Urgent advice needed regarding Loans

TG82

Hi,

Please take a second to read this. In a nutshell my situation is as follows:

I have just secured a job on 27k per year, but I am absolutely broke because I've been studying. I need to move down to London by the 4th of July to start the job.

I've been continuing the part-time job I was doing while I was studying until I could find something better paid, but that doesn't pay my living costs let alone savings.

I need money to pay my first month's rent, my deposit, and also a meagre amount to live on before my first pay date.

I was thinking I could get a bank loan, because on the HSBC website the conditions are not clear.

They've told me that I need to be in work for 3 months to be eligible.

What can I do now? It's really scuppered me.

Credit card? I don't want to, and even then there might be eligibility problems.

Loans from somewhere else? Again.

I've never taken out a loan or a credit card before, so I'm quite naive about all this. The last thing I want to do in my desperation is make a terrible mistake.

Any ideas?

KingElvis

You need to get to spareroom.com and live on what you have until you get a few months wages behind you, you'll not get a loan or credit card with no proof of viable income.

The payday boys may touch you but that's your new life over before you even start.

TG82

I'm not sure how that was supposed to help...

I thought I said, I'm absolutely broke and I need money in order to relocate. Spareroom or not, it's the same situation.

Anyone else?

pmlindyloo

OK, few ideas.

Family/relatives/friends who could put you up for a while?

Family who could loan you some money until you get paid?

If you borrow money try to negotiate paying back over a period of time otherwise you will be in a vicious circle of paying all of your first pay check for your loans and then having no money for that month.

Have you anything you can sell?

Also agree that sharing a house is your best option to begin with.

Good luck!

Have you asked new employers for an advance/loan and explained the situation?

KingElvis

TG82 wrote: »

I'm not sure how that was supposed to help...

I thought I said, I'm absolutely broke and I need money in order to relocate. Spareroom or not, it's the same situation.

Anyone else?

I was just suggesting a way to live while you have minimal money, I'd like to move to Monte Carlo but I don't have the funds

TG82

KingElvis wrote: »

I was just suggesting a way to live while you have minimal money, I'd like to move to Monte Carlo but I don't have the funds

Spareroom? I'd still need a deposit and first month's rent, as well as some living expenses for travel and food.

Why are people assuming I'm moving to a palace? I was looking at sharing anyway. That's all beside the point.

It's hard to say how much I'd need until I know where I'd live, and I can't do that until I have the money secured - there'd be no point, because travelling to view is costly in itself.

However, about £1500 should cover it.

After tax, I'd get £1800 in my first month alone.

If I was reasonably frugal, as I am, then I would be able to repay within 3 months.

Tixy

Speak to new employers to see whether they will contribute to relocation expenses. Or if not if they do relocation loans. A lot of London firms do and its a common issue for new graduates so they may well have suggestions.

Clive_Woody

You could approach your bank to see if they would offer an overdraft facility based on your confirmation of new employment. You need to go and speak with your bank manager taking details of your new job with you and discuss this with him/her.

I assume your new job does not come with any of relocation package? Try asking your new HR dept to see if they can offer any temporary assistance.

TG82

Clive_Woody wrote: »

You could approach your bank to see if they would offer an overdraft facility based on your confirmation of new employment. You need to go and speak with your bank manager taking details of your new job with you and discuss this with him/her.

I assume your new job does not come with any of relocation package? Try asking your new HR dept to see if they can offer any temporary assistance.

Thanks, but my overdraft is already maxed at £1500. I have a good credit rating though - I checked. No store or credit cards.

Very much doubt my employer, a mental health charity, could offer a loan. Hesitant about asking because I don't want to sound like I'm wavering about the job.

Credit unions?

Emmzi

credit unions not usually an option unless you have saved with them previously.

go see your bank manager with a copy of your contract

go price living at the YMCA or backpackers hostels for month one so you know how much to ask for.

CH27

Ask your bank to extend the overdraft using your contract as proof of earnings. Agree a timetable to repay your overdraft asap.