Borrowing again for Christmas

Here at Gregory Pennington, we understand that Christmas can be a tricky time financially. It’s not just the presents that make the Christmas bill mount up, there’s the extra food and drink to buy, decorations, going out, travelling to see family – and you’re likely to find it even more financially stressful if you have children to buy for too.

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So what should you do if you think you’re going to need to borrow, or you already have, in the run up to the big day?

Things to consider

At the risk of stating the obvious, it makes sense to consider all the options to raise some extra cash, before you think about borrowing. This could include a seasonal part time job through to selling some old stuff on eBay.

If none of those work for you, we know that you wouldn’t consider borrowing more unless you really felt there was no other option. Having said that, there are still a few things you should bear in mind.

First of all, we would suggest that you give us a call first and talk through your worries and current situation.

If you are looking to borrow, your options may be limited because of the damage to your credit file and you may find you’re only offered very high rates of interest. Adding a new debt with a high rate of interest is likely to make it difficult to manage your outgoings come the New Year.

I’ve already borrowed. What do I do?

If you’ve already borrowed again to cover Christmas – don’t panic. If you give us a call we can usually add the debt into your DMP and split your existing monthly payment amongst all your lenders (including the new one).

Give us a call so you can chat it through with one of our Personal Finance Managers. We just want to make sure that you can still afford your payments towards the DMP and that you’re not under too much financial strain. Remember that adding an extra debt to your DMP will increase the length of time it takes for you to clear your debts.

We’re here to help

In our December issue of GP+ we’ll be giving five of our customers the chance to have Christmas dinner on us, by giving away 5x £50 vouchers to put towards your Christmas shopping. So keep an eye on future issues of the newsletter.

And remember, whether you’re thinking of borrowing for Christmas or you have already, we’re always here to help. Just give us a call and we’ll find the right option for you.

Need expert help with your debts? Complete our form to request a callbackRequest a callback
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  • 0161 669 8925

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