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How do I get a loan when I'm not employed? Or a credit card?

57 replies

TrinityRhino · 20/08/2013 18:14

Please help me
I need to get hold of some money quickly
Is it at all possible?

OP posts:
expatinscotland · 20/08/2013 18:59

I would look at payment plan options. And consider going on Jobseeker's Allowance.

LEMisdisappointed · 20/08/2013 19:06

Trinity, have you sorted out your benefits entitlements etc? I forget how old your children are and what their needs are, sorry. Re the vet bills, i am sure they will be happy if you make regular weekly payments of Something. Also, it would be worth looking on "the national debt line" or such like if you have debts - they can help you get interest frozen on loans etc, come up with budget plan etc. Really really avoid borrowing to pay off debts, we made that mistake and it cost us dear.

jelliebelly · 20/08/2013 19:08

Borrowing money will not get you out of this - how will you ever pay it back? Go to citizens advice they can help you to write appropriate letters to agree payment plans. Most creditors would rather you be honest and pay a few quid a month rather than ignoring them.

NatashaBee · 20/08/2013 19:21

This reply has been deleted

Message withdrawn at poster's request.

Badvoc · 20/08/2013 19:30

Hi trin.
Have you tired cab?
They can liaise with creditors and arrange payment plans on your behalf.
It's really not a good idea to borrow more innyiurselves are already in arrears.
I am so sorry about the headstone bill...my darling dads ashes are being interred tomorrow and I know well how emotive (and expensive) these issues can be.
X

TiredFeet · 20/08/2013 19:32

Please use consumer credit counselling service or citizens advice, not one of the 'commercial' debt advice services. Do get advice before taking out further loans in this situation

AcrylicPlexiglass · 20/08/2013 21:31

Agree- definitely go to the CAB. You need someone to help you negotiate affordable repayments. And see if you have a local credit union as well as they may be able to help in some way.

Viviennemary · 21/08/2013 18:41

Don't borrow even more money if you can't pay back what you owe already. A payment plan is your only option unless you have relatives willing to help. The CAB will help you agree a re-payment with your creditors.

Tuon · 21/08/2013 18:46

Please don't borrow. Stay away from payday loans.

council tax - ring them a sort a payment plan.
friend I owe- How desperate is said friend?
mortgage- Ring them and sort a payment plan. You may be entitled to a payment break, or you may be able to negotiate a period of only paying the interest.

Headstone, garage and vet. It's never nice to not pay bills, but even though they're not creditors I'm sure they'd appreciate a chat and an offer of a payment plan over none payment.

CAB and Stepchange are a good place to start. I work with debt, borrowing at this point when you're struggling already just leads to so much shit. And, sorry to say this but anyone who lends to someone struggling already who doesn't earn a salary isn't going to give a hoot if you default and need more time.

Charlottehere · 21/08/2013 23:00

Hi Trin, I've seen you on here for years. If I had the money, I'd give it too you... No issues. I'm really surprised that a wealthy mnetter hasn't offered yet. Good luck.xxx

rockybalboa · 21/08/2013 23:09

Go to the Citizens Advice Bureau. Borrowing money that you can't afford to pay back will make things better, not worse. It's a vicious circle and you need to look past the immediate short term. Good luck getting things sorted.

lougle · 21/08/2013 23:15

Charlottehere Hmm It's not for you to decide what other MNers should do.

Trinity it's horrible when you're in debt but the best thing that ever happened to DH and I was when our Bank Manager said 'No, sorry, I can't help you this time.' Until then, Bank Managers would say 'Goodness, you're young, you really don't have much debt compared with most people. Let's consolidate this and add a bit extra to give you a buffer....'

Yes, we ended up filing bankruptcy. No, it didn't feel good. However, the relief of knowing that we had a clean slate and a second chance was amazing. 7 years on we are still managing our money sensibly and the nearest we have got to debt is arranging with our garage to have some work done with payment over 3 months.

You have a relatively small debt. Keep it that way. Talk to those who you owe money to and arrange a small installment.

RowanMumsnet · 22/08/2013 19:15

Hello

We know many MNers know Trinity well, both on MN and off-board, but as you probably know, it's our policy to post this on any thread where there are mentions of donations:

We do advise all our members to be aware that not everyone on t'internet is who they say they are, and that, although we're awed daily by the astonishing support our members give each other through life's trickier twists and turns, we'd always caution anyone never to give more of themselves to another poster, emotionally or financially, than they can afford to spare.

MNHQ

Gobbolinothewitchscat · 22/08/2013 20:04

You need to prioritise the debts. CAB can help with that.

As others have said, agree realistic time to pay schedules with all the debtors.

CAB can also help with dealing with the debts goi g forward - eg looking at the feasibility of the mortgage etc so hopefully this doesn't happen again

Borrowing the money will just create a bigger problem. Do you have anything at all you can sell?

