New job scuppered by bank

mrs-stressed

I have just managed to be offered a new job - after years of trying to get up the ladder and earn some more money. The pay structure where I am currently means that they pay in advance (!) and on 10th of every month. If I leave and they pay me another month (because the last date of cut off is past) I have to pay it back instantaneously. I have all my bills being paid out on 10th or within that week and anything after that I have to live on (which is roughly £50 a month - no kidding).

I have just gone to my bank and asked for a loan to help me live and pay my bills till end of February. Cant do as they are a building society and dont do loans. Wont rearrange my mortgage because of my bad credit rating. Wont up my overdraft as I am not earning enough. Wont help as I am deemed to be 'bad'. So I have to refuse the job as I cant get help from anywhere. The girl (and she was a girl with no spine or personality) said 'you should sell your house'. Of course, says I, I shall have the money in my account tomorrow.
That will sort it out. 'Sell your car'. No transport then to get to work. No work then means no income. No income, means no house. No house means homeless.

I feel terribly stuck. I know there is nothing you guys can do but having nowhere to go for help is making me ill with worry. I need a massive shoulder to cry on....

What was the point of me even trying to get myself out of a rut I wonder. I shall have to stay now in my present dead end job, one I HATE, and die of boredom and terpitude till I give up the ghost. Even then I shall probably owe money to someone - oh of course the funeral shop. Do you think there is an entry fee to get into the pearly gates - you betcha.......

mrs s

Myrtle0204

Hi Hon,

Not alot of advice but could you potentially speak to your current employer and see if there is anything they can do re paying back at a later date ?

dancingfairy

Congratulations on the job offer - I hope you haven't turned it down yet? Do you have a credit union in your area - they may be able to offer you a small loan? The other alternative is to tkae a payday loan although this is a last resort but if it is the difference between getting another better paid job or not then it might be worth the risk.
I am sure others may have other suggestions for you.
Good Luck
df

mrs-stressed

I have looked into all sorts of ways to overcome this problem. The payday loan people had actually left an email for me (how spooky is that) and I opened it when I got back. I deleted it though as I worry about their extortionate % interest charges etc. We dont have a Credit Union where I live either so thats a no-no. I am sure that there are companies clammering to sell me money but can you imagine how much I would have to pay just for the privalege....I may be down and out but I am not stupid which incidentally the 'girl' (half my daughters age) made me feel and to take on one of those would be just adding fuel to the fire.....

But thank you sooo much for your kind posts....

As for my current employers giving me a longer time to pay back - not even if hell was frozen over would they consider my case.....

aviv

Dear Mrs.stressed,

sorry to hear about your problems. My apologoes if these suggestions makes no sense, just trying to think outside the box.

A cheeky question: -What would happen if you delayed paying your old employer back for a month without asking them. What is the worst that they could do?
-Is there a possibility of your new employer giving you part of your salary as an advance?
-Is there anything you could pawn or sell?

Good luck with everything!

X Aviv

rising_from_the_ashes

Was it just someone at the counter you spoke to?

I'd be tempted to ask to speak to someone higher up, explain things again and point out the obvious - that if you're better paid you'll be in a better position to pay your bills etc!

Are we talking about Feb salary BTW. I work with payroll and I know that we have cut off points a good 2 weeks before people are paid but the actual payment can be changed up to the point it's gone to the bank only a few days before your salary appears in your account (and can actually still be recalled after that). It's not something that we like doing, but the alternative, people being overpaid when they're leaving is harder to sort out - speak to the payroll manager and see if he can sort something out.

theoretica

If you borrow a month's salary how long will it take to pay off using the difference between your new and old wage?

How bad is your credit rating? Would a month of token payments/defaults make it much worse? Then you would only need to find enough for food, petrol and suchlike. You might need to open a new basic bank account to get your new wage paid into to sort this out.

You could speak to your new employers and explain that you are currently paid in advance and accepting this job will really mess up your budgeting. They may be able to offer you something, it depends on what sort of company they are. I believe where I work can arrange to pay you after every half month of work so 24 payments a year instead of 12 if you ask really nicely and some employers will offer pay advances.

mrs-stressed

Right then - firstly Aviv -thankyou for posting BTW - My present employers would send really heavily worded legal letters that would include words like 'summons', 'court', solicitors - all stuff that really scares me tbh. And I have nothing to sell - except the house!!

Lilylass - thankyou too - it was a girl that I had previously spoken too a few weeks earlier to try and get some help from the bank. I asked if I could possibly speak to someone with more experience (I did ask very politely-it didnt even register with her that it could have been deemed as patronising) and someone from headoffice and she said no. So in other words this child (in my eyes) had the right of veto over my immediate future. She alone (speaking words like 'headoffice wouldnt allow it', 'headoffice wont entertain you as you have such a bad history' - that by the way has only happened within the last twelve months)) had the authority to completely turn my world into !!!!. There was no evidence whatsoever of regret, sympathy or upsettedness (cant think of another word).

theoretic - and thankyou too for your helpful post -God knows how long it would take to pay off. I only earn £800 at the mo and my bills are roughly £750 (including the usual morgages, insurances, loans etc). My overdraft is £500 and I use that before I even get out of bed on 11th of every month...

My credit rating is shot at (according to the girl in the bank who had me checked out previously - another footprint....)as I found I couldnt pay my mimimum payments on credit cards so I pay the token £1 every month. That has been going on for around 9months. My cr still says however that I am in default and no mention of the fact that the companies (BC, Lloyds etc) have accepted my £1 payment - but they havent updated the system.

My new job offer is with a local hospital in admin. I am so loathe in the light of all that I have said to get my mortgage company and loan company (theyre the worst) to accept a change in payments etc. I would rather (in an ideal world) just be able to change my direct debits to all these people to the new pay date and the less they know the better! Less hassle....

Naomim

Sometimes when you change the date of your DD's you skip a month. My DD's were all over the place and when I changed them all to the begninning of the month, It meant I skipped a month of payments.

HTH

Naomi x

RAS

Hi

I hope you are not paying your salary into a bank where you have debts?

mrs-stressed

RAS wrote: »

Hi

I hope you are not paying your salary into a bank where you have debts?

No just an overdraft. I know that is classed a debt but they - the bank dont seem to be too worried about me using it EVERY single month. I suppose it will all change on the review date.

mrs s