Tuesday, 17 May 2011

Biting the Bullet

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Image: Andy Newson / FreeDigitalPhotos.net

 

Have you ever forgotten the date of a direct debit and ended up paying for it? It’s easily done when you’ve just lost your job and your number one priority is finding another.

Focused on the adverts and agencies that might hold a lead, you assume from the comfort of monthly salary date memories that a loan will be paid at such and such a time.

Thump! The harsh reality of losing two weeks’ benefit to a payment you had not yet anticipated kicks in. You have £5 left to live on for a fortnight and the word broke takes on a new meaning.

It is easy for money experts to extol the virtues of budgeting, when downshifting from monthly to four weekly pay cycles rarely enters the equation. Their advice is not for you.

The simple maths of a few days out can make all the difference to us mere mortals, so what can we do? At Zero-credit, we bite the bullet.

Procrastination is our greatest enemy when fear thrives on ignorance. The longer you peruse a solitary £5 note and contemplate its inadequacy, the less of it is yours to live on. You need to act.

Think logically. If lenders seriously thought we were all budding Martin Lewises, would they bank so dependably on accounts unswitched and scams like PPI?

As a jobseeker you have as much drive and potential as any entrepreneur starting out. You are looking at anything and everything to put you back in the workplace.

Not only is £5 insufficient to take your product to market, but more importantly it won’t get that all important return on investment, which keeps you paying. Your lender will lose if they don’t help now.

With so many on the job market, lenders are more than aware that they need to share our knocks. The sooner you get in touch, the more accommodating you’ll find them and the better deal you will get. You so need to avoid high cost credit at this time.

Stand your ground when you call – remember the value of what you had and can offer again. Yes, it is hard. But millions of us are facing job losses, pay cuts and shorter hours, so remember, you are not alone. You are no better or worse a candidate than anyone else in recession.

When you ask for a payment holiday or overdraft facility, talk up any job applications, interviews and leads. This should make you feel better and them impressed. A small investment in you, now, will make all the difference. You know you believe this because you cannot look for a job without it.

Be realistic. You’re unlikely to be given months to get back on track, but a few weeks breathing space may be all that you need to find a job or repayment solution that does not exploit your situation. No matter how broke you are, our economy needs you to earn.

Isn’t it time the banks did their bit to bail you out?

 

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