We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Raquela's debt journey...

Hi, all

Have decided to start a thread for my debt problems, which ain't great to say the least!

My situation is a little different; I'm 29, in the 2nd year of a 4 year degree. I have no regular income other than my grant / student loan, and an access to learning payment. My breakdown is as follows:-

Cahoot Flexible Loan : £9522.47
Cahoot Credit Card: £571.44
Cahoot Overdraft: £245.75
I also have a natwest student credit card on which the current balance is about £300.00 (waiting for new statement)

Other outgoings:

Rent; £260.00 p/m
utilities; estimated at £175.00 per year; shared between house of 5 people
NTL/TV/Internet £10 p/m
Mobile; £20 p/m approx (in contract til September)

General outgoings
groceries circa £90 p/m
transport £30 occasionally; 3 trips to parents on train per year with railcard
textbooks; £200 per year

Incomings;
LEA Grant per year £1000
Student loan per year £4345.00
Access to learning fund £1350.00

I also went back to my old job for a week over Christmas and earnt £350.00.
I have a big student overdraft and am not currently in it, but the minimum payments on the loan is £200 per month, and credit cards (2) £20 per month.

I do not go out, if I do my boyfriend takes care of me (bless him), so I don't really have other outgoings; don't smoke or drink, walk onto campus every day.

If I were to work during term time it would affect my degree as I study a very demanding subject, at a top university. Although I plan to work in the summer, unfortunately any money I earn will have to go towards my year of study abroad.

So, that's the situation! I have written to Cahoot to explain everything to them, and enclosed my budget. I offered them £10 a month which they refused, and have not frozen my interest as I requested. Today I am trying to get through to the CCCS who I have also emailed everything to, but they need me to telephone them to discuss. I am hoping that they can put me on a Debt management plan. the fact that I'll have a very good degree behind me in a few years hopeflly means that I'll be very employable and will then be able to put all my debts behind me. So far I have not defaulted on a debt, but I think it's more important to pay my rent and bills in a shared house, so this month the payment has come out of the Cahoot overdraft, and there is no money for next months payment.

My aim is to get these debts sorted out so I can not worry about them whilst I am studying abroad. I will not be able to earn money whilst studying abroad on the terms of the Visa (all I can do is work on campus, less than 10 hours a week), but should be able to do so when I come back in June / July. So that's it! Wish me luck, and if you can offer me any advice, please do so! I can't reduce my rent unfortunately, nor bills - one of the downsides of living in student housing. :-(

Raquela x
«13

Comments

  • skintchick
    skintchick Posts: 15,114 Forumite
    Debt-free and Proud!
    You could cut groceries to £60 a month, and perhaps your parents could visit you instead of you them?

    Also, can you buy textbooks on eBay or at least sell your old ones on?

    It owuld help if you could list everything as a monthly cost, extrapolated out fromt eh annual, as I found the list a bit confusing!
    :cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool:
    :heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
  • Why not contact your students union advice centre? They will have trained and experienced money advisers who can help you apply for everything you are entitled to and can also help negotiate with creditors on your behalf.
    "Harry, I'm going to let you in on a little secret. Every day, once a day, give yourself a present. Don't plan it. Don't wait for it. Just let it happen. It could be a new shirt at the men's store, a catnap in your office chair, or two cups of good, hot black coffee."
  • Raquela
    Raquela Posts: 359 Forumite
    Hi - parents coming to visit me, ha ha ha, hasn't happened yet!! lol. Have only been back for Christmas this year, will prob go back at end of summer term as will need to store my belongings.

    As far as groceries; my £80 a month is prob less than that; spent next to nothing last month since I was at my parents for three weeks almost. This month I have only done one shop which was about £25. Still, we're at the beginning I guess! I live off pasta and cheap cooked meals; don't buy ready meals etc.

    per month the income relates to;-

    Grant £83.33
    Loan £362.08
    Access to learning fund £112.50

    But in reality that doesn't really work since there is no funding over summer.

    current balance is around 700, next access to learning payment will be March and will be just over 600 pounds.

    It's hard to think in monthly terms when you get paid termly! My rent is only til June, then I'll have to either move home or in with someone else for a couple of months.

    am debating whether I should shove some of my loan into my ISA for a couple of months to earn some interest..
  • Raquela
    Raquela Posts: 359 Forumite
    Why not contact your students union advice centre? They will have trained and experienced money advisers who can help you apply for everything you are entitled to and can also help negotiate with creditors on your behalf.

