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I can see it looming

DarrenB-S
Posts: 4 Newbie
Hi,
well, I just had a nightmare explode in my face.
At the start of this month I was made redundant due to the southampton branch ofthe company I'm working for being closed.
the good news is I've been offered another job for pretty much the same money as I'm on now.
the bad news is that I'm being paid weekly, the new job is paid monthly.
I just got off the phone from my bank - I rang them to try to increase my overdraft from £1000 to £2000. They refused saying my credit score was too high and that I had borrowed too much with them already (overdraft, loan and credit card all with the same bank)
Its annoying really cos whilst I do have an overdraft I have never gone over it once and my plan was to raise it to £2K for three months and then start stepping it down (hopefully) all the way to zero.
I don't even know where to start.
At the moment I am:
1) Scared
2) Upset
3) Trying really hard not to panic.
Never have been good with money but I'm better than I was, could I be paying for my early 20's when I regularly went over my limit and spent money left right and centre?
<edit> just read another post, might help if you could see the numbers!
Exp:
Rent£450
Petrol £60 (approx)
Mobile £35 (approx)
Loan £138.09
Student Loan £65.04
Car Insurance £36.80
TV Licence £10.12
Council Tax £61.00
Internet £24.99 (+10 for an MMORPG I play)
Food £80-£100
gives me around £980 per month expenditure
As at 10/04/05,
Loan: £7889.83 @ 9.5% APR
Student Loan £2229.06 @ 2.6% APR
Credit Card £1447.66 @ 11% APR
Overdraft £814.69, limit is £1000
the new job pays £20k per year (plus £500 bonus every 6 months apparently, but I'm not counting on it in my budget)
This is all further complicated by the fact that last december I changed jobs and my previous employer never forwarded a P45 (despite 5 separate requests) so I've been screwed on Tax since then as well although I am on an emergency tax code now. I have contacted the Inland Revenue about this and they say I have to wait for a P60 from my current employer, write to them explaining the situation and then they will send me a cheque since it is now a new tax year - once they've contacted my old employer for the relevant information. (given the way they work I am expecting that to be sorted some time around the next ice age).
I hate money.
well, I just had a nightmare explode in my face.
At the start of this month I was made redundant due to the southampton branch ofthe company I'm working for being closed.
the good news is I've been offered another job for pretty much the same money as I'm on now.
the bad news is that I'm being paid weekly, the new job is paid monthly.
I just got off the phone from my bank - I rang them to try to increase my overdraft from £1000 to £2000. They refused saying my credit score was too high and that I had borrowed too much with them already (overdraft, loan and credit card all with the same bank)
Its annoying really cos whilst I do have an overdraft I have never gone over it once and my plan was to raise it to £2K for three months and then start stepping it down (hopefully) all the way to zero.
I don't even know where to start.
At the moment I am:
1) Scared
2) Upset
3) Trying really hard not to panic.
Never have been good with money but I'm better than I was, could I be paying for my early 20's when I regularly went over my limit and spent money left right and centre?
<edit> just read another post, might help if you could see the numbers!
Exp:
Rent£450
Petrol £60 (approx)
Mobile £35 (approx)
Loan £138.09
Student Loan £65.04
Car Insurance £36.80
TV Licence £10.12
Council Tax £61.00
Internet £24.99 (+10 for an MMORPG I play)
Food £80-£100
gives me around £980 per month expenditure
As at 10/04/05,
Loan: £7889.83 @ 9.5% APR
Student Loan £2229.06 @ 2.6% APR
Credit Card £1447.66 @ 11% APR
Overdraft £814.69, limit is £1000
the new job pays £20k per year (plus £500 bonus every 6 months apparently, but I'm not counting on it in my budget)
This is all further complicated by the fact that last december I changed jobs and my previous employer never forwarded a P45 (despite 5 separate requests) so I've been screwed on Tax since then as well although I am on an emergency tax code now. I have contacted the Inland Revenue about this and they say I have to wait for a P60 from my current employer, write to them explaining the situation and then they will send me a cheque since it is now a new tax year - once they've contacted my old employer for the relevant information. (given the way they work I am expecting that to be sorted some time around the next ice age).
I hate money.
