Money panic. Advice?

M · Post by M » Fri Nov 17, 2006 2:59 pm 0

Really just echoing what has been said already.

Definitely get a physical appointment to speak to someone ASAP. Contrary to the general bad image banks have, they are generally pretty good in these situations if they see you are seriously doing something about it.

Also, be realistic in your repayment plan - better to repay a little less over more time, for example, and know that you are going to keep to it than to promise an unrealistic amount and leave yourself under more pressure. The bank itself can also help with this.

And, easier said than done, try not to panic anymore than is physically unavoidable. You'll get through this OK, even if it is not easy. The critical thing is to act positively now.

Good luck.

Spoongod · Post by **Spoongod** » Fri Nov 17, 2006 3:43 pm 0

Massive cheers to everyone, especially to a certain someone: you know who you are I'm just not naming you until I've replied.

I'm going to have to be clandestine about this whole debacle, but it's not looking too bad. Maybe it'll only make things odd for the next 3/4 months. Less if I'm lucky with the selling. I've about Â£500 worth of stuff that I technically could sell, but if I can get enough of an extension on this to pay it off I'd rather do that: recording equipment is worth its weight in gold to me as it's my life rather than a mere luxury.

I'm unfortunately with Barclay on a student account. Haven't been a student for 3 years nearly. I'm afraid they'll hit me hard. But yes, I will try to organize a one-to-one meeting. ASAP. Next week or so.

As long as they don't decide they want it all back now and they don't leap on me before I've enough time to react I'll pull through. It's still a bit nerve-wracking but I'll live through this. Again, thanks eveyone, no matter if you've given good advice or made me smile.

It's going to be fine, one way or another it'll be solved without ruining anything important to me.

goldfish · Post by **goldfish** » Fri Nov 17, 2006 3:52 pm 0

It's always worth remembering that banks want you to stay as their customer. You don't need to be bolshy about it, but work on the basis that it's in yours and their interest for you to stay with them, and talk to them accordingly.

In the future, you'll be earning more, maybe buying a house with them, or organising a pension, etc. etc., so they're thinking long-term. Very few people change their bank accounts once they're settled on one, so being accomodating to you now will reap long-term benefits for them in the future.

Good luck,
Simon

WiteWulf · Post by **WiteWulf** » Fri Nov 17, 2006 4:11 pm 0

Am I the only person to be disappointed when a second read of the subject of this thread revealed it to be about money, rather monkey?

"Monkey Panic. Advice?" would have made for a far more entertaining thread, I reckon...

lowey · Post by **lowey** » Fri Nov 17, 2006 4:21 pm 0

Spoongod wrote:I'm unfortunately with Barclay on a student account. Haven't been a student for 3 years nearly.

It might be worth getting away from the student account: In my experience students get treated like crap. It's worth looking into, at least.

As for your credit rating I wouldn't worry about it too much. Mine's fucked to high fuckery and is going to be for some time. The cunts at HSBC Mastercard kept failing to set up my direct debit - no less than 4 times! - and so I have a number of fairly recent late payments through no fault of my own. Means it's going to be another 12 months or so before my credit rating evens out again because of someone else's fuck-ups.

What you can do, though, is put a note on your own file at Equifax/Experian explaining why the late payments took place, and how you worked to promptly resolve the situation. It looks a lot better than an unexplained late payment. As has already been said, lenders want to see signs of responsibility, they want to know that they'll get their money back.

Keep your chin up mate

Ducki · Post by **Ducki** » Fri Nov 17, 2006 4:43 pm 0

RageMatrix wrote: Except Barclays. Which is the Great Satan of banking.

Indeed.

Me: Due to the taking over of my company I shall be paid late. I have a few payments due to go out before then. Can I pretty-please have an overdraft of $amount for just one week to cover me until I get paid?

Barclays: No

...payments go out, payments bounce...

Barclays: That'll be Â£60 please.

Utter utter fucking bastards.

Hope you get things sorted. Sounds like you're going about things the right way.

Spoongod · Post by **Spoongod** » Fri Nov 17, 2006 4:44 pm 0

Just got off the phone to Barclays. The lady at the other end sounded pissed off and bored. I was fearful, but kept a level head.

Here's the result.

No information will be passed on ot my parents nor my employers (who are the same people.

I will pay a minimum of Â£30 per week untill my debt is cleared.

I've a temporaty overdraft increase to compensate for this.

I call the lady a wonderful person and she softened up somewhat, which means that I've cheered her up a little.

That still leaves me with half of my wages to play with per week, ever week.

Bloody brilliant. Might not sell anything after all, unless I get a good price on the guitar. It's the only one that's I can bare to part with that's not Dad's (I have a custom Flying V but I'm not parting with that, ever... all other guitars in the house beling to dad).

I might flog the cube anyway, since I sold Ikaruga the other month (it hurt a little, but I'm out of love with it somewhat). I've only 3/4 games for it now and the only two I'd bother keeping will almost certainly work on the Wii anyway. So, a Cube, 2 controllers, 2 games... a cheap electric guitar by a no-name make... might get me some way toward my goal. I can still afford Christmas presents and maybe a little fun also. It's a good day, for a day blighted by debt.

WiredWorm · Post by **WiredWorm** » Fri Nov 17, 2006 4:50 pm 0

Glad to hear you got it sorted Spooneh!

I'm kinda in a similar boat - I won't go into specifics but save to say that 2 divorces aren't particularly cheap.

But i've hopefully got a plan which will mean i'll be debt free eventually. Granted it's going to take some time but phase 1 of the plan should see things being a little more comfortable in a few months time.

teamonkey · Post by **teamonkey** » Fri Nov 17, 2006 5:43 pm 0

I'm also on a Barclays graduate account thing, and I have to say that Barclays have always been pretty good to me and always quite helpful and understanding about this sort of thing if you talk to them. They treated me really well while I was a student. They arranged for temporary overdraft extensions when my student loan came in late and so on. Barclaycard are truly evil though.

@Ducki - if that happened in the last 5 years you can reclaim the charges. Go here.

Duck Turkin · Post by **Duck Turkin** » Fri Nov 17, 2006 5:59 pm 0

Spoongod wrote:Just got off the phone to Barclays. The lady at the other end sounded pissed off and bored. I was fearful, but kept a level head.

Here's the result.

No information will be passed on ot my parents nor my employers (who are the same people.

I will pay a minimum of Â£30 per week untill my debt is cleared.

I've a temporaty overdraft increase to compensate for this.

I call the lady a wonderful person and she softened up somewhat, which means that I've cheered her up a little.

That still leaves me with half of my wages to play with per week, ever week.

Bloody brilliant. Might not sell anything after all, unless I get a good price on the guitar. It's the only one that's I can bare to part with that's not Dad's (I have a custom Flying V but I'm not parting with that, ever... all other guitars in the house beling to dad).

I might flog the cube anyway, since I sold Ikaruga the other month (it hurt a little, but I'm out of love with it somewhat). I've only 3/4 games for it now and the only two I'd bother keeping will almost certainly work on the Wii anyway. So, a Cube, 2 controllers, 2 games... a cheap electric guitar by a no-name make... might get me some way toward my goal. I can still afford Christmas presents and maybe a little fun also. It's a good day, for a day blighted by debt.

Nicely done. As I've been told many times, banks are willing to cut deals as they only want to get their money back. It's when you avoid them that they tend to get nasty.