#64

I knew I was going to struggle this month as I’ve two weeks till pay day and I’m playing in fucking bands every night until then, but even I’ve been taken aback by the latest news.

Had a text from the bank this morning informing me I’m over my limit, and I need to transfer £140 into my account by 3pm to avoid charges.

¯_(ツ)_/¯

#65

If you haven’t already done so, make a request to the DiS rainy day fund, it’s what it’s for.

6 Likes
#66

This seems like something for decent people who are in a bind, not stupid people who’ve fucked themselves over through years of bad decisions.

Thanks anyway,

#67

It’s absolutely for anyone man!

4 Likes
#68

Ok so my dad transferred me £200 the other day to combat the bank fees. Had another text from the bank this morning saying I’m now £63 over my limit.

How would one go about swallowing one’s pride and applying for said rainy day fund? Obviously the bigger picture is a shambles here, I appear to be around £400 short every month, but short term I need to do something.

#69

details in the first post here man -

4 Likes
#70

Could you not go to the bank and explain you’re struggling each month? They will help you.

#72

I did go and chat to citizen’s advice, and they basically agreed that yes, I have more going out than I have coming in. Their advice was to try to get some freelance work :thinking:

I’ll be in touch with a committee member, thanks.

#73

Check out my stunning freelance websites thread!

(or don’t, it’s not going well)

#76

I utilise credit a lot and don’t always do so sensibly (paying interest on cards etc) BUT I’m always comfortable with what I owe. Got a loan and a couple of cards but I am aiming to actually get them all cleared up in the next couple of years as I’d like to be able to not worry about it - my anxiety uses it as a bit of a default when there’s nothing else to fret about and I’m attempting to get as clear of those triggers as I can now.

Haven’t frittered too much of that money - a lot of it has been spent on stuff for the fams. Don’t really spend a lot on myself these days (though we are about to extend…)

#77

Places like stepchange are only worth calling if your willing to accept a default on your credit file (which will show for 6 years). They’re great at helping people whose debt has got to or passed that point but not really before then. Their advice is more aimed at solutions such as token payments, debt management plans or insolvency - all which will have a detrimental effect on your credit file.

#79

Yeah your right about that, just wanted to set peoples expectations. Obviously its best to deal with things and get in touch with these organisations before things get out of control but in terms of the actual solutions and advice they give they will almost unfortunately involve getting defaults etc but often there isn’t any other option.

#80

Anyone on here who does creative stuff should start a ko-fi account. Basically a good informal way of people bunging you a couple of quid every now and then for the content you share.

I used to be really funny about this sort of thing because i’ve grown up at a time where stuff’s essentially free, but a guy i follow on Twitter hit some financial worries and he’d made lots of people laugh most days, so a lot of people sent him, like, £3, and it paid his rent. Ain’t that nice?

Loads of people on here share their stuff for free, be it music, art, podcasts, writing, etc. We should be setting these up for people to help them put a bit, as much as most of them will grumble at the idea.

7 Likes
#81

nice one

also great posting from @PocketMouse

this thread should be a rolling thing maybe?

#82

This might be stating the obvious or covered elsewhere, but I’ve certainly found switching accounts incredibly helpful in managing my debt and providing extra money during the last 18 months.

I set up a dummy account with a couple of £1 direct debits to use as a switching account, then cycled through all the cash bonus offers every few months with each bank. Have received almost £1k now in free money. There are also some offering 0% interest overdrafts (Nationwide, M&S, first direct) up to a certain amount to take the pressure off, and I was usually fine switching when overdrawn.

It can initially seem like a daunting task with lots of hurdles to get over, but if you read all the t&cs carefully it isn’t too bad generally so I’d argue it’s worth doing if you’re able to. It’s usually only half an hour of form filling online before getting set up, then the banks do everything else. I’d recommend giving Moneysavingexpert a read anyway, they keep pretty up to date with the latest offers etc.

#83

if you’re already struggling, missing payment dates etc chances are your credit score has already taken a hit

agree with @PocketMouse that the most important thing in this situation is to get proper debt advice and concentrate on getting a handle on the situation, often for people just starting on that process can alleviate some of the stress knowing they’ve taken the first step towards sorting it out

1 Like
#84

@PocketMouse @Mistersteve

If your credit is bad and you’re being charged by your bank you might find it difficult to open a new account. Obviously this will depend on the bank but do you research first.

#87

No need to apologise, you’re absolutely right. Years ago when I had poor credit I tried to open new bank accounts but couldn’t, but clearly things have changed - for the better - since then. That link is very informative and the website generally is very useful. I’m also a big fan of moneysavingexpert.

2 Likes
#88

So has anyone’s situation got slightly better from a few months ago? Decided to get a 12 month loan through Sainsburys to pay off my credit card debt. It means that a significant chunk of my salary disappears but I hate being in debt and just want it paid off ASAP.

#90

Did you look into a balance transfer? Many companies offer extended 0% ones.