social fund loan or not

Ames

I've got a bit of a dilemma. I really need a new mattress as the one I've got now is saggy and has loads of springs sticking up out of it. Next month is double DLA month, so I could get one out of that. But we've kept getting charges over the last few months when unexpected things have happened (DD's going out a few days early that kind of thing). So I'd like to keep the extra money as a buffer for surprises. I could get a social fund loan with no interest and get a better mattress (I could do with an orthopedic one I think), and also get a 'new' sofa, as mine the springs are going and I can get a decent second hand one from a charity shop for about £70. So what would you do, get a loan and a better mattress, or an ok mattress and hope things don't keep cropping up? I don't really want to get more in debt, but I don't want to keep getting charged either.

Cleosmum

The DDs going out shouldnt be unexpected, you know which days they are due so need to plan for them. Make sure you have them all on the same date, no surprises that way!

As for loan or DLA...hmm DLA you should be able to buy a £70 sofa and decent mattress and have some left over, so I would be inclined to say use the DLA and put the left over into your account to start building up a buffer. On the other hand, if you think you can leave the buffer alone, and can manage ok with the repayments being taken out, then go for the social fund loan, its interest free and you cant miss a payment as its taken out of your money. Just make sure you ask for more than you need, they rarely offer the full amount asked for.

notenoughcash

I know the social fund loan is interest free but personally I would rather save the few pounds per week until I had enough to buy the things I needed than them take it from my money. If you do have a week where a DD goes out and you are short it would be easier not to save that week than end up with a bank charge because they've taken your loan payment.

I agree with cleosmum that you know in advance of DDs leaving your account but also know from personal experience that the odd one can get the better of your bank balance. To stop myself from incurring bank charges I opened a second but very basic bank account. I transfer by standing order so much per week into it for my 'spending money' and the rest that stays in my main account is enough to cover all DDs plus a little extra that's building up nicely each month now. I know that as long as I don't touch my main account there will always be enough to cover my direct debits and I have more than enough to live on each week in my other account.

Lula-Hula

Hi Ames,

I think you'd be better off to save for new mattress & as for sofa - how about freecycle or Sally Army furniture project, def worth a look .
Good luck
lula x

angelflower_2

Ames wrote: »

I've got a bit of a dilemma. I really need a new mattress as the one I've got now is saggy and has loads of springs sticking up out of it. Next month is double DLA month, so I could get one out of that.

I think you have answered your own question, the rest is just justification. Stick with buying it yourself...believe me you will feel so much better.

Re the sofa...we all have things we could do with replacing but I would suggest one thing at a time...... get your nice new mattress this time around and next time you can get the sofa if needs be.

For the sofa, do try freecycle, shop around charity shops, see what furniture projects are in your area....I bet you will find a gem!!

ps....sounds like you may still be having budgetting issues. Have you tried contacting the bank to see if they will refund any of the recent charges....most banks will give you one or two grace charges. Also, dont know anything about ur dd but if she is old enough to work then she should try make her own money for days out, if not old enough then she needs to learn about your budget and that she cannot have if you dont have.....

Ames

I just find it hard to budget for DD's when I get two payments in one month because of changing supplier. I tried to change the date, they said no problem and that it'd gone through but then it still came out on the 1st not the 5th.

I thought about Freecycle but it would cost more for a man and van to get it here than I'd pay from the charity that helps people on low incomes.

I don't have a child, DD means direct debit.

I daren't ask for my charges back in case they downgrade my account to a basic one without a debit card, I need it for when I can't get out of the house and have to buy essentials online.

Burlesque_Babe

I don't think they will downgrade your account - I've not heard about people having this happen. I claimed back a few thousand over a year ago from the Abbey and they didn't even bat an eyelid. Even if they did, basic accounts come with Electron or Solo cards and have facilities to pay in salary and arrange DD's (and if they don't - move to one which does)

I would second (or third possibly) asking on freecycle , even if it's just to tide you over.

Ames

Another quick point about budgeting better, benefits are paid four weekly so the date that dd's go out in relation to when the money goes in changes throughout the year. Once a year I get an extra payment to cover this. So that's what I want to do - keep the extra payment to tide over those longer months. But I really need the mattress, I can't keep sleeping on one with two inch spikes sticking out of it, and really it needs to be an orthopedic one that's more expensive.

Sorry if I didn't explain properly in my first post.

Again about freecycle, it's more expensive to pay for a man and van than it is to go to Emmaus.