Starting uni in debt :(

Stupid_Student

Hi, I've been lurking for ages but decided I needed to get some advice from people who know more than me!

I'm going to uni in Sept and the accommodation is costing me £5010 and I'll only be there 8 and a half months! :eek:

But I already have debts that I racked up when M&S gave me a credit limit of £1500 when I was 18. And then it spiralled. I really didn't want to go to uni in debt but now I have no choice so really I just need to limit the damage whilst I'm there.

Any advice would be gratefully recieved!

SS x

amyandjon

Hi are you moving away for uni.... or can you live with parents while you get the credit card sorted ? can you balance transfer to 0% and pay what you can on the debt ?? then your not swamped by intrest..... 5010 is expensive living my gosh !!

Stupid_Student

Hi thanks for replying! I live about an hour away from the uni, so it would be awkward getting to my lectures in the morning cuz they can start at 8am. Plus I wanted to experience my first year in halls! This is the most expensive accommodation so at least it won't get anymore expensive!

I've already done a few balance transfers. I currently have 3 credit cards and owe my family money. I recently applied for a virgin cc but got rejected and got a random letter through from barclaycard about a cc so thought I'd try that but haven't heard back yet.

Bargainfinder_3

Students can get great deals on interest free; if you're a young student, but it's just being self controlled with it.. it's hard to pay off debt as a student, I would concentrate on trying not to accrue more debt.. and although you're an hour away, it's definatley cheaper to live at home!
Hope that you get things sorted x

barnaby-bear

Stupid_Student wrote: »

Hi, I've been lurking for ages but decided I needed to get some advice from people who know more than me!

I'm going to uni in Sept and the accommodation is costing me £5010 and I'll only be there 8 and a half months! :eek:

But I already have debts that I racked up when M&S gave me a credit limit of £1500 when I was 18. And then it spiralled. I really didn't want to go to uni in debt but now I have no choice so really I just need to limit the damage whilst I'm there.

Any advice would be gratefully recieved!

SS x

Is that catered halls?

amyandjon

i lived an hour from uni and commuted..... as long as you can make the payments dont apply for more debt othewise a bigger hole..... what are you doing at uni ?

lazysaver182

Hey SS

first thing you need to do is work out if you really can afford to move out. you need to think about how much you'll spend on socialising in the first few weeks, i know i spent nearly 500 on clothes and going out on freshers week.

add up all the costs of moving out that you can think of, take into account student loan (if you're getting one) and mabe a part time bar job. its the best way to meet people, socialise and get paid for it.

then work out how much debt you have and wether your family can wait until maybe the summer when you can possibly get a full time job and pay them back then?

Stupid_Student

I figured out that once I have all my loans and grants etc and deduct the accommodation fees I'll have about £1200 left. Am planning to apply for the Natwest student account.

The halls aren't catered! I'm doing a teaching course.

Even tho I'm obviously not being charged interest by my family, they need the money by July. It's £900 so I've decided to use £125 out of my £200 wages a month every month from Jan 09 to pay them off. If that makes sense!

BettiePage

I live about 50 mins from uni. When I'm on placement I have to get up at 5.30am. However, I'm married with a child so not much choice in the matter.

Commuting an hour each way is do-able as many others in my cohort also do it.

Stupid_Student

Although financially the best thing to do would be to stay at home, I've been looking forward to this for so long, and I think I'd only regret it later if I didn't move out for my first year. I know I'm being a bit stupid tho!

barnaby-bear

BettiePage wrote: »

I live about 50 mins from uni. When I'm on placement I have to get up at 5.30am. However, I'm married with a child so not much choice in the matter.

Commuting an hour each way is do-able as many others in my cohort also do it.

Divorce and adoption... :rotfl: