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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

I WAS unreasonable, and stupid - can I cover it up?

130 replies

CRS · 27/07/2011 20:55

I took out a pyday loan. I KNOW, very stupid, but I felt desperate. This month £315 will come out of my bank account. HOW can I explain this without telling the truth, which is so embarrassing?

OP posts:
Original poster
CRS · 27/07/2011 21:21

Thanks for advice and lack of "You are a fucking stupid IDIOT!" posts, which I know I was! I'm just so worried about money, we are VERY tight at the mo, and I can't believe I've been so idiotic - I just can't see a way of doing the conversation - I have three debts that I HAVE to pay (secondary school PE kit, secondary school bloody NETBOOK and son's fees for football (he is signed to a junior division of a professional club) from my account - and this will mean I can't - I don't know how to begin with the explanation. (Embarrassed to say, I am starting to cry a bit!)

OP posts:
Mare11bp · 27/07/2011 21:21

Sorry, seems I am being totally naive Blush

Good luck OP. Not sure what else to say.

snippywoo2 · 27/07/2011 21:21

Companies like Payday prey on poor people who cant get access to money anywhere else, but surely they made it clear to you how much you had to pay back. What was so urgent that you needed to borrow £200 to pay for?

LadyOfTheManor · 27/07/2011 21:22

I didn't think people even took out those kind of loans, I thought they were some sort of urban myth...especially on the adverts where the APR is 3045%!!

Op, tell your partner, the sooner the better.

Don't fall for it again, you've learnt the hard way. The bastard cunting sharks target people like you.

Original poster
CRS · 27/07/2011 21:24

The electricity bill was the urgent thing. And I didn't tell my partner because he came home so stressed about money and it seemed a solution. So I'm sorry for destroying the urban myth, but although this was stupid, it seemed like a solution at the time. I KNOW it was stupid.

OP posts:
snippywoo2 · 27/07/2011 21:24

sorry x post dont cry could the school not help you out

MrsHerculePoirot · 27/07/2011 21:26

Contact the school re the netbook payment, they should be able to help you out/defer your payment for a bit...

TartyMcFarty · 27/07/2011 21:26

How is this even fucking allowed as a legitimate business model?

TartyMcFarty · 27/07/2011 21:27

And why on earth did you have to buy a netbook for school? Did you buy it privately or through the school? If the latter, screw em!

ImperialBlether · 27/07/2011 21:29

But the electricity bill belongs to both of you! You really shouldn't try to protect your partner from the realities of your financial life. Make sure you pay it all back this month and try to get a loan from your employer. If you haven't had one before (or not for a long time) they should give it to you. My organisation advertises that they will give a loan and it's repayable over three months, taken out of your salary automatically.

Whatmeworry · 27/07/2011 21:30

Put it down to experience....but god someone should force the Govmnt to do something about Loan Sharking. They always huff and puff but nothing ever seems to happen

CupcakesandTwunting · 27/07/2011 21:30

WTF? Why do you have to buy a Netbook for school?! If it's compulsory, that's a big bloody spend. Can you pay in installments?

Don't cry. Do you have wine?

Original poster
CRS · 27/07/2011 21:31

The netbook is 2 installments of £180! I haven't even told my partner that yet.

OP posts:
snippywoo2 · 27/07/2011 21:31

Contact the electric company and change to an online tariff pay by direct debit that way its split over 12 months of the year you know exactly what your paying each month and it will save you a lot of money.

Original poster
CRS · 27/07/2011 21:32

Net book is requirement from school for Y7 - you can pay monthly installments if you are on benefits, but we're not.

OP posts:
Claw3 · 27/07/2011 21:33

Seems you have to make all the payments from your money, what does your dp do with his?

ImperialBlether · 27/07/2011 21:33

Why do you need a Netbook for school? It's not compulsory, is it? Did you agree to it when you thought you could manage?

I'm sure you can cancel it or arrange to pay at lower instalments. You are obviously on a computer at the moment, so your child can use that for school work.

snippywoo2 · 27/07/2011 21:36

The netbook is 2 installments of £180! I haven't even told my partner that yet.

If you contact the school and explain they all have a fund that they can use to help less well of pupils, they can also apply it to school uniforms etc I think you need to contact the school and explain your situation to them.

KAZAMM · 27/07/2011 21:36

Do you often not tell DP about bills that need paid though? Share the burden it really makes life easier.

amothersplaceisinthewrong · 27/07/2011 21:37

Payday loans charge up to 4000 per cent interest - it is in the small print on all those ads on teh telly.

Pay the whole thing off now and own up. The worst thing to do would be to not pay it all off at once - the debt will never be cleared.

Why payday loans are not illegal is beyond me.

saladsandwich · 27/07/2011 21:37

go to the school, tell them you cannot afford to pay it in 2 installments 9 times out of 10 they will use their discretion and let you pay it in lower installments, they prefer to get some money than no money x

snippywoo2 · 27/07/2011 21:38

Net book is requirement from school for Y7 - you can pay monthly installments if you are on benefits, but we're not.

no its not who on earth told you that?

Original poster
CRS · 27/07/2011 21:41

Partner pays a bit less half the bills from his, I pay a bit more than half from mine. Things got in a bit of a mess as we were paying a very old debt off from when our son was tiny and I was 22 and partner was still at uni and we borrowed some money from HSBC and missed a couple of payments.

The netbook is a requirement for year 7 - the letter from the big school says two payments of £180 unless you are on benefits or low income and can prove low income with tax credits - I hid the letter from partner as the PE kit alone is £51. I feel like I'm drowning in debts that I can't pay.

OP posts:
NewShooz · 27/07/2011 21:42

Have you got an overdraft with your bank account OP? I know it's not ideal, as it's still a kind of 'borrowing' but at least if it's a free overdraft you won't be charged for going overdrawn, and you can pay it back next month when you get paid.
Also as someone else suggested, I would try and get your electric switched to monthly payments, so that you are not presented with a huge bill again in a couple of months.
Surely the school could be a bit more lax with payments?

motherinferior · 27/07/2011 21:43

OK. I don't know exactly which one is the best option, but also get in touch with the CAB and the national debt helpline - the charities which won't try and make money out of helping you sort out your debts.

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