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AIBU?

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Original poster

to ask what will happen if we don't pay this?

44 replies

strappedforcash · 02/10/2013 12:45

Sorry I know this isn't the right board but am desperate and need quick answers.
We are really struggling for money right now. I have a few interviews for PT jobs coming up and DH is awaiting outcome of an interview for a job with better money so things will hopefully improve. But right now this minute we are shafted. We've had a horrendous couple of weeks with some totally unexpected bills (don't want to out myself by saying what they were but they were one offs) and are left with no money. Literally, nothing. Have tried bank to extend overdraft by £200 which would see us through to payday for food, petrol etc, but they said no. Our only option is for this month only cancelling the payment on a personal unsecured loan which comes out on the 6th of each month, it's £220 per month. Makes me feel sick to do it, we always pay our debts, but it's that or be penniless. And when payday comes make 2 x payments to get back up to date which we'll be able to do.
Will this ruin DH's very good credit record? We've been racking our brains all morning, trying to see if there's anythign we could sell,there isn't, and no friends or family who we could borrow from.
Please don't flame, we do try to be careful with money, just would appreciate quick advice.

OP posts:
RevelsRoulette · 02/10/2013 12:48

it won't ruin it, but it will be a late/missed payment mark that will affect it. It'll go down a few points. But it won't be the end of the world.

However, have you tried changing the payment date? or is it too late? I think they generally need 3 days, don't they?

If not, and there's no other way, then I'd do it rather than not be able to feed my family.

LadyKooKoo · 02/10/2013 12:50

Call the loan company and explain. Do not just cancel it as the repercussions could cause bigger problems later.

Original poster
strappedforcash · 02/10/2013 12:51

They won't change the payment date unfortunately, thanks Revels for answering.

OP posts:
Original poster
strappedforcash · 02/10/2013 12:51

DH did call the loan company. They said they couldn't help us...it's a high street building society, we thought they might understand but unfortunately not.

OP posts:
SuperiorCat · 02/10/2013 12:53

When is payday? If it is a few days then it might not be such an issue, but whatever you do, ring them. Even if you stop the DD, still ring them.

Dahlen · 02/10/2013 12:53

How long have you got to go before payday?

Could food-bank and lift-sharing tide you over until then?

Carboot sale?

Any chance your employers could give you an advance?

I'm really sorry you're experiencing this. Sad

Alwayscheerful · 02/10/2013 13:07

If you are late paying it will be registered as a default on your DHs Credit record. Future mortgages and loans may be more expensive or more difficult to obtain.

Could you cancel the direct debit for your council tax and ask them to rebill you over 12 months. Most people pay over 10 months but you are entitled to pay over 12.

Paleodad · 02/10/2013 13:10

have you considered ebaying? if you were to wack up a few items now with auctions ending on either saturday or sunday (ebay's busiest days) you might be able to raise a few quid quite quickly.
Clothes are good sellers ime, particularly any labelled items (think FCUK etc.) and 'bundles' such as maternity wear/kids clothes. Also any spare electrical items (phones/games consoles etc.).

TigerBabyyy · 02/10/2013 13:18

If your dh has a great credit score, could you apply for a credit card? Your credit card could be with you within a week.

Have you got enough money to live on for 7-10 days without cancelling any direct debits?

If you have then i would do the credit card thing and then pay it off when the statement comes through.

mumofweeboys · 02/10/2013 13:32

If your loan is where your current account is they can go into your account and remove the money.

Mogz · 02/10/2013 13:45

Do you not have the option to request a repayment holiday due to unforeseen circumstances? It means the loan will take an extra month to pay off and accru a little more interest but you won't have to pay it this month.
Any possibility of asking family/close friends for portions of the only needed?
Try asking your DH's employer for an advance on his paycheque.
Could you manage to pay the loan if you were referred to a food bank for your essentials? And looked in to a lift share to work for a little while?
I really hope you can get sorted.

spindlyspindler · 02/10/2013 15:29

This reply has been deleted

Message withdrawn at poster's request.

LaCerbiatta · 02/10/2013 15:36

If you have a good credit rating you should do a balance transfer onto a 0% card and pay off that loan. Sorry if not too helpful now but whenever there is the option there's no need to pay interest.

kali110 · 02/10/2013 15:44

It will go down as a late payment. Have u ever missed any repayments before as some banks if you miss payments and break the arrangements before, may not set a new arrangement up meaning they can ask for full amount of loan back

kali110 · 02/10/2013 15:44

Agree with tug thats good idea

Imnotaslimjim · 02/10/2013 16:10

Ring the loan people back and find out when they reapply for bounced DD. If its long enough to get you to payday, withdraw the money, let it bounce and swallow the cost of a bounced DD fee next month. You don't get damage to your credit rating that way as its still paid within the terms of the loan

ShimmeringInTheSun · 02/10/2013 16:21

Contact the bank/loan company and ask if you can make either a reduced payment or if it's possible to have a payment 'holiday'..... I know someone who did this once, and they were given a 3 month break in their payments.

But don't just not pay the payment, as it could cause all kinds of problems.

Pigsmummy · 02/10/2013 16:26

Call the company and offer a lower amount? Or I cancelled my debit for council tax as I was so broke, I then called at the end of the month and apologised, they reset up the direct debit and added the unpaid month to the total amount which sorted everything out. Can you try that?

Tavv · 02/10/2013 16:28

A few links...

StepChange Debt Charity (CCCS)

Money Advice Service

Money Saving Expert
(search on "debt" or "loan" to find relevant pages)

QuintessentialShadows · 02/10/2013 16:30

If you open up a john lewis partnership credit card, you collect points, and they will convert the points to cash and send you money vouchers once or twice a year. Double points for anything you buy in JL/Waitrose. I have one, and the entire balance is paid off through direct debit every month, so there is never any interest to pay.

Tootingpopularfront · 02/10/2013 16:33

If you are desperatI would do Wonga. We had to a few months back for an unexpected bill. Rathet that than affect your credit record.

HeadfirstForHalos · 02/10/2013 16:34

One late payment mark won't hurt, and the loan company won't actually do anything more than send a letter asking for the amount to be paid. So long as you get up to date on payday it will be fine.

When it's the choice between food and paying a bill a couple of weeks late, well survival wins every time!

HeadfirstForHalos · 02/10/2013 16:36

Cancel the DD but then do call the loan company, instead of asking them, just tell them there isn't enough in the account for the bill, state you will make a payment and re-set up the DD on xx date.

HeadfirstForHalos · 02/10/2013 16:37

Do you have anything you don't need that you could sell in cash converters?

Tiredmumno1 · 02/10/2013 16:47

I think the OP said she didn't have anything to sell in her opening post.

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