Found a job but theres a problem

davenport151

Congratulations verian wynn - Agree with other posters - do not touch a payday loan.
If jobcentre can't help you then arrange a advance of wages from your employer - possibly just a 1/4 amount which you can arrange to pay back over a few months. Though don't forget as you are working apart from rent/food/transport (if you need that) you will be at work so not using heating/electric at home. Also is it possible for you to get meals at work?

Valli

Daedalus wrote: »

The aversion is largely unfounded perpetuated by loud people with poor financial control. PDLs are one of the most expensive forms of credit,but it is one of the easiest to access. Many people can use PDLs perfectly sensibly, even fewer of those people will ever need to use such expensive credit. In a limited number of cases the cost is worth, one such case would be starting a new job, provided you can budget t pay it back and not take out another one.

That is a silly attitude; payday loans are very readily available, are THE most expensive form of credit - as I posted an APR in 4 figures BUT they are offered very readily, also you can borrow small amounts,under £100.

BUT you even include a caveat in your own post - "provided you can budget to pay it back and not take out another one" - the trouble is they suck you in - borrow £500 - but if you cannot then afford to pay back the £600 you now owe you end up taking another one...and another one.

I think you will find, if you look into them properly, payday loans should be avoided at all costs; they cause untold misery.

Anyway OP, well done you, getting back to work after 4 years, brilliant news. Seriously if you do struggle try anything; local councillor; your MP for advice and support (MPs are contactable by e mail) and see if anyone can point you in the right direction so you can start to cope when you get your first wage and you don't start with a millstone of debt around your neck. Try the local food bank - though you may be able to get fed at work, given your new position! How exciting for you!

persa

My local credit union will give a £400 payday loan for £8.

A family member may not have £400 to lend you, but they may have £8 handy.

Wonga is the devil, but not all payday loans are extortionate. If you have no other options, explore credit unions.

paulineb_2

Daedalus wrote: »

The aversion is largely unfounded perpetuated by loud people with poor financial control. PDLs are one of the most expensive forms of credit,but it is one of the easiest to access. Many people can use PDLs perfectly sensibly, even fewer of those people will ever need to use such expensive credit. In a limited number of cases the cost is worth, one such case would be starting a new job, provided you can budget t pay it back and not take out another one.

However, given that its likely that the OP will be entitled to a 4 week HB extension, they shouldnt need to go down the route of loans.

I dont have poor financial control btw, I still wouldnt touch a payday loan.

debrag

How much will you get paied? Will you lose all you HB?

Daedalus

paulineb wrote: »

However, given that its likely that the OP will be entitled to a 4 week HB extension, they shouldnt need to go down the route of loans.

I dont have poor financial control btw, I still wouldnt touch a payday loan.

I wasn't encouraging the OP to do so, I was pointing out PDLs are a financial instrument like any other and they have their place.

I am sure you never would, but I am guessing you never have the need to, by having access to other credit and no pressing issue for money to keep your head above the water.

paulineb_2

Daedalus wrote: »

I wasn't encouraging the OP to do so, I was pointing out PDLs are a financial instrument like any other and they have their place.

I am sure you never would, but I am guessing you never have the need to, by having access to other credit and no pressing issue for money to keep your head above the water.

And thats where you would be totally wrong. Im on a low income and there are times where I struggle. Ive been unemployed on more than one occasion over the past few years and Ive been in similar situations, where Ive been building up rent arrears due to time its taken to process a claim or receive a first wage. I still wouldnt take out a payday loan.

And as has already been said in the thread, the OP should be entitled to a 4 week housing benefit extension and council tax extension which would mean that their rent and council tax will be paid for the 4 week duration until they get paid.

Im sure they do have their place, but as someone else said credit unions are probably a much better solution.

gibson123

If you are monthly paid it is a good idea to ask to start in the middle of the month, this means you only have two weeks to wait for your first (half) pay, but it will be more than jobseeekers and you then only need to budget very carefully until you get a full months wage.