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    I'll cut the story short..

    I've worked in my company now for 4-5 years, I'm very highly thought of and my boss has helped out in the past.

    I consider my position stable as Warehouse Manager.. however I could really do with a Loan.

    I won't go into how I got myself into money problems but I could do with around about £3000-£4000 to pay off outstanding debts, which would then ideally set me back with just 1 monthly payment coming out of my bank (which would be the payment to pay back the loan)

    All other direct debits would be paid off in full so I have NOTHING coming out of my account.

    Do you think I could approach my MD with this request?
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    Employers are highly unlikely to provide loans of this nature. Loaning money to people is complicated and risky.

    At best you might be able to get a salary advance, but many organisations do not even like to do this, especially where if they offer it to one person they have to allow other employees the same opportunity.

    But you say your boss has helped out in the past and so you might be very fortunate to have someone so considerate in charge.


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    (Original post by JakeyWV)
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    As J-SP says, a loan is unlikely, technically a company has to have a specific licence to offer credit. A salary advance is possible, but I suspect any employer would want to be paid back asap, within 6-12 months, so depending on your salary and fixed outgoings, this may or may not be possible.

    What is your notice period?
    How likely are you to have to quit the job if you can't get an advance?
    What other options are there and how much do they cost?

    Off the top of my head, questions you'd need to prepare answers to before you had the conversation.
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    I know my boss would help if it was urgent, he's like that so it's good to have that, but right now I highly unlike it for no reason other than helping me out
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    (Original post by JakeyWV)
    I know my boss would help if it was urgent, he's like that so it's good to have that, but right now I highly unlike it for no reason other than helping me out
    That sounds like much more of a personal favour then rather than anything to do with your employment. Some how I still think this would be asking an awful lot from one person, and the vast majority of people would say no, especially given the amount required.


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    (Original post by threeportdrift)
    As J-SP says, a loan is unlikely, technically a company has to have a specific licence to offer credit. A salary advance is possible, but I suspect any employer would want to be paid back asap, within 6-12 months, so depending on your salary and fixed outgoings, this may or may not be possible.

    What is your notice period?
    How likely are you to have to quit the job if you can't get an advance?
    What other options are there and how much do they cost?

    Off the top of my head, questions you'd need to prepare answers to before you had the conversation.
    You don't need a specific license to loan money to an employee. I think it would just have to be declared under s455 CTA10. But then again there are rules guarding that.

    A salary advance is probably the best to hope for. Or if the MD loans the money personally and it's not dealt with through the company.
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    (Original post by JakeyWV)
    I'll cut the story short..

    I've worked in my company now for 4-5 years, I'm very highly thought of and my boss has helped out in the past.

    I consider my position stable as Warehouse Manager.. however I could really do with a Loan.

    I won't go into how I got myself into money problems but I could do with around about £3000-£4000 to pay off outstanding debts, which would then ideally set me back with just 1 monthly payment coming out of my bank (which would be the payment to pay back the loan)

    All other direct debits would be paid off in full so I have NOTHING coming out of my account.

    Do you think I could approach my MD with this request?
    Hoestly the only way that would be likely is if you knew your managing director personally and the two of you are close outside the workplace in which case he would be doing you a personal favour as it would mean him taking a risk for you. There is also a chance that your company has a policy to give the workers no more money than what they have already earned. I think like most people have said before your only real option is to ask for an advance payment but that would leave you poor when the next payment is due. I think the best long-term solution would be to just wait out the struggle and spend as little as possible for a month or two that way you'll have a clean slate. The only time it is wise to borrow money is for a house or a business.
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    (Original post by JavaScriptMaster)
    Hoestly the only way that would be likely is if you knew your managing director personally and the two of you are close outside the workplace in which case he would be doing you a personal favour as it would mean him taking a risk for you. There is also a chance that your company has a policy to give the workers no more money than what they have already earned. I think like most people have said before your only real option is to ask for an advance payment but that would leave you poor when the next payment is due. I think the best long-term solution would be to just wait out the struggle and spend as little as possible for a month or two that way you'll have a clean slate. The only time it is wise to borrow money is for a house or a business.
    Very true with your last point especially, the reason I asked is because my MD is a good understanding guy, he would listen and help out if in need desperately.

    I will consider asking for a pay advance, which would be the best way about doing this
 
 
 
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