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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To be considering using ocean finance

38 replies

mrswhiskerson · 05/06/2011 16:21

My dh and I have found ourselves in pretty desperate financial situation due to a few unfortunate situations and having to use my credit card just to buy food and get by , we have now had a huge electric bill which we just can't pay.

Our credit history is not the best so a normal bank loan is out .

I had a look on the ocean finance website and it seems the only answer but I have heard they are bad news which is a bit gutting because short term I don't see any other way long term we are both searching for better jobs but we don't know how long that will take.

We need to borrow six thousand .

Has anyone used them or know of an alternative?

OP posts:
mrswhiskerson · 05/06/2011 20:21

prettyfly No problem i can see why you would think like that if you have had trouble before and some companies can do pretty low things to get more customers.

I have had a look on the payplan website and it seems pretty good i have sent them my details and i am going to ring them first thing tommorow.
I am also going to ring all the companies we know and see if i can find a solution.

thank you everyone for the advice i am so grateful , i can see how a loan is a bad idea and since we have just bought the house which is something i did not ever think i would do i really dont want to put it at risk if i dont have to.

OP posts:
prettyfly1 · 05/06/2011 20:26

Mrs you sound really sweet so I hope you get it sorted - payplan are amazing by the way and they really helped us!!

shorty100 · 05/06/2011 20:40

Just to add that if you were to have a prepayment meter for your electricity bill then depending on which supplier you are with the unit price is not higher than the standard price. The best tariff to be on is an online one and can get a big discount going forward to be on this. Hope you get it sorted. X

katvond · 05/06/2011 20:49

Mrs I wish you luck we've all been there, but try payplan they are totally free, I've used them highly recommended

passiveaggresive · 05/06/2011 21:14

Ah, i re-registered to yell STOP to you Mrswhiskerton!! But i see you have also been given some excellent advice. Please do not borrow anymore money - we borrowed to get ourselves out of a hole and just dug ourselves a bigger one. I have a telephone interview with payplan on tuesday and i hope they are going to manage our debts for us. Sadly, i have longterm experience of debt and its very damaging. I would just like to say a few things.

Firstly - dont be afraid of having Gas and Electric meters put in, depending on what company you use you do not pay any extra and if you do, yeah you might pay say an extra £50 a year or thereabouts but i tell you what, it makes such a difference. Its the best thing we ever did. Contact them as soon as you can to tell them you are going to struggle to pay and ask for time to pay but then ask them to be put on a meter. Its so easy, you don';t have that awful worry of the gas and electric bills which we were getting £700 gas bills it was ridiculous. If you communicate with them they will be helpful about finding a solution. I was really reluctant to have meters but our debts got so bad it was taken out of our hands (we owed Brit Gas over £1,000 at one point) and we were forced to have meters, we will be making our last payment of the debt this week actually, and i will be keeping the meter, it was by far the best thing we have ever done. British Gas dont charge extra to have it (but some companies do) and even if they did, i still think we would save money because it really makes you budget the gas you are using and it has saved us a fortune.

Talk to payplan anyway, they will help you with your debts but if you are struggling with credit cards you can write to them and request that, so long as you stop using the cards (and i strongly suggest you do this anyway) they will freeze the interest. Some lenders are more likely to accept this than others, but if you are only able to meet the minimum repayments the majority of what you are paying will only cover the interest and a nominal amount anyway so cut the fuckers up, they are the work of Satan! Easier said than done, we didnt think we could manage wihtout credit, well we are still in debt but i promise you i will never, so long as i live ever have anything on credit ever again. You manage, we were using credit cards to pay mortgage, buy food etc etc - it just makes things worse and now we cant use them, yes it can be a bit shit sometimes (we had to raid savings bottle (2 pennys) for food and petrol) but actually, you CAN manage without credit. Ok, so when the dishwasher borke i had to mend it myself - it was a great sense of achievement, probably before we would have thrown our hands up in the air and purchased another one on credit. Our van broke down, DP fixed it. It is possible to live without credit - our society doesn't make it easy, but it is possible and much much better.

Credit card companies and banks handing out their loans and overdrafts so easily have alot to answer for, i only wish the credit crunch had come sooner!!

Best of luck with it all, do get it sorted sooner rather than later as you dont want to have to do this long term, it just destroys everything.

passiveaggresive · 05/06/2011 21:16

Wavesmadly at katvond i was Sunshineissorry the other day and you gave me such good advice and support thankyou so much.

OP - you should listen to this lady, she is very wise!!

katvond · 05/06/2011 21:24

Waves back at passive
I was only too glad to help, even if it helps one person then I'd be happy.

mrswhiskerson · 06/06/2011 00:20

prettyfly thank you ! I am looking forward to talking to payplan and getting things sorted and I am glad your situation got sorted too being in debt is awful and knowing there is a way out has lifted such a weight off my shoulders.

passiveaggressive thank you for re registering it means a lot and you have given me some great advice , I have had a chat with my dh (who had sank into a depression over it all and we are getting a meter.

OP posts:
mrswhiskerson · 06/06/2011 00:29

katvond thank you too and to everyone on here as I Said before I am so grateful for the advice , you should all see the difference in our house we have gone from felling down and desperate to feeling positive we can sort ourselves out and it is down to all your good advice.

I wish I could send you all flowers or something but as I am totally skint all I can say is thank you all and i hope I can return the favour in some way one day.

OP posts:
PeteJones · 21/06/2011 10:09

This reply has been deleted

Message deleted by Mumsnet.

octopusinabox · 21/06/2011 10:24

This reply has been deleted

Message withdrawn at poster's request.

PigletJohn · 21/06/2011 10:57

PeteJones, some people would abuse you for suggesting that borrowing money at high interest rates is a good way to deal with debt.

I just think you're an idiot.

WhereYouLeftIt · 21/06/2011 11:02

PeteJones, you resurrected a dormant thread, which you didn't actually read, on which you put your first post, to make an uncalled for personal attack. So I guess you also didn't read "We don't allow personal attacks"^ at the top of the page. Offensive and illiterate.

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