx

I dont think she can do as the half day, I would need to collect her for 1pm, and I work till 3pm, so dont really want to reduce my hours.[/QUOTE]

My thinking was she could to 2.5 days and you could maybe get a child minder for the 1.5 days extra that you are at work? That should be less than £100 xx

summer33

kindofagilr wrote: »

I dont think she can do as the half day, I would need to collect her for 1pm, and I work till 3pm, so dont really want to reduce my hours.

My thinking was she could to 2.5 days and you could maybe get a child minder for the 1.5 days extra that you are at work? That should be less than £100 xx[/QUOTE]

thanks for that. I may look into that to see if can save any money, although do like her being in nursery and being with other children. Will consider it though, if it makes savings for me.

Think may also consider moving the boys school sooner than September, as will see savings with my fuel costs, but then on the other hand will have to buy new uniform.........:(

kindofagilr

She would still be in nursery (preschool) for 2.5 days though so still with kids xx

Hugs Hun, your doing great