Advice for 1st time borrowing

edited 30 November -1 at 1:00AM in Credit Cards
2 replies 439 views
ebe12ebe12 Forumite
1 Post
edited 30 November -1 at 1:00AM in Credit Cards
Not sure this is in the correct place ?
As the the title says , I am after some advice. I have never borrowed in any way before so unsure of what my options are.
Myself and my husband have been allocated a local authority property , and they insist we have to start the tenancy next week , the problem being we currently rent via a private landlord and they require 4 weeks notice to end our tenancy.
The housing association are unwilling to move the start date , and so we find ourselves with the responsibility of 2 sets of rent and council tax. We do claim housing benefit , and I am told we may be able to claim for both properties at the same time , however that takes time to get prossesd and time we do not have. My husband is in full time employment but is on a low income so we receive working and child tax credits. I am a full time mother.
There are a few essentials we need , an oven and some carpets . We have a little money saved but not enough to cover it all .
We need a max of £ 500 I've no idea what is the best/ cheapest / safest way to borrow this amount , or even if i am eligable due to no credit history and not being employed.
Any advice greatly received.
As I said


  • PeacefulWatersPeacefulWaters Forumite
    8.5K Posts
    If the intention is to repay reasonably quickly, an overdraft from your husband's bank may be appropriate.

    They may charge fees daily or have a monthly fee plus interest.

    If either of you have a credit card, cash advance against that is an option. Or doing other spending (food shops etc) on the credit card to free up cash would be cheaper.

    Alternatively, a personal loan over 12 months is an option.

    Avoid pay day loan companies and just about any lender that advertises on telly!

    Main instinct would then be to repay debt rapidly to minimise charges.

    Further down the line try to build up an emergency fund of savings. £1,000+ stashed away would feel ideal if this sort of thing happened again in the future. Not easy to do, but something to work towards.
  • dresdendavedresdendave Forumite
    880 Posts
    Tenth Anniversary 500 Posts Photogenic
    Please don't borrow money for carpets and an oven, neither are immediately essential and certainly not worth getting into debt over. Get moved in, adjust to your new circumstances and save up and then buy them outright.

    Until then you can live quite healthily on cereal, toast, sandwiches, fruit, cold meats and salads.

    If need be ask friends, colleagues, use freecycle and you could probably get a few rugs, second hand cooker or microwave to tide you over.
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