Gobbolinothewitchscat · 22/08/2013 20:09

Also, are you entitled to the mortgage payments (think interest only?) that can be made if your not working?

expatinscotland · 22/08/2013 21:07

CCC and MoneySavingExpert. Trinity, we've been there! Can't recommend them enough! The MSE forum is heavily moderated, as it is a place of NO judgement.

CCC will negotiate with your creditors, free of charge. Be honest with your counsellor.

And don't be ashamed! You're doing the best you can. These things happen.

Nikeairyfairy · 23/08/2013 07:18

Thing is, wealthy (and not so wealthy) mners HAVE already offered money. For years. It hasn't helped so far.

I'm not saying this to be bitchy. Trin has had a tough time (and she's not even asking). Surely it's time now to actually do something different? As Lougle says, you can't keep borrowing.

Please try CAB. Lodger? I think I remember you considering selling laptop and exercise equipment. Is that still possible?

Good luck x

lougle · 23/08/2013 08:03

I wasn't being mean. I remember thinking that if we just consolidated our debts we would bee so much better off and we could pay off our debts. Then, our debts would spiral one more. It was a circular problem. Then, the payments got to the point that we couldn't afford to chip away at the actual debt.

We had fallen into a trap of relying on credit. We weren't even extravagant in the scheme of things. We had just fallen for the story that it was ok to build debts as students because graduates get great jobs. We considered our overdrafts as part of our budget, madly. Payday would come and the wages would bring is out of our overdraft, but then of course our bills would come ands we had to eat, so we'd go straight back into it.

When we filed bankruptcy, we had no debt as we walked out of the court. We also had no credit available to us. No overdraft, no loans, no hire purchase, no 'buy now, pay later'. Just what was in our bank account.

7 years on, our income is even lower than it was then. However, our attitude to money is radically different. I go into a cold sweat if we have less than £200 in our account. To think that I used to be quite comfortable with a balance of -£1500! Insane.

You'll never escape debt. You either have to change your spending habits and pay off the debt, if your income/earning capacity can do it, or face that you are insolvent. We were insolvent because despite our overall debt being (relatively) low, our earning potential was hampered and CCCS advised us that our creditors would not accept an IVA and a debt management plan would likely not be accepted either.

Badvoc · 23/08/2013 08:09

The motley fool forum is another good tool.
And as another poster said...it's nothing to be ashamed of.
I have come to the conclusion that I have to alter my whole view of money and spending.
And set a budget and stick to it.
Have you contacted anyone yet op? X

Ehhn · 23/08/2013 08:28

May I just echo the others - please, please don't borrow to get out of debt if you don't have a job. I have seen this escalate until it totally destroyed the life of someone I know.

Some really great advice here especially re speaking to people who can help eg cab and the people to whom you owe money. In these hard financial times people are willing to negotiate payment.

Other short term solutions - eBay/amazon books and items you don't need. Babysit and dog walk (take kids with you so don't need child care). Even extra £5/10/20 will quickly mount up.

Long term - think you are going to have to find some work.

nkf · 23/08/2013 08:29

The short answer is you don't. You can't afford to borrow money.

nkf · 23/08/2013 08:38

Borrowing money got you into this situation. Borrowing more money will take you further into crisis.

I think CAB will probably help, but I don't know if you can access them quickly. But tehn nothign has to be done quickly.

So, first stop panicking. There is no such thing as a debtors jail. You are okay today. Start by making lists. Excel is best. What you owe. What you have coming in. What your outgoings are. Moneysavingexpert is great for all this. List your debts. Prioritise them. Talk to the companies involved. I think that's wh

The worst thing that could happen is that someone or some organisation lends you more money.

There is a brilliant book called something Get out of debt, stay out of debt and live prosperously. I don't suggest buying it today because your best goal for today is to avoid further debt. But do try to get hold of it.

Good luck.

LEMisdisappointed · 23/08/2013 08:43

actually it wasn't borrowing that got trinity into this position, it was bereavement :(

I do second what everyone has said though - do contact one of the debt charities - CCCS, the National debt line. They can help - you may be able to set up a debt management plan that actually does (sort of) consolidate your debts and deals with the creditors for you. Interest will be stopped and you are actually paying off the debt rather than lining the creditors pockets with interest.

I hope you are ok

EhricLovesTeamQhuay · 23/08/2013 08:55

You can't borrow money to pay the bills, that's madness. And you certainly can't borrow that much money with no job. It isn't possible. You need proper professional debt advice.

TantrumsAndBalloons · 23/08/2013 08:56

I hope you are ok trin

The thing is, everyone is exactly right. Borrowing to get out of debt will lead to more debt, you'll never get out of it.

The CAB are very good, they can speak to creditors for you and arrange payment plans etc.
I think when you are in debt, you just don't know where to start.
Sometimes there are so many people writing to you for money that you just don't know where to begin.

I think it might be better if a third party ie CAB or national debt line could speak to all your creditors and arrange manageable monthly payments.

It's really hard to deal with all of this, on your own.