Money help

**T4M** · 18th February 2008, 23:53

Looking for a bit of advice here.......

My tax situation still hasn't been sorted after my P45 was only sent to my payroll department 2 weeks ago. I'm hoping to get the rebate back at the end of this month, and my calculations say that i should get back roughly £250.

My insurance is due for renewal on the 6th of March and the deposit is £240. Basically my wages will cover it should the tax code get sorted out before i get paid next week, but if not i'll be up sh*t creek with absolutely no way of getting hold of the money.

All i can do is hope for the best and wait and see what happens. There's no way i will drive with no insurance so i may have to take the car off the road till things get sorted. It's my own fault for taking on as much financial responsibility, but i suppose you don't really think of these things at the time.........

**Gr4eme** · 18th February 2008, 23:56

Fingers crossed its gets sorted T4M.

**mushy2007** · 18th February 2008, 23:57

Get an interest free credit card just in case, but remeber to pay it off!

**jonesy_ni** · 18th February 2008, 23:58

Maybe arrange a very temp overdraft with bank until you get your rebate? (making sure that you stick to the fact its only there for your insurance then cancel it)

Otherwise any family can help you out?

**T4M** · 19th February 2008, 00:00

I thought about an overdraft as i need to see the bank on Thursday to re-arrange my loan payments. I've asked my parents but they can only spare half the insurance deposit, which i suppose is better than nothing

**j13hdb** · 19th February 2008, 00:03

As above! ASK for an overdraft= FREE, if you ask for a credit card- think the Virgin one is good at the mo with a lomg interest free period-you might be able to put your whole insurance on this so you pay no interest for the whole year and save any interest your insurance might charge

**jonesy_ni** · 19th February 2008, 00:05

Overdraft is your best bet. Only arrange what you need, and get it cancelled as soon as you dont need it anymore.

If you are on a tight budget, and are easily temped to spend, prob best to stay away from a credit card. It can get very messy. (talking from personal experience from few years ago). Took me a long time to get myself out of that one

**mushy2007** · 19th February 2008, 00:11

Its the tax man, they work like the police, very slow.

Overdrafts have to be repaid asap!

If you have good self control get the credit card and ask them to set the limit to the value of your insurance and then pay it back when you get the money back. The card gives you a bit of flexibility should you not get the money back in time.

**The-Bandit** · 19th February 2008, 00:19

I`d say an agreed overdraft and if you do use it and dont go over you only have a set charge for the month rather than a daily charge if you go overdrawn without an agreed overdraft.

**jonesy_ni** · 19th February 2008, 00:24

He needs £120 roughly if his parents give him half.

Getting a CC for that amount is a waste of time, and he could pay the overdraft off over a couple of months. As long as he goes into credit when he gets paid it will be fine. And if he gets an overdraft for £200 it should be free, depending on his bank account. Or very little charge