Help me get to pay day without crossing the o/draft limit!

lobsta100

Hi all

I am a relatively new DFW. This forum has been massively helpful to me. I have managed to consolidate and now have only 1 credit card o/s which is a 0%BT deal with just under £6k.

I don't use my other card any more. I have a formal £1,500 overdraft limit on my current a/c.

Right now I am overdrawn by £1,144. Before I get paid on Monday 28th Feb, I have the following DD's coming out of the account:

Premium Credit (Home insurance) - £54.46
Be Internet - £13.79
Council Tax - £174
Scottish Power - £106 (I have already switched from them but is in process)
Time newspaper sub - £24

This makes a total to come out that I cannot stop of £372.25. This will make me overdrawn by £1,516.25 - i.e. over my limit!

This is before buying food and any other necessities over the next week and a half. I am hoping someone can give me advice on some way I can find that extra bit of cash fast so I dont cross my o/draft limit.

Once I get paid, I have a couple of things that I am going to try and sell on ebay/ amazon next month. But until then I need help!!

I am so reluctant to use the credit card again after I worked so hard to clear it and have not used it for weeks (its very liberating!).

Any ideas/ solutions/ tips appreciated!

Thanks!

jojododd

Could you apply for a crises loan? Crises loans are not exclusively for people who are not in paid employment, as far as I'm aware. I would go to your local c.a.b. (citizens advice bureau) They should be able to advise you on what your entitled to.

Please let us know how you get on good luck.


Jojo x

mdr86

As just the DDs will push you over the limit, you need to either find some extra money or reduce the DDs. You could still list something on eBay - list it today (or on Sat if you don't have time today), give it a 5 day listing rather than the normal 7 (as bidding always happens last minute anyway, the auction length doesn't matter that much) to give a couple of extra days breathing space, the auction will end on 22nd (or 24th if you don't have a chance to list before the weekend), if the buyer pays straight away then you'll have the money in your bank account by 28th. But that's not guaranteed, so really you want to reduce the DDs as well. The obvious one to me would be the Times subscription, I don't know whether you'd be able to cancel that at this notice? The others are out of my experience range, so I don't know whether they'd be reducible or what the consequences would be.
Re not spending on the credit card - I think this is probably false economy, as your bank account is so close, you really don't want to be taking anything out at all before you get paid, I'm not sure you have a choice to not use the credit card (the one that's cleared, not the balance transfer one!) for food spending, just pay it off in full once you've been paid.

flyingember

Hi,

Could you cancel the Scottish Power DD and send a cheque instead? If you time it right the cheque could clear on the 28th Feb after your wage has gone in and you could ebay, as you suggest, so you have money for next month. That would give you £89.75 for food etc for a week and a half.

best of luck

fe

bargainbetty

Hello,

Is your home insurance £54.46 per month, or is that an annual or bi-annual payment? If that is monthly, it's incredibly high and could possibly be reduced by moving providers. If you contact them and ask to cancel the policy, you should avoid the payment, then start up a fresh policy elsewhere - after the 28th.

Read your meter and give Scottish Power a call with the meter reading to see if you are in credit. Tell them as you are switching you are cancelling the direct debit and will pay the final bill once you have given the final reading.

Failing that, if you have DVDs, CDs etc, rather than trading on eBay, you might consider going to somewhere musicmagpie or one of those games exchange/entertainment exchange places - you might get the small amount that you need to avoid the OOD.

Lat option, could you call your bank and ask them to up the limit to £1600? You could always drop it again next month....

To avoid spending too much on the credit card (just pay it off in full when you get paid) do a full cupboard inventory - see what you have to use up, and then work out the bare minimum of what you need. Meal plan etc - the Old Style boards will help.

Good luck x

Dead_Maus

, i have been in a same situation. i telephoned everyone on my direct debit list and asked them to change my payment date to when i got paid. they all agreed. hope that helps good luck

maganan

Do a list of all your freezer/store cupboard foods and see how many meals you can make from what you already have or with minimal extra spend.

Cancel the times DD - is it really worth the bank charges, would also give you £8 for any emergency food, it'll be tight but the OS boards should be of help there. Have you had an accurate final reading for scottish power if not may be worth doing to reduce the DD or as others have said cancel this too

good luck

ceejaydee23

Hiya, Is it worth suggesting, to try and move bank accounts away from one with an overdraft facility? Although wont help now, will in the long run! But i agree with what others have said about reschedualing DD's

It May be possible with the Council Tax, to speak to them, and then arrange that months payment over 4 weeks instead? or even a fortnightly sum,

lobsta100

Thank you all so much for your responses! You have been really helpful.

Unfortunately the Insurance premium of £54.46 went out this morning. I am going to call them this afternoon to query why it is so high as I originally accepted it as being normal but now realise from everyone's reactions that it isnt!

I am desperate to cancel the Times sub - my wife, although aware of our situation, is adamant that she needs it each day as it is her connection with the world while she is stuck in with our young toddler. I suggested just reading online and she took it as me trying to stop what she enjoys! So that one may be a tough one!

I don't think I can cancel the DD for Scottish Power yet - although correct me if I am wrong - as the changeover is not happening for another 8 weeks, so would still be liable to Scottish Power until then?

Unforunately the Council Tax is right - have checked bands and everything - so is £174 monthly!

May try calling other DDs up to ask if can pay by cheque for this month only.

Thanks again!

Mrs_Arcanum

Given the amount of free news available out there it does seem somewhat silly to pay for the Times. You could perhaps agree with her to "temporarily" stop this.

Meanwhile try & get all your payments going out just after pay day. It helps enormously when it comes to budgeting.

Are you in credit (or nearly so) with Scottish Power? If so as you are mid way through switching you may be OK just to stop the DD and wait for the final bill.

nancmat

I have been in the same situation, and you need support from your wife, can she not just for this month or even 1 week go on-line to read the news, I find the daily mail/BBC websites full of great information. Or she could get out into the world for a walk with your toddler. I know it's hard but you need to work together to get to pay day. Also look at listing some items on e-bay for a short period, this has got us through some sticky periods, if all else fails can you ask work for a small advance?