Thursday, 12 May 2016

That's not the way to do it

I mentioned that I'd had a pay cut, not just me, other staff as well. We were talking today about what we will be doing to compensate for the shortfall. One workmate announced that she will take out a loan to cover the shortfall in her wages.
I asked how she expected to pay back the loan as she had less money coming in, she suddenly looked worried, but then said I'll worry about that later, for now I need enough to pay my bills!

5 comments:

galant said...

Perhaps it would've been better if your colleague had contacted those from whom she has received bills or whom she expects to send her bills, explaining her new situation - i.e. a pay cut. I don't know how these companies react to such information, but perhaps she could pay them in smaller instalments until her finances improve? Just a suggestion. This might be better than going to a pay day loan company (I hesitate to use the word "shark" as I might be damning them all and not having experienced them, that would be wrong even though their reputation isn't good.) Incurring more debt in order to pay debt surely can't be the way forward. She could even seek financial advice from the CAB.
Margaret P

Frugal in Derbyshire said...

ffs. Just how big a pay cut has this woman had?! and is it all at once or spread over the year(my guess)?! What is the betting that she borrows more than she needs to include something she doesn't need but wants!

TrishWish said...

I blame all those loan company adverts on TV!!!! They "suggest" to the "weaker minded" that they are a solution to every day problems is a loan. Grrrrr....

Lyssa Medana said...

I don't want to worry you, but she's allowed to vote. x

Linda Metcalf said...

Borrowing from Peter to pay Paul......