    Hi there,

    yes have already done that thanks... that's how I got the access to learning payment, which was a godsend, I can tell you!

    Have finally managed to speak to a human being at CCCS, they have advised me to cancel DD for Cahoot credit card, and DD for Cahoot Loan. Only Cahoot Loan DD comes out of Cahoot Current Account, and they've hidden it so I can't cancel online! gits. I will be telling them in writing they can consider it cancelled. They advised me to enclose a cheque for what I offered per month which was £10. Will write to them in morning when I've got stuff from CCCS by email. They also told me that I should write to Cahoot to say that I am not using the account any longer.

    It's all a bit scary at the moment, but at least i'm doing something I guess! *takes deep breath*
  • Yorkielass
    Yorkielass Posts: 2,235 Forumite
    Part of the Furniture Combo Breaker
    Raquela, couple of things spring to mind reading your SOA.

    Firstly that amount for textbooks seems really high - I know you don't say what course you did but I did biology (2001-2004) and spent about £50-£60 on books and that was because I bought them new. The university where I was had a 2nd hand book shop run by the SU where students could both buy and sell books - lots of mine went there when I finished and a web small ads thing too where I sold a few more. Also what about using the library - I did that a lot, much cheaper than buying books and saves so much space at home too!

    Secondly I know you don't want to work in term time - and I didn't have a regular part time job either - but there are plenty of ways to make a bit of extra money (and I don't mean anything illegal!)
    1. work on any open days, departmental visit days, as an ambassador for your university - hard to know what your university does but mine (I work there now) employs students to do all these sorts of things on an adhoc basis - excellent for an extra bit of spending money - or in this case debt repayment. I know here we'd snap you up as a mature student so might be worth asking around, admissions, departments etc.
    2. Some departments such as psychology ask students to do experiments for them and pay you for them, nothing dangerous - just reading a list of words, numbers and trying to remember that kind of thing, I was on a mailing list and if I fancied doing one of the experiments I got emailed about I would try and arrange a time - again all extra bits of money and if you've got a busy week with work can say no.
    3. Selling books you don't need etc either via uni sources as above or ebay/amazon etc.
    4. If it's languages you do keep an eye out for translation stuff - occasional bits of work might come your way.

    Good luck clearing the debts - if you want anymore information just ask or pm me.
    Initial Mortgage January 2024 - £160,000
    Initial Mortgage free date - January 2058
    Mortgage as of 1st February 2024 - £159,134.98
    Overpayments to date - £79.62
    Current Mortgage free date - January 2058
  • Raquela
    Raquela Posts: 359 Forumite
    Hi, thanks for your reply

    I'm doing a law degree! does that explain?! so far this year, for three modules I've had to buy 3 books; textbook, casebook and statute book for each. cheapest book £15 (statutes), most expensive think was £35. One I managed to get second hand for £15. Most of the others were new editions this year so had to buy new, others I just couldn't get hold of second hand when needed. Actual expenditure for this year has been...£210. I can sell at the end of term so should recoup a bit that way. Also have a couple of first year books to sell too. Trouble is with law is that you really can't use old editions. As for using the library... don't get me started grumbling about my university's library! GAH! I wish I could rely on them!

    Workwise, I put my name down for law faculty visits, but because I'm a bit older they seem not to want me, sniff! Campus visits I have done in the past, but the day when they do them (Thursday) are my heaviest lectures days so can't do anymore. Shame I'm not at your uni by the sounds of it! I used to work in the call centre here taking prospectus requests which was great as you could study on the job if it was quiet, but they employed this year before I was back from the summer. I'm hoping I can do that again in the 4th year tho. I've done a couple of bits of work here and there; they do do those psychology things, but I never seem to fit their bill! I'm going to try and see if there are any new opportunities on campus tho after exam period; that's when they seem to start sorting out when they've lost people from the previous semester. Wish me luck!

    Thanks for all your help so far guys :-)

    Raquela x

    PS. Languages?! I *wish* I could speak another one! lol..


    Yorkielass wrote:
    Raquela, couple of things spring to mind reading your SOA.

    Firstly that amount for textbooks seems really high - I know you don't say what course you did but I did biology (2001-2004) and spent about £50-£60 on books and that was because I bought them new. The university where I was had a 2nd hand book shop run by the SU where students could both buy and sell books - lots of mine went there when I finished and a web small ads thing too where I sold a few more. Also what about using the library - I did that a lot, much cheaper than buying books and saves so much space at home too!

