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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To be considering a payday loan?

34 replies

APieOfButter · 30/05/2011 16:41

Sigh. I know, we should have budgetted better. I know that, we don't need to discuss it, we have detailed plans in place and a separate bills account all ready to stop this happening again. It is based around the last landlord not giving us our deposit back unfairly (proceedings going hrough deposit protection scheme right now), benefits being slow to be paid and the fact that we are a bit rubbish and miscalculated, and also that we thought there was just about enough in there until yesterday.

BUT, tomorrow our rent will go out. Tomorrow DH will get paid. However, the rent is £595, we have £502 in our joint account and DH gets paid £88 into his personal account. We can transfer using online banking tomorrow, but a) it is likely the rent will have already bounced and b) it's still not quite enough, and with the bank holiday it's not even like we can borrow a bit of cash off relatives/raid the kids piggy banks and pay that in. The only way I can think of to get that money into the joint account before the rent goes out is a payday loan.

We have at least £1000 coming to us from the benefits and deposit we are owed, but we don't know when they will actually come (benefits are due by the 6th though) and we have another £300 coming on Friday the 6th as well, so we will be able to pay it back, and the interest is preferable to not paying it, as that would a) annoy our landlord, and we are only on a six month lease in a house where we want to stay for years and b) cost us more in fees anyway.

Still, payday loans are one of those big no-no things, aren't they?

OP posts:

theinet · 30/05/2011 18:39

Payday loans companies are unfortunately a necessary evil for many.

i had the misfortune to use one a few years ago ; don't make it a habit.

you feel dirty using one, the interest is horrendous.

but as a one off, yes, you could .

icooksocks · 30/05/2011 18:44

Payday loans interest rates are about 800% aren't they . Anyway if you bank with Natwest they give you until 2.30pm to put the money in just for future reference.

shineoncrazydiam0nd · 30/05/2011 19:03

What does your DH do that only pays £80 a week? That seems like an extremely low salary to me.

smokinaces · 30/05/2011 19:05

Less than £20 isnt too bad - its less than a charge from the bank etc. As long as you dont make it a habit you should be ok.

and sorry, but I had to laugh at Have you nothing you could pawn/sell you should always have some jewllery in the house for emergencies as gold will always hold its value. Worse case pawn your wedding rings do not get PDL

when you're poor your emergency things have been sold long long ago!!!

Serenitysutton · 30/05/2011 19:36

Moving is a bugger isn't it. I hope you've opened a dispute with the tds- the money is supposed to be repaid in 10 days. Fuckers

whackamole · 30/05/2011 20:26

Go on your online banking at midnight, benefits usually come in just after. Transfer the money and you should be fine, as standing orders go out at about 1:30.

Original poster

APieOfButter · 31/05/2011 09:10

shineon - he is a shop assistant, part time. He does overtime when he can, but he got made redundant from his full time job. He is also needed to look after me and the dc when I am ill. His job effectively pays more than that though, as he gets ridiculously cheap food that is near its sell by date at the end of the day :) Between that, the garden, cheap fruit and veg from the community centre and buying stuff in bulk from approved food, we do OK.

Once our benefits are all being paid properly, we'll be fine. It's just such a pita to have to be chasing these things up when DH is working (his commute is an hour each way and costs £20 a week) and I'm recognised as needing care and the kids are running about.

Sorry, rambling now.

I also was chuckling a bit at the idea that we would be considering PDL but had forgotten about the stash of gold :) Although I suppose if we did live near enough to a pawn shop, we could have pawned the TV or something. I thought that pawn shops charged loads of interest too though? And of course, there would still have been the problem that the money would have been cash.

Oh well, Wonga it was anyway, and I got a good deal on the train ticket, so I added another £25 on so I can see my family. It's arranged to be paid back on Monday the 6th, but it will be paid off well before then - we just added in a margin for error. Thanks for all your help :)

OP posts:

beesimo · 31/05/2011 09:29

I didn't mean to upset you by saying pawn your (non-existant) jewellery it is part of our traditions that we always have what we call our dooky stash in case we need cash or for secret womens business. I meant no offence to you

Best wishes Bx

Original poster

APieOfButter · 02/06/2011 00:01

It's ok - I suppose it is the same as having a little account with a bit spare in, we always try to have £50 or so put to one side, but obviously that had already been eaten up.

Anyhow, thanks for all your help - it does make it a bit easier to know others have been here.

OP posts:

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