Taking out a (non student)

Tim_L

This is an unenforceable condition.

The very worst that would happen is that they would ask you to close the HSBC account, but there is no way they could find out and not a great deal they could do in any case.

What banks are doing with student accounts is ensnaring the financially naive (we all are at age 18!) with cheap inducements and then running the accounts as a loss leader through which they can sell other products during student life (loans, insurance) and afterwards (more loans, mortgages, etc) when the student can be expected to be earning much more but still be financially naive enough to believe the glossy brochures and what they are told at the "free financial overview meeting". So they are hardly going to encourage the idea that people can switch accounts or open alternatives, but you can.

I reckon the first course students should be offered when they arrive at Uni is financial management and some of the tricks the banks pull. Getting this straight from the off would save a hell of a lot of stress and probably improve prospects in the main course.

As for the OP, I do think that he's factoring in a lot of special pleading. He's unwilling to take a job of any sort, is running a car, and so on. These are all personal choices: many, and probably most, students come to different conclusions about where their priorities lie. I think all you can do here is to point out some of the consequences of getting into debt, but the most convincing arguments will come from the people in the peer group who get the balance right.

lara1983

Sell the car!!! Are you mad?! You don't have a job so you have all the time in the world to get into uni. Use the bus like the rest of us!! ;-)
Loans are a bad idea, as everyone has said. You WILL regret it. Go and do some special pleading to the bursary, who'll let you know your options. You might have to sit through a lecture but it's worth it. Also look around for as many grants/scholarships etc as you can, these can be very good.
I really don't understand why HSBC have given you such a small loan - If I were you I'd be trying to sign up with as many student accounts as possible and hope that one pays off.
Library jobs are very common at uni and you can often do uni work while you're there. Even one night a week would take off a bit of the burden. Also, plan ahead for holiday jobs, as round friends for opportunities, sign up with a temping agency fast, send a letter to your local supermarket - just make sure you start as soon as you can when you get home to make max money.
Also - time to call in the favours, YOU are now in need, so make sure that your mate returns the favour or at least gives you your own money back before you get yourself in trouble.
Talk to your parents before doing something as big as getting a loan, they may have enough to at least give you short term money until you can get a bigger student account. I'm sure they'd hate to think of you getting into debt.

hebangsthedrums

Thanks again for the replies

Ref the car - i have as aforementioned last year i came back at weekends. i brought it with me this year so i could come home myself when i want and it has sat in the garage since i got here end of sept and has done tops 50 miles (aside from 1 trip hgome i made). so yes - the car is hgoing but the insurance is paid until end of the year so i will keep it until then and then eother sell or leave it at home in garage and declare of the road then use again at easter.

i appreciate all the advice and have decided againnst the loan - i have just had a student acct confirmed so as soon as i get the required amount to deposit - 350 i will get 1200 od. that will happen on friday so i will put it in then pay it out again for this months rent.

i think i got in a panic and thought a loan was one of my few options but i should be fine now- i may cal hsbc and ask them to convcert back to a normal acct in a month or so as the lady said this wasnt a problem when i made it clear i was unhappy with the od they offered and said i may ulook elsewhere.

and just so you dont think im a lazy sod ive sorted out a temporary job beginning of dec till 20 th which should net about 260 quid - a months rent. again i had this in th epipeline but panicked a bit as they hadnt got back to me as promptly as i would have liked.i have no problem working then as all my essays will be finished and i willl have time to catch up over crimbo.

thanks again!