We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Loan vs Credit Card

Bonnie14
Bonnie14 Posts: 3 Newbie
hey guys,

I need some major advice (and quickly preferably!).

My better half (the main earner in the household) has just been paid his holiday pay but it just hasn't streched far enough; with two weeks to go until his next pay day we are struggling for money for the next two weeks. My OH has already exhausted his overdraft and is now considering a bank loan.

We have no credit cards, existing loans or debts (with the exception of OH's overdraft) but obviously we need money. What is the best way to borrow without resorting to a pay day loan. Also his phone bill is taken direct debit direct from the empty account so how can we combat this without receiving bank charges?

Any advice would be greatly appreciated, thanks in advance!

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 9 July 2012 at 3:42PM
    Sell stuff - borrow money off friends and family - cut back on food and all non essentials.

    You're not going to get a credit card within less than 7-10 days at best and a loan will cost you a fortune for two weeks. And PDLs should always be a last resort.

    Even if you do borrow, how will you pay it back next month, as you appear to have run out of money completely this month?

    The DFW board and others could be a useful place for you to start.
  • smithers1981
    smithers1981 Posts: 833 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    i would go into your bank to try and increase overdraft, and if there is not going to be any money in your account cancel Direct Debit to avoid hefty charges, then contact mobile phone operator to arrange alternative payment.
  • Tixy
    Tixy Posts: 31,455 Forumite
    How much do you need to tie you over the next 2 weeks (cutting right back to essential items only)?
    And can you realistically afford to repay it all the following month (and all that month's commitments as well)?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Go through your cupboards and work out everything you have that you can use/sell/trade to avoid buying anything. You say you 'obviously' need money. What for? Strip it back to the bare minimum.

    Are you in credit on your electricity/utility bills? Ask for a repayment if you are due one.

    Do a boot fair at the weekend, throw every penny into the accounts, empty the change jars and look in all the old coats/bags etc. I've found pounds and pennies, even fivers while having a clear out.

    Cancel the DD - you will avoid getting charged twice. Call the companies you will be missing payments for and talk to them - you might be able to reduce services for the coming months.

    Good luck
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.