Loan advice needed

skintboater

I have search this forum but cant find any relevant posts. So, here we go.


I got into credit card debt but while I was working I managed to keep up the minimum payments.


On 2nd November I was layed off (it was a temporary contract). So I entered into an agreement with my debtors via CCCS.
With my final pay + holiday pay due I have managed and will be able to pay my way until the end of this month. (I was banking on getting a job before now!).


Anyway, the good news is that I have got a job which I start on March 8th.


My predicament is.... I don't get paid until the end of March.
In addition to my normal monthly payments I have one annual bill of £260 that is due in the fist week of next month. I will also have to find (up front) the money to travel to my new job (38 mile round trip per day) and it is in a remote area, so public transport is out of the question.
I have done a budget plan and I will need £220 to keep me going until pay day. This gives a total of £480 that I need to borrow.
A pay-day loan is no good because the £480 + their fees that they will take in one lump sum will screw me up for the following month and so on. (even if they would take me on – because at the moment I am still unemployed).


I applied for a Budgeting Loan but it was refused.


I applied for a bank overdraft but that was also refused.


The crunch is that once I get through the 1st month I will have no problem paying a loan off for this amount. But I can't get one through 'normal' channels because of my bad credit record.


Does anyone know of a way I could borrow this money at reasonable terms, and/or if possible suggest a reasonable company?


Any other advice would also be gratefully received.


Thanks

skintboater

My post has had 77 views but not one single reply!
I am new to this forum. Have I done something wrong!

triticale

I'm afraid I don't really have any useful suggestions, just replying to keep your lonely thread company!

Your situation really is a toughie. I doubt you'll be able to get the money at reasonable terms, so in your situation I would try to borrow from family or friends. Not ideal, but I can't see many other options.

Anything you can sell on ebay to raise a bit of cash? Any odd jobs you could do for cash?

Not sure what else to suggest, but good luck.

Wildside

I'm not much help either but I had similar situation years ago re getting a job but needing travel costs, which was about £25 a day or a few the hundred for a season ticket.
I guess you have tried friends & family already, what are the travel costs, if it is public transport the company may give you a season ticket loan.
What is the £260 annual bill you need to pay? is it something you could delay paying for, pay monthly instead or annual or shop around for a cheaper rate (if it is insurance or something like that).
When I had the similar situation I rang Eclectic company (I was paying by DD) and asked if I could skip that months payment & pay a few pound more the following months to catch up, they were great & accepted that, then I called other companies (can't remember all of them) most said yes to either skipping a month or paying a reduced amount for a month or two. (I was completely honest with them about getting the new job & waiting a month before getting paid & I was not in debt with any of them at the time).
It's just whatever you can do to reduce that £480 will help. Also if the employer would give you an advance to help with travel costs you might be able to spread the repayment over a couple of months, not all employers will do it but some large companies will, e.g. £300 advance, pay back £100 (deducted direct from wages) each month for first 3 months, much better than a loan as no interest/fees.
Don't know if a credit union would help? I really don't know much about them, might have to belong to one a while before you can borrow but hopefully some one else who knows these things will see this thread and post a reply soon.
Good luck with the new job.

Wildside

Can any one with some loan experience help the OP a bit more?

taxi73

My understanding is that he isn't allowed to take on any credit while in a payment arrangement with CCCS.
The only thing I can think of is provident/greenwoods.

Jeff77

If you're in cases like this, have a credit card debt, better pay it with your money instead of a loan money. It would even be great if you can borrow money from your families or friends since that won't have interest and pressure on you.