Don't pay this months debts..good idea ?

Pickle49

Yes, Happycamel I completely agree its a very nasty combination, which is why I've had my LBM and doing my best to tackle it. One of the reasons I changed jobs was because this new one paid a little more and had better prospects for long term employment, where as my previous company are on the verge of closing down. I know nothing is secure in this day and age but I am trying to make the best judgement calls on what I have available to me at the time...whether that be funds or information.

My gut feeling is not to fall behind with the repayments, even if it means borrowing against a credit card again. Not ideal I know, but in a way a few hundred quid isn't going to make a lot of difference to what I already owe, but not being able to get a 0% balance transfer card in a year or so will hamper my debt free plans. I have never ever missed a payment on anything, I really don't want to start now.

I don't have big stuff to sell. I don't have spare furniture or anything like that. What I do have, I have worked hard for and have paid for it...and in some cases, continuing to pay for it....:rotfl: it's mine, I like it and I'm not flogging it for a few quid which will then leave me without it.

Naf

I have a kinda similar issue: as a student I end up without income over the summer, and I'm not 100% certain we'll get JSA.
My plan (unfortunately) is to do my spending for shopping etc. on the CCs over summer, keeping the physical cash I do have/get to make minimum payments and for other things I can't use the CCs for. Then at the end of the summer, if we do get the JSA or otherwise have cash left, pay that right back off the CCs again. Fingers crossed we'll be back in roughly the same position after summer as we are now.

trulymadlydeeply_indebt!

Well done on your LBM.

I would suggest ringing the companies up in the first instance and see if they can help with perhaps putting back the dates for the due payments. Just tell them you have a new job and your current due date does not tie in with your expected payday from hereon. Not all companies bite and they'd rather you were honest upfront than having to chase you for the money at a later date. Try and do this tonight/tomorrow and then you don't lose sleep or worry about it over the L-O-N-G weekend.

If they are unable to help, then I would make the minimum payments as usual and as a one-off, use the CC for necessary spending i.e. food, petrol to work/travel expenses.

You will soon get back on track once your new regular income comes in at the end of June.

Good luck.

angelpye

No advice other than I would probably use credit card if that was my only option after selling what I can. Sounds like a truly short term thing and that you have put a lot of thought into your future so well done! And well done to hubby for being so supportive!

Naf

trulymadlydeeply_indebt! wrote: »

... expected payday from hereonin...

I misread that for a minute...

timetogrowup89

You said you made May's payments and get paid at the end of June?

so guess your payment date for debt must be the start of June? I had that situation when I changed to being paid at end of month instead of middle..

I called all my debtors and they changed my payment date to the end of the month menaing no missed payments occured..

Not sure if Ive picked your situation up properly, but this may be an option for you?

The companies were understanding, everyone changes jobs at some point

trulymadlydeeply_indebt!

Naf wrote: »

I misread that for a minute...

I've just read it wrong too - and I wrote the flippin' thing :rotfl:

ValHaller

Pickle49 wrote: »

My gut feeling is not to fall behind with the repayments, even if it means borrowing against a credit card again. Not ideal I know, but in a way a few hundred quid isn't going to make a lot of difference to what I already owe, but not being able to get a 0% balance transfer card in a year or so will hamper my debt free plans. I have never ever missed a payment on anything, I really don't want to start now.

If you have the credit to avoid a default, it makes sense to use it for the month.

As long as you are not deluding yourself that you shouldn't go on a DMP when really you should.

Pickle49

Thank you trulymadlydeeply and angelpye for your supportive encouragement. I hadn't really thought about the option of asking for the payment dates to be changed but that is a good one and I will call them tomorrow to see if it can be done.

Timetogrowup...my payments are all with different companies spread throughout the month on different dates. I'm not on any DMP where they all come out at the same time. I am managing the issue myself.

If I can get all the payment dates changed to the same one at the end of each month, I think it will be helpful. In my previous job, I got paid fortnightly for 6 years, so I spread my payments out over the month. I would prefer to pay them all together if I have the means to do so.

Pickle49

Why do you think I should go on a DMP Valhaller ? And why do you think I may be deluding myself ?