rent arrears & taking out a loan to cover it.

jezznsally060908

Hi, im new to the site, so bare with me.

We live in rented accomodation through an estate agent, My partner is self employed & last month was a bad month
- therefore we couldn't pay our rent, and now have arrears and threatening letters. I found out i am pregnant last month , but even still theres still not much help we can get.

We tried taking out a housing benefit claim but it might take up to 7wks to sort out!! My father is our guarantor but he cannot afford to pay it either, so now he is being threatened to be taken to court. As you can imagine it has caused a few family arguments.

As a last resort we are looking at taking out a loan, but we need a good deal, ive read up on MSE about credit cards & balance transfers, then also at other loans but they are so expensive. i'm a bit stuck as what to do. we would need to borrow about £1000 over 1-2 years. is a loan the best option??

Any help is much appreciated
Thank you,
Sally & Jezz
(sorry for the long essay)

DCFC79

How would you pay the loan plus the monthly rent ?

Thats the problem with being SE, your reliant on people wanting work done, can he not expand his knowledge into other areas to increase earning potential or get a FT job.

jezznsally060908

it is a full time job, its more of a question of people not paying on time. he's done the work.

we hope the work will pick up so that we can pay off the loan and monthly rent. but we are also looking for other jobs rather than being self employed.

DCFC79

jezznsally060908 wrote: »

it is a full time job, its more of a question of people not paying on time. he's done the work.

we hope the work will pick up so that we can pay off the loan and monthly rent. but we are also looking for other jobs rather than being self employed.

Hes still self employed though as opposed to being employed with a fixed amount of hours.

Anyway, have you looked at loans as im not sure what loans are like for those who are self employed.

[Deleted User]

loans for SE are not easy at the best of times,atm even harder
borrowing to pay off debts is never the best of ideas

DevCoder

And if you are struggling now then when the baby comes you really will be in trouble, they cost a lot!

Maybe post a SoA (pop over to the debt free wannabes section if you want help in doing this) and people can offer advice on incoming/outgoing ratio.

zxspeccy

Yep post you SoA up on here as the best was forward is to look at reducing some of your outgoings. Also look to see if you have anything you can potentially sell, which can bring in some quick cash.

As stated in a previous post a loan for someone that is self employed can prove difficult, especially if the loan is required to cover a shortfall in earnings.

It is also concerning that your father is a guarantor, as if this is the case any potential borrow may also require a guarantor.

The best advice is to let some of the kind forum members on have a look at your SoA, and see if they can help you further.

ineed

Hi, I can only echo everyone else and say post an SOA (just to give you a link there) over in debt free wannabe. They can offer you great advice on cutting back and living on a tight budget. A loan might not be a great idea for you, you might struggle with repayments on top of your rent and banks might be reluctant to lend to you considering you already have a guarantor for something else, and you may only be offered high APR rates. Good luck with it.

jezznsally060908

thank you everyone for your comments, greatly appreciated. i will have a look as the SOA calculator thing.

unfortunatley we got a letter in the post this morning, they are serving notice on us! so we gotta move asap i can't believe it. they know the situation we are in, and we are only 2weeks behind, not like its months!

thanks for everyones help, i will keep you posted (if your interested.)

kazwookie

You say hubby has done the work and not been paid for it:- I'd be getting hubby out to chase up the money he is owed, go knocking on the doors and asking for cash.

How much money is he owed, is it enough to cover the outstanding rent? if not you have other major problems, and really need to do a SOA.

Do you work / can you work? if so get on to an agency and see what is around on a temp basis.

jezznsally060908

yea i work part time. he has tried getting money out of this person but to no avail. there's always an excuse. He said he paid the money into our account (but he hadn't) and when we questioned it, he was saying its beacuse he's switching banks. we've been chasing him for weeks. the money owed is enough to help, but im worried as next months rent is due in 2 weeks.

comepletley stuck. i did the soa calculator, basicly told me i was skint - well we know that. my partner is at the council as we speak, seeing if they have anywhere to house us.
its just gone from one problem to another and out of our control. ive even tried selling stuff i own, like units and cd collections e.c.t