Hi all, I was hoping to seek some honest advice from anybody that is able to help and I would incredibly appreciate all help/comments.
The situation I am in is that I am currently in a job that I absolutely hate, the money is awful and I am more then likely on the verge of getting sacked anyway. I really, really, really want to hand my notice in on Monday and desperately try to find any new job.
The problem I have though is that I am currently paying £140 a month of my loan off, and am £1200 into my planned over-draft and I am petrified that I am going to leave myself into even more serious debt.
Does anybody know if I can temporarily stop paying my monthly loan until I find a new job?? and What advice you can give me money wise??
I know alot of people will say dont quit until you find something but the job is making me that miserable and Id rather leave/find something before I get sacked anyway.
For the record I’m an administrator and have been for the past 7 years and have never had any major problems at work so hopefully my CV will look half decent.
I appreciate all help/comments I really do!
which is worse? going into serious debt or soldiering through a little more till you secure an alternative? don’t administrators earn enough not to live paycheck to paycheck in fear of a £140 monthly loan?
not much help yeah? but this will bump the thread for you.
Advice is better sought in IMHO rather than General Questions. Moved.
samclem, moderator
Loan companies come in all shapes and sizes, and may offer many different loan contracts. So how can anyone else know ?
Is the $140 a month going to repay a mortgage ? well even then, there are all sorts of mortgages.
Is the overdraft at a high interest rate ? If its at the same interest rate as the mortgage, then by paying the mortgage from the overdraft, its effectively delaying the mortgage repayment, and taking money from the overdraft is the same as withdrawing from the mortgage.
I fear you assumed that we know what overdraft means to you ? Is very not clear, because an overdraft can be negotiated with your local bank manager.
If the overdraft is more expensive than the mortgage, you might have been better to find out if you can withdraw from the mortgage or just skip payments ?
Read your mortgage details .eg ask the bank for it. Maybe you can withdraw $X a year , or $Y once off, or make a special request one a year, or … or there’s all sorts of terms and conditions on mortgages. Maybe skipping repayments a few times a year is allowed. Or maybe it costs a little to skip a repayment.
Are you ahead on the mortgage ? $140 a month seems quite low, so perhaps you are well ahead and can stop repayments for ages ?
Or maybe you can convince the bank to extend your overdraft since they hold the title to your property as security ?
The best persons to answer this are at the bank or lending company. Call them or visit a local branch. Don’t just stop paying your loan without prior agreement.
If you temporarily stop making payments it is going to damage your credit rating.
I really think you should find a new job first before quitting your old one. A miserable job is better than no job at all when you have never savings nor another source of income.
I suppose you could look into the possibility of getting a big loan while you still have this job and not doing anything with it except loan payments and living expenses if you are absolutely certain you can get another job in the next few months.