overdraft advice

pointer7

Hi Everyone,

I was hoping I could get some advice and a few thoughts on my situation..

I started a new job on 31st May and my payday is end of the month. The cut off for payroll is the 18th of each month.

I got told today that the H.R. department at my new job entered my bank details incorrectly and now its too late to transfer my wages and now want to give me a cheque (as its payday this friday)

Trouble is, My bills and mortgage come out on the 3rd of each month so the cheque wont clear in time!
Does anyone have any advice on what to do? do I increase my overdraft to the point where I can cover my outgoings and live on until i get the cheque paid in? do I cash the cheque?

They have really put me in the s***!

broad-sword_2

Could your company not make a fast electronic payment (basically same day transfer between bank accounts)on pay day? After all it is their error, but probably more paperwork for HR though!

DCFC79

I take it the firm dont have access cash to give to you ?

pointer7

I have asked if they can transfer it over but apparently they cant as its past the "cut off" date!.
No they don't unfortunately DCFC79 so I'm !!!!!!ed really unless i increase my overdraft so i can live and pay bills for the next week or so, pay the cheque in and then decrease it

dealer_wins

This could actually be a genuine reason for using a payday lender.

(Surely not you all cry!!!)

bouncydog1

I would ask them to give you the cheque tomorrow so that you have an extra day to clear, or alternatively as it is their error they should agree to cover any charges due to their mistake.

DCFC79

The time might indeed call for a pay day loan, as long as you pay it back by the date you agreed too then you will be fine.

Or try reply above first since it was they're mistake.

pointer7

Thanks for all the replies!

With all due respect I think I will stay away from the payday loans...(I think my auntie is going to help me if worse comes to the worse)

I am going to go in to work tomorrow and tear the person who input my details, a new a*******! Caused sooo much grief because someone cannot even input some details properly, in this day and age, cant money just be transferred? its ridiculous!

Fiddlestick

pointer7 wrote: »

I am going to go in to work tomorrow and tear the person who input my details, a new a*******!

Harsh, although I understand your frustration.

Caused sooo much grief because someone cannot even input some details properly, in this day and age, cant money just be transferred? its ridiculous!

Technically yes, although most companies probably have tight financial controls on this sort of thing.

They can't just have any old punter in Payroll being able to send ad-hoc outbound payments to any account, any time, and of any amount.

It takes time to get the approval and sign off for this sort of thing unfortunately.

Paul_the_Painter

Speak to your bank, arrange increase in overdraft when depositing cheque, if you are with Lloyds you won't even "use" your overdraft, they would need you to have the overdraft facility in place in order to honour your payments going out, but as the balance is shown immediatley when a cheque is deposited your actual balance will not drop into the overdraft, so no fee.

But whoever you bank with, an increase in your overdraft facility for 3 business days is going to much cheaper than a payday loan, or cheque cashing fees.

pointer7

Thats a good idea except I already have a £450 overdraft which i am almost at the limit of as I havent had a payday for 6 weeks as my payday in my last job was the 20th!

I guess if worse comes to worse i can increase it to cover my bills and for a little bit to live on...