Gransnet forums


Catch 22/Going round in circles, disaster imminent

(21 Posts)
Anne58 Thu 21-Nov-13 21:00:50

Evening all,

Has anyone else ever tried to borrow a smallish loan from a source other then their bank (but not a payday loan company) and been told that they need to pay the first months instalment in advance? We are tearing our hair out here sad

(I don't want to go into too much detail here, for obvious reasons)

baubles Thu 21-Nov-13 21:33:10

Do you mean in advance of actually getting the loan Phoenix?

Elegran Thu 21-Nov-13 22:09:18

It does make you think "To him that hath shall be given" doesn't it.

gracesmum Thu 21-Nov-13 22:20:29

Preaching to the converted and not teaching a Gransnet granny to suck eggs - please be very careful *Phoenix.

Bez Thu 21-Nov-13 22:57:05

That is one of the most ridiculous things I have ever heard! I do so hope your luck changes soon Phoenix. flowers

Anne58 Thu 21-Nov-13 23:22:29

Yes, I do mean before you get the loan!

kittylester Fri 22-Nov-13 06:24:44

Please don't go there phoenix. (((hugs)))

NfkDumpling Fri 22-Nov-13 06:54:23

No way! Do you have a local Credit Union?

seasider Fri 22-Nov-13 08:03:19

Have you tried credit union or have you looked at Zoopla which is a company where the customers loan the money to borrowers . I think they have different rules to a bank but similar rates .might be worth a look smile

Anne58 Fri 22-Nov-13 11:57:10

Someone I know has been asked to go for an interview in Surrey on Monday, and is pretty confident that he will be offered the position. It will be well paid, but he will need stay over during the week. This job could be the answer to current problems, but without initial funds he can't move forward, hence looking at small short term loan.

gracesmum Fri 22-Nov-13 12:06:29

Keeping fingers crossed! I know it is of no consolation, but have been there and know the strain. Best of luck to him xx

Anne58 Fri 22-Nov-13 13:30:11

Thank you! I do hope that he can get something sorted, even though it may not seem the best route to go down.

sunseeker Fri 22-Nov-13 16:08:16

Does he have something he could pawn? He could then redeem it when he gets the job. I would certainly steer away from a company that wants a repayment before giving the loan. Hope it works out for him.

Ana Fri 22-Nov-13 16:14:37

How on earth do they expect someone who is obviously very short of money to pay up-front? I wouldn't have thought it was even legal...hmm

Elegran Fri 22-Nov-13 17:02:47

If he does get the job, he should ask HR if they will advance him some of his pay for this.

Anne58 Fri 22-Nov-13 18:18:43

Not as simple as that, unfortunately. He will be a self employed contractor and his "company" will be invoicing them.

Someone mentioned Zoopla, I think Zoopla is a property site like Rightmove. If any can tell me which company it really is I will def. have a look.

annsixty Fri 22-Nov-13 18:22:41

I think it is Zopa.

Elegran Fri 22-Nov-13 18:32:46

It sounds as though the company will not take any responsibility for him at all. He does the work, they take the profits and get his invoice. He needs to know everyrthing that is involved in being self-employed and having no back-up. I do hope it does not prove to be a non-job that benefits only the "employer".

Mishap Fri 22-Nov-13 18:39:48

Beware! Things are already difficult fr you. I wish you every good luck with sorting this out.

Anne58 Fri 22-Nov-13 20:04:28

Elegran his last contract like this was 6 months with North Somerset Council and was fine, this one will be Council too. (Providing he can sort out the initial finances)

It's a bit hard to explain, he is a registered limited company, he has a management firm who invoice on his behalf, sort out tax & NI etc. He has operated like this for the last 3 contracts with no problems.

The difficult bit is trying to get to that point under the current circumstances.

seasider Sat 23-Nov-13 08:04:30

Hi Phoenix sorry to confuse you. The company is Zopa . My OH lost his job two years ago and has had a succession of short term min wage jobs so I understand your situation. When my husband left me some years ago I used a pawn shop when I was desperate.