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Is it worth me talking very nicely to my bank?!
lilysgarden
Posts: 161 Forumite
Ok, I am now officially the most gullible and useless person when it comes to money! To this I will willingly admit! But now I could do with some serious advice which will be very much appreciated.
As a mature student, I naturally went to uni with existing debts, which I have at least paid the minimum on throughout my studies so that I at least keep my credit score vaguely reasonable (if thats possible in this day and age!) and avoided being blacklisted etc. But now I've finished uni, I'm finding myself in an even worse situation and not quite sure what to do.
In short, throughout my studies, the poop well and truly hit the fan big style in various ways which have had a constant negative effect on my money situation. My bank very kindly had given me a limit of £7900 on my credit card, which was extremely useful, considering loans and wages were still not even covering all my travel expenses etc. The said credit card has been well and truly maxed out after 4 years of study!
I took on a second job doing some sessional work so although the pay is good, there are no guaranteed hours. Now I've finished my degree and have taken on every hour of overtime offered at both of my jobs to try and keep my head above water until I find permanent employment.
As a graduate, my bank offered me a larger interest free overdraft which, when I looked at my money situation, I thought would be useful to tide me over till I get a new job. I went into the bank to ask about this and ended up being talked into not only reducing my overdraft, but also taking out a graduate loan for £8900 to clear my existing 1k overdraft and the credit card which had duly been maxed out.
In short, the very pushy guy insisted that the loan was a better option as I'd be actually clearing some debt and I admit, I had been considering this option anyway. The problem was, that despite the protests I made, he insisted on getting the underwriters to agree to the graduate loan on basis of the sessional job that I do. All very well, as long as the hours keep coming in.
Unfortunately, the boss of the place where I do said sessional work, recently decided to well and truely shaft all of the sessional workers by giving all of the hours going to a friend of his who recently returned from travelling abroad and needed the money (like we all didn't need it!).
Although I've covered all my payments this month for bills etc, I'm now really worried about the next couple of months. I have my first job interview on the 8th October and am quietly confident that I should get the job. But I won't be able to start until my CRB checks come through, which will be at least a month, and then I'd probably have to wait another month before getting my first wage. In the meantime, my permanent part time job are giving me as many hours as possible as they know I need it, and I'm still trying to get any hours I can out of the sessional job. But I'm really worried that next month, I won't be able to cover all of my outgoings due to no wages coming in from the sessional job for this month.
Do I chat really nicely to the bank and hope they'd be understanding enough to extend my overdraft for a couple of months or so just to see me through? I've got a couple of hundred pounds in an ISA which I will use when everything else has gone, but after that, short of turning to prostitution, I've no other way of getting the money together if the bank won't help me out. I live with my boyfriend, but he's just started his masters and thanks to the Co-op screwing up his CDL loan, he hasn't even got the money to pay his tuition fee's this month!
Any idea's, or at least comforting tales of other people who have had a similar problem and come out the other side, would be very much appreciated!
Cheers, Nikki
As a mature student, I naturally went to uni with existing debts, which I have at least paid the minimum on throughout my studies so that I at least keep my credit score vaguely reasonable (if thats possible in this day and age!) and avoided being blacklisted etc. But now I've finished uni, I'm finding myself in an even worse situation and not quite sure what to do.
In short, throughout my studies, the poop well and truly hit the fan big style in various ways which have had a constant negative effect on my money situation. My bank very kindly had given me a limit of £7900 on my credit card, which was extremely useful, considering loans and wages were still not even covering all my travel expenses etc. The said credit card has been well and truly maxed out after 4 years of study!
I took on a second job doing some sessional work so although the pay is good, there are no guaranteed hours. Now I've finished my degree and have taken on every hour of overtime offered at both of my jobs to try and keep my head above water until I find permanent employment.
As a graduate, my bank offered me a larger interest free overdraft which, when I looked at my money situation, I thought would be useful to tide me over till I get a new job. I went into the bank to ask about this and ended up being talked into not only reducing my overdraft, but also taking out a graduate loan for £8900 to clear my existing 1k overdraft and the credit card which had duly been maxed out.
In short, the very pushy guy insisted that the loan was a better option as I'd be actually clearing some debt and I admit, I had been considering this option anyway. The problem was, that despite the protests I made, he insisted on getting the underwriters to agree to the graduate loan on basis of the sessional job that I do. All very well, as long as the hours keep coming in.
Unfortunately, the boss of the place where I do said sessional work, recently decided to well and truely shaft all of the sessional workers by giving all of the hours going to a friend of his who recently returned from travelling abroad and needed the money (like we all didn't need it!).
Although I've covered all my payments this month for bills etc, I'm now really worried about the next couple of months. I have my first job interview on the 8th October and am quietly confident that I should get the job. But I won't be able to start until my CRB checks come through, which will be at least a month, and then I'd probably have to wait another month before getting my first wage. In the meantime, my permanent part time job are giving me as many hours as possible as they know I need it, and I'm still trying to get any hours I can out of the sessional job. But I'm really worried that next month, I won't be able to cover all of my outgoings due to no wages coming in from the sessional job for this month.
Do I chat really nicely to the bank and hope they'd be understanding enough to extend my overdraft for a couple of months or so just to see me through? I've got a couple of hundred pounds in an ISA which I will use when everything else has gone, but after that, short of turning to prostitution, I've no other way of getting the money together if the bank won't help me out. I live with my boyfriend, but he's just started his masters and thanks to the Co-op screwing up his CDL loan, he hasn't even got the money to pay his tuition fee's this month!
Any idea's, or at least comforting tales of other people who have had a similar problem and come out the other side, would be very much appreciated!
Cheers, Nikki
0
Comments
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Some Graduate loans have payment breaks built into the loan. Would be worth a chat and explain the situation and maybe see what they can do. I do hope that you have cut up the credit cards, nikki? They can be a dangerous thing when they get out of hand...0
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Yeah will ask about that. I've already paid the first repayment and the next one's due next week so hopefully that will help my case a little. As for the credit cards, they are well and truely cut up!!!! I suppose the only reassuring thing is that the only things paid for on the card were all absolutely essential (things like car repairs, petrol, food etc). And I am probably just worrying about nothing, but I'd rather not get even worse credit than I already have!
Thanks for the advice, will give that a shot!
Nikki xx0 -
A call to the cccs might be a good option IMHODebt free and plan on staying that way!!!!0
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