0
Comments
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Hi Darren, welcome to MSE,:hello: don't be scared I am sure there are lots of helpful suggestions heading your way.
You are not going to get in a mess with your money because you have a job, you just need to rearrange payments for after your payday.
Not sure exactly what you have to pay out but it might be a plan to speak to your "creditors" and ask about postponing payments until you get paid in the new job.
It's all about budgeting, you will need to write a new budget based on being paid monthly and make sure that you don't spend all your money on payday cause it has to last a bit longer now.:eek:0 -
How much interest are you paying on the bank loan and credit card?[size=-2]Matched betting profit: ~ £30,000 since Jan 2005
Quidco cashback: ~ £3,500 since May 2005
Topcashback: ~ £2,100 since Oct 2005
Rpoints: ~ £600 since June 2004
It's only fraud if you get caught.
I don't offer advice by PM so please post your questions in the appropriate thread.[/size]0 -
And as suggested above it really helps to talk to ALL your creditors and explain your situation to them.
As for your bank... you could try pointing out to them that your recent history shows a distinct change from your younger days and even threaten to move your account if they don't help you transit through this change of employment and change of income schedule.Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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I've gone through my original post and added more info that should make it clearer, I keep on thinking of bits and pieces I've left out! (possibly this is why I am so rubbish with money)
On a good note, I've already had a look at the credit card section and applied to do a balance transfer to Virgin. I just hope they accept it.0 -
and I've just gone back to my bank and they still refuse to help because of my credit score.
this is just unfair.0 -
Darren
Can I suggest you make an appointment with your bank and actually see a person?
The answer might be the same but if you go in armed with a budget (I think I'm right in saying that there's one somewhere on this site) and a proposal for paying back the overdraft then at least they can see you have a plan of action for tackling your situation. Take in the letter of employment in as well so they can see everything.2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
I would agree with the above points. Ring your creditors and be polite but firm. Tell them that there is no possible way you can make next months payment due to your employment situation, but that you are willing to overpay for the next six months to make up for the missed payment, or something along those lines. Make sure you can actually afford what you promise though! A lot of companies will let you miss one payment, especially for circumstances such as these. Also, I would contact your landlord and offer the same. He/She/They might be a little bit more difficult to deal with but if you can talk to them in person, you're much more likely to come to an agreement.
If your are successful, or even reasonably successful with the above, then you don't need as much money to carry you over till payday. Ring up your bank, make an appointment to see a lending manager (not an oik!) and take all your relevant documentation in with you. If they still aren't willing to give you an overdraft for £2000, ask for £1800, and so on. You need to be persistent but polite. If you manage to get something, then thats a bonus.
This is really a damage limitation exercise, you need to do the best you can!He huihuinga taangata he pukenga whakaaro – A meeting of people; a wellspring of ideas (Maori proverb)0 -
its cahoot, they're internet and phone only, plus I tried to discuss the budget plan I have with them and even the manager wasnt interested.
I've just been on to the Consumer Credit Counseling Helpline and they are:
1) bloody helpful
2) making an appointment for me to talk to one of their advisors
I really, really wanted to get debt free by myself but I think I need the help.
I've also found out Cahoot use Experian so I've phoned them and ordered a report to see if theres anything nasty on it.
I must say, having spoken to Andy at the CCCH, I'm feeling a bit more positive than earlier. If I ever have the money spare, he can have a pint on me.........
thanks to all of you as well, I wasnt expecting advice to pop up so quick!0 -
mountainofdebt wrote:The answer might be the same but if you go in armed with a budget (I think I'm right in saying that there's one somewhere on this site) and a proposal for paying back the overdraft then at least they can see you have a plan of action for tackling your situation. Take in the letter of employment in as well so they can see everything.
You are right there is a budget link above:doh: I should have put it in my post earlier sorry!0 -
Just a couple of points, if you are being made redundant at one place are you getting any sort of package from them or have you not worked their that long? just wondered if that could go towards one of your debts(the higher interest ones I guess). Also given you seem to have a fair handle on budgetting I wouldn't worry too much about the paid/weekly/monthly aspect, as long as your payment dates are ameded to after your payday you should be fine, stick to your budget and where possible draw out your weekly 'spending money/allowance' once per week and use only that i.e. not using your cards during the week, you should be fine0
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