Please stay away from flm loans

Hax

stevelatimer wrote: »

I can only echo what has already been said.

I got a loan with them about 6 months ago. What annoys me is there is no flexibility with them at all. I get paid weekly and sometimes I have asked to pay a day late to fall in line with my pay day. They just won't negotiate and take it from Dads account the following day. So I get charged and then have to pay my Dad.

Why is it their fault when it is YOU who are wishing to change the terms and conditions that YOU agreed to?

This sounds obvious to me, but can you not just save the money up and ensure it is present when the date to pay comes around?

opinions4u

stevelatimer wrote: »

I got a loan with them about 6 months ago. What annoys me is there is no flexibility with them at all. I get paid weekly and sometimes I have asked to pay a day late to fall in line with my pay day. They just won't negotiate

Use money from the previous week's income to pay them then.

They don't have to negotiate. You are meant to pay on time. Until you understand this basic concept you will always find credit expensive and hard to get.

What other responsibilities in life do you also treat so poorly?

Apples2

stevelatimer wrote: »

What annoys me is there is no flexibility with them at all.
Massive regret and I'm stuck with it for another 4 and a half years.

Good grief, you have only been repaying for 6 Months, how many have you missed already??

Why the massive regret??
What loan company would you rather be with who are happy that you you make your repayment.... whenever you feel like it??

Did you have ANY idea what taking a loan out meant?

:wall:

stevelatimer

I'm glad you all live in such an idealistic world! Must be nice for you.

All my other creditors dont mind me paying 1 day late but its a massive issue for them.

I cant save the money from the previous week cos I earn a part time pittance which doesn't even cover my cost of living so I can only pay right on the date, or the day after

~Brock~

stevelatimer wrote: »

I'm glad you all live in such an idealistic world! Must be nice for you.

All my other creditors dont mind me paying 1 day late but its a massive issue for them.

I cant save the money from the previous week cos I earn a part time pittance which doesn't even cover my cost of living so I can only pay right on the date, or the day after

If your payments to 'all your other creditors' were that satisfactory then why did you have to resort to using this company in the first place?

Also, if only earning a part time pittance (your words not mine) then perhaps you shouldn't have taken the loan in the first place then and - even worse - talked you old man into getting wrapped up in it also.

Credit is a priviledge and not a right. Learn to stop abusing it and you may find things easier in the future.

opinions4u

stevelatimer wrote: »

I'm glad you all live in such an idealistic world! Must be nice for you.

All my other creditors dont mind me paying 1 day late but its a massive issue for them.

I cant save the money from the previous week cos I earn a part time pittance which doesn't even cover my cost of living so I can only pay right on the date, or the day after

If you don't earn enough to repay on time perhaps it was a tad silly to borrow the money.

It is nothing to do with ideals.

Apples2

stevelatimer wrote: »

All my other creditors dont mind me paying 1 day late but its a massive issue for them.

That is very commendable of them, you do realise they are not obligated to do this?
You might want to keep an eye on your credit report just to make sure they aren't tagging the late payments against you.

stevelatimer wrote: »

I cant save the money from the previous week cos I earn a part time pittance which doesn't even cover my cost of living so I can only pay right on the date, or the day after

This is the real crux of the matter. You completely overstretched yourself by taking a loan you cannot service.
I take it the loan was a rash decision and not made after any kind of analysis of your income/expenditure?

Despite that, it is really quite simple. The day you get paid, you set aside everything you are due to pay before the next payday and don't touch it.

If you don't pay until your next pay cheque arrives, how do you pay the following payment? Surely you have already sent it to pay the last payment.

This spiral downwards is well documented on here, look in the DFW board to see how people have started falling behind, only small amounts (a day or two) at first, but then something occurs (boiler, car etc.) then it ramps up into disaster extremely quickly.

Hax

stevelatimer wrote: »

I cant save the money from the previous week cos I earn a part time pittance which doesn't even cover my cost of living so I can only pay right on the date, or the day after

I assume that you are making payments to this company on a monthly basis - with the payment being taken on or around the same time each month.

If so, then you should be receiving at least four weekly wage payments before the next month's payment on this loan is due. Are you really saying that your finances are so stretched that you are unable to save a quarter of the payment amount each month?

I would suggest that you head on over to the Debt Free Wannabe section and post up your SOA so that people can try to offer advice on how you can reduce your outgoings and increase your income so that you may be able to meet your financial commitments as you are clearly in financial trouble and unable to manage your current financial commitments.

stevelatimer

Hax wrote: »

I assume that you are making payments to this company on a monthly basis - with the payment being taken on or around the same time each month.

If so, then you should be receiving at least four weekly wage payments before the next month's payment on this loan is due. Are you really saying that your finances are so stretched that you are unable to save a quarter of the payment amount each month?

I would suggest that you head on over to the Debt Free Wannabe section and post up your SOA so that people can try to offer advice on how you can reduce your outgoings and increase your income so that you may be able to meet your financial commitments as you are clearly in financial trouble and unable to manage your current financial commitments.

Thanks for that. Might well do that.
When I took the loan I was with my long term partner who was working full time. So I was able to get some assistance from her. We split a few months ago so now I am on my own in both senses of the word.

Unfortunately my finances are so stretched that I would struggle to put a tenner aside every week. I literally spend every last penny on food and rail tickets to work once I have paid what bills I can. I generate odd bits of income from other sources which mean I can always get the payment together, just a day late sometimes.

I'm hoping the new year will bring new fortune on the job front. I simply can't believe the downward spiral my career has taken. Keep thinking that a new job is just around the corner. I fully intend to pay my debts once I get a job that at least gives me some spare income!

triticale

stevelatimer wrote: »

I literally spend every last penny on food and rail tickets to work once I have paid what bills I can.

Steve, there is a board here called Old Style Moneysaving which has a host of tips on frugality. If you read some of the stickied posts/indexes there is lots of useful stuff there on cutting food bills (meal planning, best deals, avoiding wastage etc).

It mightn't be your cup of tea long term but you might find some tips to help you spend less on food for a few months until you can get back on track with your payments.

Good luck