Asda Personal Loans

bach230

I took out an Asda Personal loan last August for £3000 to buy a used car for myself as my last one was on its last legs. I’m now obviously 11-12 months into this loan at which point I was advised I could increase my loan if I needed to.

I went on the Asda website yesterday and it said that they were no longer doing Personal loans and that they were devising a new system which should be in place soon to help people out in the future.

I posted earlier this week saying that my hubby was looking into getting a £7000 loan to cover different things but he has been refused this. His parents are therefore planning to loan him £500 to put towards driving lessons as he is desperate to drive and the sooner he does get driving the better as it could mean better prospects for jobs for him. My mum has now offered to lend us £120 for us to go on holiday to a family caravan next week. Originally this money was going to come out of my ISA savings of which I have £720.60 currently but I have just had to put all of my wages (£1040) into the joint account to cover the overdraft meaning that I have £61 to my name in my own current account. My husband wants me to be able to at least have some money down on holiday to mainly help out with costs of food – he is taking around £200 which he has managed to save which will help towards costs of food. I am prepared to take some money out of my ISA but not a huge amount as its supposed to be my savings – I’ve had to dip into it so much over the last 3 years since we moved into our own house, I could have probably had £3000-£4000 in there by now!!

Anyway, does anyone know if Asda Personal loans group will still allow me to just up my loan by a small amount or not? This money would be used to put into the joint account to help boost it up because we are regularly going overdrawn more and more each month at the moment – I don’t think it helps with my hubby being paid on the 14th of the month and me being paid around the 28th/29th of the month – I have considered whether it might be better for one of our wages to go in at the same time as the other but I don’t know if this would work.

Also would a low rate credit card be an option as we would possibly need between £1000-£2000 to go into the account and to pay off two of my hubby’s cards (River Island at £234.00 and Bank of Scotland at £294.00).

Thanks for any help

Natalie

DarkConvict

You can't use a credit card to put money into an overdraft, it would be a cash advance and be charged at a super high rate!

Instead you need a super balance transfer card, to transfer the overdraft balance to the credit card. only works on about 2 cards - http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

If you are going overdrawn all the time, you are living above your means and simply spending to much money.

Look at this SOA tool and post it up so we can try and help you budget. http://www.makesenseofcards.com/soacalc.html

As to the ASDA loan, i do not have an answer. But if they have stopped doing ASDA loans i do not think they would let you extend it.

doelani

hi natalie

As someone already answered on your thread a few days ago you really need to do a SOA http://www.makesenseofcards.com/soacalc.html

You have said you borrowed £1000 form brother, now pLanning to borrow money off hubbys parents and your mum. YOu really need to stop borrowing honey and sort out what debts you already have. Borrowing more money is not the answer.

Will you be returning to work after baby is born? Will you be on full maternity pay ? There are things that could effect your income in this way and getting more debt is not really the answer.

If you can get your SOA together and see what people can advise .




***** I heve been where you are but got to a point where we had to say NO MORE BORROWING , WE NEED TO GET SORTED*****

bach230

"Will you be returning to work after baby is born? Will you be on full maternity pay?"

I believe i'm going to have to go back to work after the baby is born as i don't think we'll be able to manage without my wages - obviously, hopefully, between now and when the baby is born my hubby might have got another job as he's applied for several already so obviously we won't know until then what sort of wage he is on. I don't think i'll want to come back full time - i do 35 hours at the moment - because i probably won't get any/much time with the baby but i certainly won't be able to drop too many hours i shouldn't have thought.

Yes i should be on full maternity pay as i have been here since 6.4.09.

I will try to get the SOA done in the next few days, hubby will have the laptop tonight but will be home tomorrow so i'm going to try and get him to help me do it tomorrow.

I do realise that borrowing more money isn't the best option but we just don't know what else to do.

Does anyone think changing the dates our wages go into our joint account will make any difference? i.e. i get paid on 28th/29th day of the month, so for me to keep my wages in my own account until the 14th when hubby gets paid or vice versa with his wages?

doelani

bach230 wrote: »

Does anyone think changing the dates our wages go into our joint account will make any difference? i.e. i get paid on 28th/29th day of the month, so for me to keep my wages in my own account until the 14th when hubby gets paid or vice versa with his wages?

That would be good if you get the SOA done over the weekend.

As for the dates of wages, everyone works different. We get some money on 28th and some weekly and some every 2 weeks. To be honest it is all about getting orginised . Everyone works differently.

We work with 2 accounts, a direct debit account which we do not even have a bank card for so we put money into it but only way moeny comes out is to pay bills and then anotehr account for groceries etc. If you get paid on 28/29 and put this money into an account for bills should make no difference as long as no-one spends it.

There area a lot of people here who can offer you advise so just keep asking questions.

bach230

I also posted about this on the Loans forum board - someone has suggested that paying off the debts is more important than saving and that the £700 i have in my ISA would be better off in the joint account to help cover the overdraft. I've just found some information about this on this website so maybe this is something we should consider? It might actually help us out before we go away next week... although i am a bit more reluctant to do this because it would leave us with no "emergency" money for a "just-in-case" situation

Jackop

bach230 wrote: »

I also posted about this on the Loans forum board - someone has suggested that paying off the debts is more important than saving and that the £700 i have in my ISA would be better off in the joint account to help cover the overdraft. I've just found some information about this on this website so maybe this is something we should consider? It might actually help us out before we go away next week... although i am a bit more reluctant to do this because it would leave us with no "emergency" money for a "just-in-case" situation

If the interest on your overdraft is higher than on your savings (which im almost certain it will be). Then pay your overdraft/credit cards.

Also would advise against getting into anymore debt, it only solves problems in the short term. Good luck.

Marisco

As Doelani said, everyone works differently re wages. My oh used to get paid on the last day of the month and I got paid weekly (on a Friday) which was handy half way through the month when oh's had run out, I knew there would be something coming in to keep us going. Its just what is best for you. All my DD's and SO go out the 1st of every month, so anything left over (pause for laughter;)) is ours!!