What are my options?

lovely-cup-of-tea

Hi there,
I'm in pickle. OH and I need to pay our rent no later than Friday. We both work having gone from being self employed to getting jobs within the last 6/8 weeks. All our money arrives mid-month and I'm tearing my hair out trying to find a shortfall of £400 to pay the direct debits that will need to be paid as well as the rent.

I've asked the managing agent for some time to pay but they're not able/willing to help. I can't extend my overdraft. I've applied to two credit unions but am still waiting to hear back. We've tried family but again no-one can help.

Am I going to have to bite the bullet and get a payday loan?

Thanks for reading, it's taken a lot just to write this out.

Apples2

Only get a payday loan if you KNOW you can repay it. NEVER take one to give you breathing space

Understand the consequences of making late payments and keep taking to your creditors.

lovely-cup-of-tea

Apples2 wrote: »

Only get a payday loan if you KNOW you can repay it. NEVER take one to give you breathing space

Understand the consequences of making late payments and keep taking to your creditors.

Thanks Apples2, we can pay it back and I'll be moving all our direct debits to mid month to coincide with when we get paid, this really is just a short term problem.

iolanthe07

Could you draw some money out using a credit card? This is not ideal, and is an expensive way to borrow, but it is a whole lot better than a payday loan.

Mallotum_X

Can you change the payment date of any of the DD;s to make life easier, even if that doesnt solve everything if you do still need a short term loan it may be less?

Can you pay any of your bills on credit card and then clear that the following month?

lovely-cup-of-tea

Hi and thanks for the suggestions. Neither OH or I have a credit card. It's looking remarkably like we may only have one option. I'm just hoping that we don't get turned down as neither of us has had these current jobs for more than 2 months!

lovely-cup-of-tea

I'll be changing the DD dates but I can't for those due to be paid on Fri, there won't be time surely???

Apples2

Be very careful changing Direct Debit dates. If you move the date right, you could be seen to be missing a payment (or making a late payment at least).

Some Companies are better than others, just be careful in arranging it and make absolutely sure it goes out on the date you have requested. If they forget to process it or for some other reason it fails, you will find yourself in all manner of grief.

marathonic

The finance charge for the likes of Wonga, over 2 weeks, on £400 is £62.27.

I wonder if you offered the letting agent this amount if they'd wait two weeks and explained the reasoning - avoid payday loan company - would the be willing to accept.

A payday loan on your credit history impacts it negatively so this would be win-win for both you and the agent.

lovely-cup-of-tea

The agent have tried to reason with the landlord but they're sticking fast as their mortgage payment date is on the 5th and it doesn't look like they can afford to cover it themselves. I've no argument with that, it's fair enough.

I applied for a credit union loan last Thursday so I'm trying to chivvy them along for an answer today......keep 'em crossed for me, I've made them aware of my circumstances.

opinions4u

To be honest, when the landlord's mortgage payment is isn't your problem. Whether or not they have the resource to pay for it isn't your problem.

They can't kick you out for a late payment (although it may create an awkward relationship going forwards).