Financially responsible, but I need £750 quick! Advice?
Options
Comments
-
Your whole issue is that I sounded too happy with myself in my first post. On a forum for people who may be in vulnerable and challenging situations, you choose to police posters' positive self-esteem rather than dispense useful advice straight away. To me that is incomprehensible
The trouble is, when things just don't seem right, we CAN'T 'dispense useful advice straight away'. Someone with a £25k job usually has a much bigger overdraft or a credit card to fall back on, for example. If they don't, it's because they have a savings pot or generous parents. Without mentioning all the facts and figures we can only stab in the dark, and make assumptions based on what we've seen before. It makes our 'job' of dispensing the useful advice much easier if the first post contains the facts and bare minimum waffle.
But, this isn't a job. We're just normal people like you. We don't have any training in finance - OR customer service skills! Most of us tried to give you good advice and ideas, even if we were questioning things. We answer questions like yours out of our own time, for free, because we like to help people. If you're worried about how people are being spoken to here, your only option is to stick around, learn everything we have, and dispense helpful, polite advice yourself.0 -
I disagree. If (and it may be a big if) the OP has the discipline to pay back the loan after a very short time then a PDL may be a viable option, and potentially cheaper than some other options such as overdraft while being available almost immediately.
Pay day loans are almost certainly NOT cheaper than an overdraft. £750 for 20 days costs £25 with Halifax, or £180 through quickquid.0 -
The Utopian world of being financially responsible and having savings/backup cash for emergency situations?
Oh, you mean the real world..0 -
I disagree. If (and it may be a big if) the OP has the discipline to pay back the loan after a very short time then a PDL may be a viable option, and potentially cheaper than some other options such as overdraft while being available almost immediately.
I totally agree. This is literally the one thing they're useful for - as an absolute last resort where the other option is something much worse than the possibility of paying over the odds in interest.
If I were absolutely without any other viable options (and I literally mean "all other sources expended bar going on the game"), and the only other option would be missing vital payments, I would go for a PDL of the smallest amount and shortest term available to me.urs sinserly,
~~joosy jeezus~~0 -
JuicyJesus wrote: »I totally agree. This is literally the one thing they're useful for - as an absolute last resort where the other option is something much worse than the possibility of paying over the odds in interest.
If I were absolutely without any other viable options (and I literally mean "all other sources expended bar going on the game"), and the only other option would be missing vital payments, I would go for a PDL of the smallest amount and shortest term available to me.
Looking at the OP's situation as a whole - They're not on the housing ladder yet, and a payday loan really scuppers your chances of getting a decent mortgage for a good few years. If in 2 years they're earning the 70-odd k they think they will, they'll probably want to get onto the housing ladder. It's not about the high interest now, it's about the financial consequences down the line.0 -
Not convinced that should be stated as fact - https://www.moneysavingexpert.com/loans/payday-loans/#needtoknow-8 says:a payday loan really scuppers your chances of getting a decent mortgage for a good few years
I could be wrong but suspect that using one specifically to bridge between two jobs would be relatively easily explained several years down the line....Can payday loans stop me getting a mortgage?
A few mortgage lenders, including GE Home Lending and Kensington Mortgages, have publicly said applicants who have used payday loans won't be accepted for a mortgage with them - even if they were fully repaid on time.
Yet even those who haven’t spoken up are likely to behave in a similar way. One of the UK’s top technical experts on mortgages, Ray Boulger from broker John Charcol, says:Most lenders will run a mile if an applicant has had even one payday loan in the last year.
This is because the presence of a payday loan on the credit record of a mortgage applicant implies there's some underlying problem with their budgeting and money management. That throws serious doubt on their ability to consistently meet a monthly mortgage payment.0 -
Hi, what is the course that you're doing? Is it LPC? I appreciate that having started at a new job, you're not really in a position to ask them whether they will cover part of the cost or loan you the money, but usually commercial law firms will cover the cost of trainees doing LPC - can you work something out with them?
Otherwise, most likely your best option would be a credit card and a money transfer, or a loan, or friends/family. £750 is a relatively small amount so you should be able to get a loan quickly, especially with your salary of £31k/pa, plus you have a good stable career, which may help (don't quote me on this one, I'm not sure).Debt Totals July 2019::
[STRIKE]£350 Natwest Credit Card [/STRIKE]/ ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0[STRIKE]£500 train ticket loan from parents [/STRIKE]/ Now £0 (paid off 16/02/18)[STRIKE]£2,000 Overdraft[/STRIKE] Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0 Total £7,0000 -
OP, the one bit of advice nobody has really mentioned so far is for you to reconsider taking the exam at this time. Unless you can borrow the money from family and friends, the other options (including the rent arrangement) can all have serious negative impacts on you in the short, medium and long terms.Not one of the numbers I have posted in this thread has been "disproved" (and couldn't be), nor has any of the other information been revealed as untrue or half true. I am exactly as I have presented myself throughout this thread. In 2 years I've increased my income from £17k to £31k while gaining additional qualifications and paying every bill, and I have done so rather than accrue savings and while unknowingly having one bad entry on my credit record. All of that information was within the first two posts. This is now the 40th post in this thread and all you have revealed in terms of additional info is that I also have a currently unused entry level overdraft which I have factored into my budget, and that I am fortunate enough to have found love. Where's the round of applause emoji?
I cannot say what impact delaying this particular exam might have on you, but sometimes it is important to take a step back and look at problems from a different perspective. Your ambition to pass the exams as quickly as possible is admirable, but if the price of doing so is financial difficulty - possibly even the breakdown of relationships - then that is the point where a step-back and think approach is important.
If the consequences of a delay in taking the exam is only a modest delay in moving up to a higher wage, then this is an option you seriously need to consider."In the future, everyone will be rich for 15 minutes"0
This discussion has been closed.
Categories
- All Categories
- 343.8K Banking & Borrowing
- 250.3K Reduce Debt & Boost Income
- 450K Spending & Discounts
- 235.9K Work, Benefits & Business
- 609.1K Mortgages, Homes & Bills
- 173.4K Life & Family
- 248.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards