help pls for single parent student!

hcmorley

Hi

Ive just started a 3 year full time degree course and have got lots of grants sorted out, Im taking full advantage of benefits as a single parent and Ive been working a budget for a couple of years. All my utilities are fully trimmed (big fan of Martins tips) and don't buy clothes, shoes, holidays or anything else excessive! I run a Ford Ka to university and have become a fairly skilled moneysaver.

I have had to take up this training as ill health meant I had to leave a good job where I was managing to pay off my £13000 credit card debt. I still don't use the card and the debt is slowly going down. I have no other debts and a fairly good credit rating, living within my meagre means and want to pay it off. Looking at my new budget, I am going to struggle to repay the debt now. I pay 7.5 APR on £10k life time rate and have £3k on no interest card until June. I am repaying £202 and £70 a month on each card. I am happy to keep paying the larger fee but panicking about the £3k card as it has to be cleared or moved by June. As I no longer have a job im not sure I will qualify for another card and frankly, the 3% transfer fee just sets me back each time.

I would like to approach the card owner (CITI) and talk to them about repayments, but haven't done this before. I also am worried about damaging my credit rating as its essential I keep this as I expect to have to move in 2 years and all reputable landlords check this rating. its getting harder to find a good landlord and I am frightened that if I get any negative record I will be facing homelessness - been there, done that, don't wanna go back!

Any suggestions most welcome. Thanks for reading this

Helen

Damita

If your a full time student you can get a discount on council tax..

Welcome

Pippilongstocking

Ok saw this last night, but wasnt' sure how to help.

Have you thought about doing something to up the increase your income thread - like the challenge to make an extra 10 quid a day to make the money up - its about 300 a month isnt it?

Or have yu switched your bank account this site tells youa bout the best offers and take a free overdraft and reduce your balance wiht card, or almost clear it using interest free overdraft or (less interest) and make the payments go further?

Students also qualify for hardship loans and grants, tonnes of discounts (sure you know this already). The university administers all sorts of funds for all sorts of circumstances? Worth a look?

If you had a p/t time job, even if you were self employed for the make ten quid a day challenge make - 300 a month (ie declare the extra income as working income and use it to qualifiy for WTFC?) its only got to be approximately 16 hours a week - ebay, amazon, writing reviews etc can you do this 'approximately 16 hours a week??', even as a student you are legally allowed ot do this. The amount you would pay on tax declaring extra money wouldnt be nearly as much as the benefits of getting wtfc, income would pay the cc and you'd have a bit of leway.

Other thoughts, car share? - if you need 3k by June, then I think looking at lower overdrafts are the best way forward, I have two student overdrafts at different banks - cleared a card with them, then used the card to buy shopping, petrol etc and pay it off every month. Means as I spend less on petrol, shopping etc then my od is looking healthier and i can enjoy the benefi of using the cards interest free period.

I am a single parent working student - pm me if you want to know any more or if anything I can help with. Been doing this for a while, its rewarding but hard work.