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Paydayloan Struggle
RJc
Posts: 11 Forumite
Was advised to post in this forum for some advice/help with my current finical situation. Not sure if I filled the form out correctly, I put the debt amounts at what they stand at today, then the monthly repayments and APR.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 910
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 910
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 320
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 9.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 388.99
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(320)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Sunny..........................336.42....134.......292
Lending Stream.................614.62....249.......1333
Satsuma........................147.6.....49.2......1575
CreditCard.....................345.89....37.21.....0
Myjar..........................1100......164.......237
Loans2go.......................250.......56.64.....990
Unclebuck......................200.......66.58.....1011
MrLender.......................250.......91.46.....1256
WageDay........................252.8.....253.......0
Swift Sterling.................500.......249.......1273
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 3
Monthly Income Details
Monthly income after tax................ 910
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 910
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 320
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 9.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 388.99
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(320)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Sunny..........................336.42....134.......292
Lending Stream.................614.62....249.......1333
Satsuma........................147.6.....49.2......1575
CreditCard.....................345.89....37.21.....0
Myjar..........................1100......164.......237
Loans2go.......................250.......56.64.....990
Unclebuck......................200.......66.58.....1011
MrLender.......................250.......91.46.....1256
WageDay........................252.8.....253.......0
Swift Sterling.................500.......249.......1273
0
Comments
-
Hi,
Four adults and 3 cars yet no tax, insurance, Petrol or servicing costs, and only £910.00 income between you ?
You need to fill in all your monthly expenses honestly, so something in most categories, you need to be totally honest to get a realistic picture of your situation.
According to this SOA you don’t eat, pay council tax, have electric or gas, pay rent or mortgage, go out, or have a hair cut etc etc.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I'm guessing this is someone that lives with their family and doesn't contribute to most expenses?0
-
My son is in a similar situation - living at home, has a motorbike on HP, insurance, pays us a bit of rent - very little else in terms of outgoings monthly. Got himself in a right mess with payday loans. Step Change (or any of the other debt charities I guess) can help you to sort this out. I suggest you make contact with them.
Good luck getting it sorted.0 -
sourcrates wrote: »Hi,
Four adults and 3 cars yet no tax, insurance, Petrol or servicing costs, and only £910.00 income between you ?
You need to fill in all your monthly expenses honestly, so something in most categories, you need to be totally honest to get a realistic picture of your situation.
According to this SOA you don’t eat, pay council tax, have electric or gas, pay rent or mortgage, go out, or have a hair cut etc etc.
The adults include myself, my mother, her partner and a lodger. One car is mine which I decided to sorn to save money to help pay for these loans. As for the income me and my mum both work where we live as its a convenience store she owns, odd weeks she will be able to help but business is tight so she can't help much, and I wouldn't expect her to.
Going out, haircuts, new clothing etc I don't mine putting on the back burner to have these paid off as soon as possible.0 -
In that case, do an SOA based solely on you. 1 person 1 car.
Format it for MSE and copy the whole SOA so we can see the full calculations. Some of those smaller debts with eye-watering interest rates should be easily clearable but you need to get on to Step Change for advice to hopefully freeze the interest.
https://www.stepchange.org/debt-info/your-rights/freezing-interest-and-charges.aspxYou can have results or excuses, but not both.Challenge - be 14 Stone BY XMAS!
0 -
Updated to 1 person, also added a few bits and bobs like haircut, entertainment etc just so I have something left over.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 910
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 910
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 320
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 9.99
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 20
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 488.99
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 0........(320)......0
Total secured & HP debts...... 0.........-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Sunny..........................336.42....134.......292
Lending Stream.................614.62....249.......1333
Satsuma........................147.6.....49.2......1575
CreditCard.....................345.89....37.21.....0
Myjar..........................1100......163.......237
Loans2go.......................250.......56.64.....990
Unclebuck......................200.......66.58.....1011
MrLender.......................250.......91.46.....1256
WageDay........................252.8.....253.......0
Swift Sterling.................500.......249.......12730 -
Is your phone on contract - you can get decent SIM only deals for a tenner. I pay £9 per month for mine with unlimited texts, calls and 4gb data (from plusnet)Little One born 19/12/18
5/5/18 I became Mrs Pie
FTB June '17 - £144k mortgage, £134k remaining0 -
Are you going to contact Step Change or go it alone?You can have results or excuses, but not both.Challenge - be 14 Stone BY XMAS!
0 -
Monthly income after tax................ 910
Total monthly expenses.................. 488.99
Unsecured Debts
Description....................Debt......Monthly...APR
Sunny..........................336.42....134.......292
Lending Stream.................614.62....249.......1333
Satsuma........................147.6.....49.2......1575
CreditCard.....................345.89....37.21.....0
Myjar..........................1100......163.......237
Loans2go.......................250.......56.64.....990
Unclebuck......................200.......66.58.....1011
MrLender.......................250.......91.46.....1256
WageDay........................252.8.....253.......0
Swift Sterling.................500.......249.......1273
Total unsecured debt repayments = £1,349.99
No amount of cutting back is going to address the fact that you have debt repayments that are 50% more than your takehome pay.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
I'm assuming the £320 under HP is for the car? Can you sell the car? How much is it worth compared to what you owe?You can have results or excuses, but not both.Challenge - be 14 Stone BY XMAS!
0
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