Use old overdraft

continualdiamond

After some thoughts please.

OH was made unemployed last Monday. We had to pay a very big bill yesterday and are now only left with £50 until i am paid on the 22nd again. It had to be paid as we couldn't justify waiting until i am paid and then getting a £10 late charge added on.

£50 is not going to cover 2 weeks shopping and my petrol for work. We really don't wanna ask my OH parents if we can borrow money and mine are back home in Australia.

So what do people think of us using our old overdraft?? By old, i mean its with our old bank and we'd transfer some of it to our current bank account and when i am paid again, put it straight back.

Idiophreak

Don't see why not if it helps you out of a tight corner...

continualdiamond

Thats what i thought. Just have to be strict and put it back. OH is a bit worried about touching it as we've left it for about 4mths now, due to being in a DMP.

grace

Will your OH get a redundancy pay out...if so.. you can pay it back from that...

Donedoingdebt

continualdiamond wrote: »

Thats what i thought. Just have to be strict and put it back. OH is a bit worried about touching it as we've left it for about 4mths now, due to being in a DMP.

If this account is part of your DMP then you won't be able to touch it.
If it's not part of your DMP then be very careful, as taking out further credit whilst on a DMP will be frowned upon & could jeopardise any agreement you have with your DMC if you're with one.

continualdiamond

Yes its in the DMP, but why can't i touch it?

They haven't agreed to the DMP yet and they actually increased the ovedraft limit without us asking. We haven't got cards for that account anymore, but we can transfer the money online.

Donedoingdebt

Usually, if an account is included in a DMP, then it's often the case that the terms of the original contract covering repayment have been broken, ie, the minimum payments have not been met.
Therefore, that creditor will not allow any further borrowing on that account, at least until the repayments are brought up to date & often a lot longer.

moonlightpjs

Just a word of warning We had a DMP with CCCS a while ago and as we still used/were using the OD, they (CCCS) cancelled our DMP with immediate effect so we had to do it on our own - nightmare!!!. It may be worth a phone call to them to ask if you can use it but if the bank/OD is one of your creditors I would tread very carefully. HTH x

bandraoi

What do you need to pay for out of the £50
ie how much petrol/food?

How much food do you have in the house?
Any chance you could lift share a day or two?
Do your company do advances/early payment on salary, I know I found that my contract actually has something about up to £1000 in advance if needed.
Do you have any expenses you could claim?

Gemmzie

Are you both on the DMP? If so, don't do it for the reasons given above.

continualdiamond

Ok, thanks for the advice.

We've borrowed £100 off my OH's parents. I didn't realise you couldn't touch accounts in a DMP. Where both in the DMP, yes.

The £50 in our bank account was not going to cover food and petrol. I use £15 a week on petrol, this week won't as i work in a school, so have the week off. We have pets to feed as well.

My work does not do advance pay as i work for the county with working in a school. No expenses to claim unfortunately.

Also just rememberd i've got a dentist bill of £44 to pay, so lucky we borrowed £100 off them.