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Want to borrow against redundancy

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  • Grumpy_chap
    Grumpy_chap Posts: 18,219 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I still think I am missing something.
    You are employed with a major company, income security for just over a year, followed by a large redundancy expectation. 
    Current salary is a bit above average wage.
    Lockdown has caused you some difficulties and you now need a relatively small sum (£1,500, less than one month on average wage) to change the world.  You have not said you have been furloughed at 80% so I assume you are still either working or furloughed but receiving full normal wage.  Maybe no overtime, which could have an impact.
    All normal routes of finance have become unavailable so you are asking for sources of peer-to-peer funding for the small amount, and offering a return of 66% over one year.  (£1,500 now and you'll repay £2,500 in 12 months.)
    Its not clear why lockdown has caused you some difficulty - maybe it is another source of income that is affected or family income rather than your own income.
    Can I suggest preparing a SoA (Statement of Affairs) which might reveal a solution.  If it does not , then share that in the DFW (debt-free wannabees) forum to get some specific advice.
  • GrumpyDil
    GrumpyDil Posts: 2,031 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Or you could see if any existing credit cards you may already hold are offering a money transfer at 0% for x months like three of mine are.  Would certainly be cheaper even after the 4% fee than the 1000 your are suggesting.
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