Money advice

benjo · 24 Apr 2013 at 22:09

Sorry if this is a bit long winded.

I recently moved to London to start a new job and got a flat near my office. At the time (Dec), I was in a relationship and I expected us to be splitting the cost of the property. In January we split up, leaving me to pay £700 a month plus bills for a studio flat.

Fast forward to now, I'm starting to plan to move out as my tenancy ends in June. This place is costing me way too much, and I could find a house share for a way less.

The problem is I've only been able to save £400, which is nowhere near enough for a deposit + one months rent. The property I'm in at the moment is a no deposit letting, hence why I went for it in the first place.

I'm going to need at least £1400 for the move (due to admin fees).

I don't have anyone to borrow from. I've been declined a small loan from my bank, and I've also been declined their basic credit card.

What can I do?

Dunks · 24 Apr 2013 at 22:11

Bank of mum and dad if things are desperate?

benjo · 24 Apr 2013 at 22:14

Dunks said:
Bank of mum and dad if things are desperate?

Like I said, can't borrow from anyone! Borrowed from my mum to pay my rent at the start. Been paying them back since, hence why I haven't been able to save much!

One More Solo · 24 Apr 2013 at 22:14

Could you get a loan from your employer?

Jic89 · 24 Apr 2013 at 22:15

Sell your body. It's the only way

benjo · 24 Apr 2013 at 22:16

One More Solo said:
Could you get a loan from your employer?

I have no idea, I've only been there 4 months so I doubt it. I think I could get an advance on my wages, but that wouldn't help in the long run because I'd need my wages to pay rent!

Brookert · 24 Apr 2013 at 22:20

You've been declined a credit card? Are your finances in order?

benjo · 24 Apr 2013 at 22:23

Brookert said:
You've been declined a credit card? Are you finances in order?

I've requested a credit check from experian. I didn't think my finances were that bad, but apparently they might be.

I've been in my overdraft for a few years whilst at uni, may have missed the odd direct debit. I've changed address about 3 times in one year, and I've just started new employment.. apparently that has an effect.

Dunks · 24 Apr 2013 at 22:26

Wonga it is, then.

Brookert · 24 Apr 2013 at 22:29

benjo said:
I've requested a credit check from experian. I didn't think my finances were that bad, but apparently they might be.

I've been in my overdraft for a few years whilst at uni, may have missed the odd direct debits. I've changed address about 3 times in one year, and I've just started new employment.. apparently that has an effect.

Seems harsh, I'm still a student and I've got two! Not at silly interest rates either.

Russinating · 24 Apr 2013 at 22:32

Do you have a credit card? If not then you'll struggle to get one apart from with your bank or a terrible APR one.

J-FRO · 24 Apr 2013 at 22:42

If the company you work for is big enough and they like you (assuming you're on 6 months probation for the first part anyway) then its definitely worth asking if they would be able to loan you the deposit and set up a monthly payment plan whereby they deduct X amount from your salary every month.

Would pretty much work the same way as a season ticket loan or the ride to work scheme so I don't see why they wouldn't be willing if they want to keep you on.

benjo · 24 Apr 2013 at 22:42

Russinating said:
Do you have a credit card? If not then you'll struggle to get one apart from with your bank or a terrible APR one.

No I don't. Tried to get one recently with my bank, which they refused.

I'm looking into credit unions now. Has anyone had any experience?

Russinating · 24 Apr 2013 at 22:49

Just use Noddle in the meantime btw. Free for life and should show you what's wrong (if anything, your problem may be that you have no credit history).

benjo · 24 Apr 2013 at 22:50

Russinating said:
Just use Noddle in the meantime btw. Free for life and should show you what's wrong (if anything, your problem may be that you have no credit history).

Thanks, I'll take a look.

I've got a 30 day trial with experian pending, I'll cancel it once I found out anything.

Bennie-Mac · 24 Apr 2013 at 22:50

Could you move in with parents or a friend for a couple of months after your lease is up? I'm sure if you explained the situation they would let you stay for free/relatively cheaply to give you the chance to save your paycheck for a deposit.

benjo · 24 Apr 2013 at 22:56

Bennie-Mac said:
Could you move in with parents or a friend for a couple of months after your lease is up? I'm sure if you explained the situation they would let you stay for free/relatively cheaply to give you the chance to save your paycheck for a deposit.

Also not really an option, unfortunately. My mum lives in Scotland and my dad lives in Somerset

I've moved here on my own, don't actually know anyone in London!

-westy- · 24 Apr 2013 at 22:59

There may be places that allow you to pay the deposit in chunks - I'm sure if you explained the situation then a private letter may understand?

benjo · 24 Apr 2013 at 23:04

-westy- said:
There may be places that allow you to pay the deposit in chunks - I'm sure if you explained the situation then a private letter may understand?

Possibly yes. I have to give at least a months notice to end my tenancy at the moment, so I'm just a bit cautious about ending it without actually having the finances in place to find somewhere new!

Russinating · 24 Apr 2013 at 23:07

-westy- said:
There may be places that allow you to pay the deposit in chunks - I'm sure if you explained the situation then a private letter may understand?

Really? Surely that voids the whole point of a deposit.