Would you borrow money this close to Christmas?

[PollyPirate]

We have been expecting a payou since June, we were assured we would get it before Christmas but turns out we wont :(

Its been confirmed we will get it 10th January.

We usually start putting a bit away mid year for Xmas and buy a few 'Park' vouchers but because of the payout we thought we wouldn't need to.

Now Christmas is here and basically we have NO extra money.

We know we will get x amount Jan 10th so would you ask a family memeber to borrow you some money till then?

I know alot of people say they won't lend to family memebers so I'm worried about asking!!

Its not something we normally do.

The person knows we are due to get this money and I think they would have some spare cash stored away.

Would you ask?

Or would you just have a really low key xmas (but we have kids birthdays too!)

The amount we wouldd asing to borrow is only about one tenth of the money we will be recieving so there will be no problem paying it back immediatly!

I would in your circumstance

Could you get a temporary overdraft or something instead? If you explain the payout thing to the bank they might be helpful.

The only downside to asking the family member is that if they say no - and you're right, lots of people quite wisely won't lend to family - it may create awkwardness which you could do without over Christmas.

I don't think I would be bothered if they said no.

We can't approach bank, am at max overdraft already and have credit problems so no loan etc :(

Even if you weren't bothered, they might feel awkward having turned you down for a loan.

If you definitely have the money coming in and are completely sure you'll be able to pay it back then you might as well try.

Christmas is pretty much irrelevant here - you were expecting some income and it's been delayed so you're a bit short.

hmm, its one of DHs relatives and they don't have that kind of relationship, it wouldn't be awkward.

offer to sign an IOU/contract type thing so the family member knows they are guaranteed their money back.

If you already have credit problems/ max ovrdraft perhaps you should have a low key Christmas anyway and use the payout to pay down debts?

The payout is enough to pay our (small )debt, get rid of our overdraft and pay back the money borrowed, with money left over.

And I'm not borrowing money to have a 'massive fancy christmas'

the money would be for basic christmas things like food, biscuits, meat joints, a few presents, a few birthday presents.

I'm not borrowing for the sake of it, it really is just to provide a asic christmas.

We usually prepare really well with the park vouchers and a few quid each week but we totally relied on this payment coming through! stupid!

ok in that case I would think it would be reasonable to ask family for a loan. As long as you spell out how you will be repaying it.