No money!!!!

sophiasmummy

Hi all, sorry if this is in the wrong place, well as the title suggests we have ended up with no money to our names this week. I have food in and there is some diesel in the car but will probably need to put another £10 in for my OH to get to work. I have £10 in the bank and due to get £38 CTC on Thursday. My main concern is we stupidly took out a Payday loan with Money shop for £150 just before xmas which is due tomorrow. We can extend the loan by paying £25 as we obviously can't afford the whole amount and we will pay it off when my partner gets paid on 28th Jan.
I have ebayed nearly all our stuff and the only thing I can think of selling is our DVD player which has hardly ever been used ( it was given tou us by my mum).
Any ideas greatfully received!!:)
Thanks

isy1011

Hi. Didnt want to read and run.
Can you explain your position to any family and borrow to get you over this problem?
I havent ever used payday loans but looking at the 2500% interest they charge on TV it seems that if you dont get into a problem paying it back it is a miracle.
I would sell that DVD and get rid of that loan very quickly.

larmy16

Sophias mummy I agree with previous poster. Borrow the money from a family member, or sell what you can and get rid of that loan.

I know it is hard to do, but as soon as you can, start to put some money aside so you never have to be at the mercy of these awful loan sharks.

I really feel for you hun. X

sophiasmummy

Thanks for your replies, I will get the DVD player sold, the loan will be paid off end of the month and never going to use them again!! I could ask my mum as she always helps me out but makes me feel like a little kid who can't look after myself! (I'm mid 30's with a 5 month old daughter). Things just a bit tight at the minute as I am on Mat Allowance, at least all the bills are up to date and we will be okay once my partner gets paid again. (apart from the debts but that's a different story x

larmy16

Can you get your partner to set up a little savings account. I did one a year or so ago - just £20 per month. I tend to forget about it, but the last time I had a statement it was at £280, so it is a little cushion for when times are really tight.

Sit down with your partner and look at where you can make some savings, a lot can be cut down with groceries, so have a look at the Oldstyle board.

Best wishes.

sophiasmummy

I am determined to get some savings in place this year. Have already started cutting down on my groceries by making simple meals from scratch. Once my storecupboard is built up with the basics (spices, etc) I should be able to knock a few pounds off every week.
Thanks x

cabbage

Hi why not post a SOA and let us have a look at your outgoings. Also, are you getting all the benefits you are entitled to? I presume you are getting child benefit as well as child tax credits. Do you now qualify for working tax credits as your joint income has dropped? do you qualify for council tax benefits?. You need to address your debts too as they won't go away and are eating up your income in repayments.

perhaps this is your lightbulb moment to take a long hard look at your finances and budgeting

aless02

borrow from your mum to pay the payday loan - they charge a billion percent interest and really suck you in and at least she will be interest-free! It's only for a couple of weeks, swallow your pride for the sake of setting your finances right.

MFWannabe

Agree with above poster; you can then pay your mom back on the 28th
Also as another poster advised; consider posting an soa so we can advise where you could make some cutbacks

sophiasmummy

Thanks everybody, I borrowed from my mum and got rid of the loan cabbage I am getting CTC and CB, am still on maternity allowance so not entitled to other benefits at the moment, I am going back to work in April.
I will get a SOA up on here asap.
x

dollybeads

Well done you for getting it sorted, and for asking your mum.

I know its not always possible (especially if you have just sold alot on ebay) but I went with my DIL today to sell some of their baby things, my grandaughter is 7 months, and we made £100.00 just on baby clothes and toys, still have lots left and it wasn't very busy.

I know its a pain, but can be a quick way of earning a little extra cash. She has also done the national childbirth trust sales in the past which are full of mums and dads looking for just about everything to do with babies.

Might be worth doing at some point, to add a little to that savings account for a rainy day.

Once you post an SOA you will have untold help in what you can save, the posters on here are excellent with practical help and support that can make a difference really quickly.

Best wishes and keep up the good work.

Dolly x