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It can be hard enough paying the bills at the best of times, but what can you do if a bill hits the doormat when you're already out of cash?
Where you can find extra money to pay unexpected bills?
What can you do when an unexpected bill comes along?
Here's the guide:
1.Call them and negotiate
The first thing you should do is make contact with the company you owe money to. Do not bury your head in the sand leaving the envelope unopened on the kitchen side.
Open it up as it may not be as bad as you think then call them but watch out for expensive phone numbers and save your phone bill.
Make them aware of your financial position and offer to provide a breakdown of your incomings and outgoings.
Ask if they can consider a payment arrangement to split the costs over a few months, rather than having to pay it in a lump sum, making it easier to pay the bill off.
2.Cancel other payments
You may have money sitting in your bank account earmarked for something else but you need to decide if the unexpected bill is more of a priority.
Check through your normal monthly payments and see if there is something you can cancel. Whether it be a magazine subscription, a standing order to a savings account, or an expensive gym membership, the money set aside could be better spent getting you out of a sticky situation.
3.Sell your stuff
Selling your some of your stuff is frequently the fastest way to raise some cash
eBay is a great place to sell your unwanted stuff but if you need cash in a hurry it’s not the answer. If there is a bill that needs paying ASAP and you have possessions to sell, use sites such as Gumtree or mobile phone apps like Shpock where you can sell to people local to you and get the cash instantly.
With the huge boom of second hand shops and online market places, there has never been a better time to make money from your unwanted possessions . The hardest choice is knowing where you’ll get the most value!
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4.Pawn your valuables
It'll cost you, but at least a pawn shop lets you get your items back
If you don't want to part with your goods forever you could consider pawning them instead . Through a buy back scheme, you can borrow cash based on the value of your item and then buy it back within set timeframe and once the loan is repaid.
If you go down this route and decide to pawn that Ming vase given to you by your late Nan, be aware of the risks. If it comes to the point where you need to repay the loan but you don’t have the funds, the pawnbroker has the right to sell the item to the general public to recoup the loan.
5.Friends and family
If you have a good relationship with friends or family you could consider approaching them for a loan to get you out of a hole.
Going down this route might seem logical, however make sure you get in writing how much you’ve borrowed and the timeframe you have agreed to pay it back in as you never know what may happen in the future.
6..Rummage down the back of the sofa
It's amazing what you can find down the back of one of these
This might sound a little desperate but checking down the back of the sofa, under the bed and through the kitchen drawers could pay great dividends.
7.Sign up to a temp agency
Taking on a part time job in the evening or weekends could well be a long term solution to your financial woes, but as it normally takes a month or two for your first pay check, it probably won’t solve your immediate problems.
Instead of taking the time to fill in job applications, sending CVs and attending interviews, consider signing up to a temp recruitment agency to work on short assignments as a way to boost your income.
Recruitment agencies usually pay once a week which, with an unexpected bill to pay, could really help out!
8.Ask your boss for an advance
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If you’re working you could ask your boss or HR to give you an advance for your salary
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