Would You Sell....

MollyBear

Please someone with more brains than me HELP!!!

Situation: on 1st feb me and hubby will get paid, but will need another £300 to what we will have to be straight in the bank! :eek:

I've asked nastywest if i can miss this months loan payment as i just dont have it! my account with then has £10 in, they've already treid to take the dd but it bounced, taking £38 worth of charges too, they said they will re-try the dd meaning it will bounce again charging another £38 making me go overdrawn on my overdraft, which will make even more charges at the end of the month i cant afford!!!

they said they will just keep trying to take it and it keep bouncing until there's enough in, i tried to explain that there wont be enough in and i didnt get paid last month and we need all our wages for this months mortgage payment else we will be reposessed!! Did they care? NO.

I just dont know what to do or where to turn. I dont have anything worth selling and no-one can lend me any - which is good in a way cos i cant afford to pay it back!!!

What can i do????? Any suggestions needed and greatly recieved!

stapeley

Simply cancel direct debit before they can try and take any more out !

stapeley

Is it a secured loan ? Have you card debits ? When do you get paid and when does Mortgage come out ? Do you have another account that wages can go into ?

MollyBear

cant cancel dd as it wont let me online and when i phoned they said no! its an unsecured loan, we have no credit cards and the mortgage is due 25th, we have another basic account ive started paying the wages into.

going to try phoning again

Bunnyinthelights

Borrow from a friend?

stapeley

OK they can not stop you cancelling a direct debit ! OK also if the Mortgage came out on the say 3rd things would be sorted ! so ring and say your company have changed the wage payment date , and you therefore needed to change date mortgage comes out . Do not going into any more detail . And yes they can do that , I ,ve done it several times ,its only 8 days you are asking for !

dubsey

Stapeley is right about changing the mortgage date, we too have done this more than once.

Who is the unsecured loan with?

CCCS_Sarah

Hi Molly,

Is your loan secured or an unsecured loan? If your loan is secured this needs to be treated as a priority and you would need to try and keep this up to date by offering reduced payments on other things such as personal loans & credit cards.


If your loan is unsecured then you could offer a reduced payment. There is a number of ways you may choose to deal with your current situation. As a general rule they all need to include a Statement of Affairs (SOA) as the foundation from which to begin. Whist we cannot advise you fully on your financial situation via this forum we do have an online advice facility called Debt Remedy where you can complete a Statement of Affairs (SOA) and be provided with advice on the best way to deal with your situation. This link will take you straight to Debt Remedy.


With regards your bank account, you need to look at opening a basic bank account with another bank where you have no debts. The reason behind this is it will break the cycle of charges, and also Natwest if you offered a reduced amount to your loan (if unsecured) Natwest could just dip into your account anyway to bring it up to date and this could leave you short for one of your priorities

stapeley

stapeley wrote: »

OK they can not stop you cancelling a direct debit ! OK also if the Mortgage came out on the say 3rd things would be sorted ! so ring and say your company have changed the wage payment date , and you therefore needed to change date mortgage comes out . Do not going into any more detail . And yes they can do that , I ,ve done it several times ,its only 8 days you are asking for !

This would be my first action ,it in effect gives you an extra amount for this month , will probably put you straight for awhile ! I would also , if the debts from the cards are with a DCA , look at the CCA REQUEST route ,this is under decussion in other posts . Let us know how you do requesting a change in mortgage repayment date ?

tattycath

I remember a couple of years ago I had an unsecured loan and I was in a financial mess. The loan was with the same bank that I did all my banking with. I tried to cancel my direct debit and I was not allowed to cancel it online and When I phoned the bank they would not let me cancel it either. They said that they were within their rights to do that as I had a loan with them and how would they get their money if my dd was cancelled-it was a catch 22 for me. I couldn't cancel and I couldn't pay. As for what you can do. I agree with Stapeley about changing mortgage payment date. How long does your loan have to run?? If it's a regular occurrence that you won't have enough money to pay everything after wages have gone in, you'll either have to make cutbacks (if you can) or up income someway. I think it woulkd be a good idea to fill in a statement of affairs (soa) just so that you can see where you are financially. If it's of any help at all there is a grocery challenge thread on here to help cut back on monthly grocery spending-it has helped me alot in the last 3 months. I am saving at least £150 a month compared to what I was spending. I will hunt out a link for you. http://forums.moneysavingexpert.com/showthread.html?t=652959&page=89
HTH

robpw2

open yourself another account and get all earnings paid into that and then send the bank a cheque for the looan amount each months