I am currently in my 5th month of an IVA and things are going ok, I usually get paid by cheque on 21st and it clears my account on 22nd and all my bills are paid the 25th etc.
However the boss has decided he is going to pay us all via bank transfer at long last but it will be the last working day of the month which means I am now going to be short for a full week, I cant lend off anyone family wise but I am obviously going to run out of money.
Is there any pay day loans or site I can borrow just to tide me over for that week? I really don't know what I am going to do. It isn't just the bills that io need to change all the direct debit dates but its the lack of cash, food, electric work money etc
I don't have any back up money any advise will be appreciated
Ask your IP for a payment break just before the changeover, to give you a cushion of that payment. The 'missed' payment will be added back on at the end of the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I did that while in my Iva , I changed from monthly payments to weekly and I had a payment break for the months payment and then paid extra to catch up
That’s the thing I’d budgeted my money to last till Monday when I’d be paid but now I will run out of money before the next pay date so it’s not a case of taking a pay break I need cash to see me through to the end of the month now. Obviously when I get paid I’ll pay it straight back as it is just day to day living but am down to last dregs in freezer and need work money for next two weeks.
I don’t know what am going to do I’ve got 35 poundto my name and need to feed the hubby and baby and do two lots of work money.
They told us yesterday that they are changing pay dates I would usually get cheque Monday and it would clear Tuesday but now there saying it’ll be end of the month straight into our account.
So instead of my money only needing to last for a few days it now has to last almost two weeks. I just need roughly 50-100 to last till end of month otherwise I’m screwed for work money etc I know I’ll be able to pay it back as fella has done enough over time to cover it.
Any advice.
All my bosses are rich they don’t know my circumstances and I really don’t want to make them aware of it as my role is finance based so don’t want it to cause any trouble for me x
Your employer should have given a full months notice of the change to allow for people to budget and prepare themselves for this - I would have faced similar issues too, and to be honest, still would now out of an iva for 9 years, so you certainly are not alone.
Can you approach your HR person and ask them to help by giving a cheque this month and then direct payment from June - explain time is not in your favour to change direct debits and you do not have the financial means to deal with this change with no notice.
I know you don't want people knowing your circumstances but it's at the point you need to say something- my guess is other colleagues will be in the same predicament...
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
