Need to borrow £500 - Best Option?

Bunnie1982

We have been landed in the deep stuff by our landlord who has decided to sell the property we are in and give us notice to move out - we have 6 weeks from now to find somewhere, raise the deposit and move.

We have found a potential place but would need to raise a deposit of £500. We have no savings due to my partner being in financial difficulty and dealing with this through CCCS.

We could borrow money from my partners parents but they would want it back straight away (our deposit on the place we are in at the moment would not cover it)

I am considering trying to increase my credit limit on my credit card, but in case that is not a possibility I was wondering which lenders (if any) would be willing to loan £500?

jonesMUFCforever

Could you not save the money to go with what your present landlord is holding for you?
The Credit card route is a definite no no as you will be putting the amount cashed at around 30% interest and this will be the last thing to be paid off.

My suggestion is to save what you can over 6 weeks + get back your deposit from present landlord and then ask your parents in law to borrow the difference short term.

Bunnie1982

The problem is we need to deposit to put down immediately so therefore in reality we have 2 weeks and not six weeks. Our deposit from our current property would not be returned to us until 10 days following the date we move out of the property.

It's something that has really been stressing us both out

Tyrannical

Having been in a similar situation myself last year i can understand what you are going through. Another option for you is to go to your local housing advice centre, this is a service provided by your local council. After our visit there we ran through all our options and they themselves actually offered to lend us the money for the deposit (apparently they prefer to do this rather than place you and your family into temporary accomodation and then having to find you a council house). It did take them a little while to sort out all the paperwork but they contacted my new landlord and gave him a guarantee that they would provide the deposit and the landlord let us move in before he got the money on the strength of this. Now we are repaying at £5 a week with no interest charged. I'm presuming your local council will offer some sort of similar scheme or maybe different councils do things differently?, gotta be worth a try at least.

Bunnie1982

Tyrannical wrote:

Having been in a similar situation myself last year i can understand what you are going through. Another option for you is to go to your local housing advice centre, this is a service provided by your local council. After our visit there we ran through all our options and they themselves actually offered to lend us the money for the deposit (apparently they prefer to do this rather than place you and your family into temporary accomodation and then having to find you a council house). It did take them a little while to sort out all the paperwork but they contacted my new landlord and gave him a guarantee that they would provide the deposit and the landlord let us move in before he got the money on the strength of this. Now we are repaying at £5 a week with no interest charged. I'm presuming your local council will offer some sort of similar scheme or maybe different councils do things differently?, gotta be worth a try at least.

Thanks for that, I have got forms prepared for the local housing authority for applying for a council house just in case. I know we would fall low in the banding but at the moment temporary accommodation would be better than no accommodation.

Will definitely try to find out if we have a local housing advice centre. I would rather go down logical routes than take out credit cards/loans for ridiculous amounts - I can now understand the lengths of desparation some people reach

mintymoneysaver

Could you ask the bank to increase your overdraft?

andrewbrydon

Agree with Minty

Speak to your bank,overdraft (temporary increase) tell them you're happy to reduce in 3 months time maybe
Worked for me a few times

good luck