Large Debt to Pay Off in 2 Weeks - Please Help

Tixy

You won't be able to use a balance transfer card to pay the debt directly off a corporate credit card.

(even if you could the fact that they are both barclaycard would have been an issue yes).

That is a non-starter.

If you want to try to borrow money to pay this back it will have to be by different means, not a balance transfer. So you could try applying for a loan, but if you have been exceeding your overdraft regularly this will be marked on your credit file and your chances of getting a loan will be very slim and indeed you have already been declined.

You haven't really explained where the £2418 was spent. Did you actually have a shortfall/overspend of that this month? or did the DD get declined by just a small amount and you could actually repay say £2000 straight away?

I would agree that the best thing to do is to talk to your employer, explain you have been having financial difficulties (and why you overspent by so much in a month)and ask to be allowed a repayment plan.

lookingforhelp88

OK so it seems that the best option is attempting to obtain a loan now that the balance transfer is off the cards.

DF family/friends aren't really an option unfortunately. And I don't have anything to sell. My car is leased (through work, so deducted automatically from my salary) and my phone on contract, house is rented. Have sold everything else I could on ebay.

And thanks, hope I get something sorted too.

Tixy thanks for the info. The £2418 is the combination of two and a half month's of spending. The alert was triggered at 60 days overdue and now all the amount needs to be paid. During that period I used the card for everything.

At that time I could have repaid around £500 but then wouldn't have hit the limit of my overdraft with two weeks before payday. Right now I could pay around that amount.

sunshineangel

you say you have nothing to sell- no clothes, shoes, handbags you could ebay or sell on local facebook selling pages? pawn jewellery or games consoles or anything to buy back at end of month? dvds, old phones cds books you could get rid or via amazon/ebay/phone buying companies, etc?

If you have 500 as you say thats a start. Maybe see where else you can skim money off your budget in the next 2 weeks by having no spend days or eating from cupboards/freezers, raid the penny pots (if you have any) search down sofas etc for loose change and put in a pot.
that way if you do have to admit to HR you cant pay it all you can give them everything you have managed to scrape together as a first payment and hopefully they will let you pay the rest in installments if you cant get it all together.
Maybe post your soa at some point for tips on how to get yourself straight so your able to work your way out of your overdraft.
Good luck

Tixy

lookingforhelp88 wrote: »

Tixy thanks for the info. The £2418 is the combination of two and a half month's of spending. The alert was triggered at 60 days overdue and now all the amount needs to be paid. During that period I used the card for everything.

At that time I could have repaid around £500 but then wouldn't have hit the limit of my overdraft with two weeks before payday. Right now I could pay around that amount.

So you were overspending by £1000 a month on top of your income?
Where was you money going if you had no money for food or to pay for car parking?

If you take were able to get a loan are you going to be able to reduce your monthly outgoings by £1000 + the loan repayment amount? That is going to be a major reduction on what you have been spending.

Whilst I agree you need to tackle the immediate issue of having to repay this debt or set up a repayment plan its also going to be very important for you to work on ensuring you can cut your spending and live within your income.

It might also be sensible to think of a backup plan in case the bank recall your overdraft (seeing as how items have been bounced on the account).

flipperOSN

I don't have any practical suggestions, other than those given above. I would like to say that, having had issues with over spending during depression before, I think that you do not need to be judged for it. I managed to spend 2000 pounds in two months on pda's when ill, I clawed a lot back by selling them on but it was a hard lesson to learn. I hope your work is able to deal with the situation sensitively. Good luck and use the SOA!

downhillfast

Sorry I haven't really got any new suggestions to offer. I just really think you need to tell your employer and hope they can sort out a payment plan for you... tbh it sounds like you have very little chance of securing any further credit in your current situation so you are just delaying the inevitable.

Keep your chin up