    Secondly I know you don't want to work in term time - and I didn't have a regular part time job either - but there are plenty of ways to make a bit of extra money (and I don't mean anything illegal!)
    1. work on any open days, departmental visit days, as an ambassador for your university - hard to know what your university does but mine (I work there now) employs students to do all these sorts of things on an adhoc basis - excellent for an extra bit of spending money - or in this case debt repayment. I know here we'd snap you up as a mature student so might be worth asking around, admissions, departments etc.
    2. Some departments such as psychology ask students to do experiments for them and pay you for them, nothing dangerous - just reading a list of words, numbers and trying to remember that kind of thing, I was on a mailing list and if I fancied doing one of the experiments I got emailed about I would try and arrange a time - again all extra bits of money and if you've got a busy week with work can say no.
    3. Selling books you don't need etc either via uni sources as above or ebay/amazon etc.
    4. If it's languages you do keep an eye out for translation stuff - occasional bits of work might come your way.

    Good luck clearing the debts - if you want anymore information just ask or pm me.
  • skintchick
    skintchick Posts: 15,114 Forumite
    Debt-free and Proud!
    I had another thought - have you joined your local freecycle group at https://www.freecycle.org ?

    You can get things you need for free. Depends how active your group is but it can help - people on mine give away TVs, computers, books, all sorts. You are supposed to give stuff away also though.
    :cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool:
    :heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
  • Yorkielass
    Yorkielass Posts: 2,235 Forumite
    Part of the Furniture Combo Breaker
    Raquela wrote:
    Hi, thanks for your reply

    I'm doing a law degree! does that explain?! so far this year, for three modules I've had to buy 3 books; textbook, casebook and statute book for each. cheapest book £15 (statutes), most expensive think was £35. One I managed to get second hand for £15. Most of the others were new editions this year so had to buy new, others I just couldn't get hold of second hand when needed. Actual expenditure for this year has been...£210. I can sell at the end of term so should recoup a bit that way. Also have a couple of first year books to sell too. Trouble is with law is that you really can't use old editions. As for using the library... don't get me started grumbling about my university's library! GAH! I wish I could rely on them!

    Workwise, I put my name down for law faculty visits, but because I'm a bit older they seem not to want me, sniff! Campus visits I have done in the past, but the day when they do them (Thursday) are my heaviest lectures days so can't do anymore. Shame I'm not at your uni by the sounds of it! I used to work in the call centre here taking prospectus requests which was great as you could study on the job if it was quiet, but they employed this year before I was back from the summer. I'm hoping I can do that again in the 4th year tho. I've done a couple of bits of work here and there; they do do those psychology things, but I never seem to fit their bill! I'm going to try and see if there are any new opportunities on campus tho after exam period; that's when they seem to start sorting out when they've lost people from the previous semester. Wish me luck!

    Thanks for all your help so far guys :-)

    Raquela x

    PS. Languages?! I *wish* I could speak another one! lol..

    Ah sorry I assumed if you were going abroad next year you could speak another language (presume you're going to America/Canada then).

    Hope you do manage to find a few bits and pieces to do - does your university offer a 'uni jobs' sort of thing where odds and ends can be advertised. I probably made nearly £1000 over 4 years (did a PGCE last year) through University term time odds and ends, not a huge amount but it means I have some savings now.

    Don't do Law here so can't comment on Law books, how about searching for 1st year ones on amazon to see how much they're on for in there - how many there are etc.

    Really hope you get it sorted - can't give you advice on paying back debts but plenty of people here can - good luck - YL
    Initial Mortgage January 2024 - £160,000
    Initial Mortgage free date - January 2058
    Mortgage as of 1st February 2024 - £159,134.98
    Overpayments to date - £79.62
    Current Mortgage free date - January 2058
  • Conor_3
    Conor_3 Posts: 6,944 Forumite
    Why can't you do a part time job? One of my brothers did a business degree and the other has just finished a law degree. Both had part time jobs doing 20 hours a week at call centres, usually taking the evening shifts.

    May surprise you, but there's alot of people working in jobs doing 60+ hrs a week. Even doing an electronics engineering degree which has one of the highest amount of hours on campus, you won't do 40 hrs.
  • Bunnyhop
    Bunnyhop Posts: 162 Forumite
    The thing is while you may think you have no time now you're going to have even less in your fourth year so if you think you're realistically going to need to have a part time job at some point in the next couple of years then now really is the time to do it.

    I'm in my final year and was working 25 hours last semester, it was far from ideal, I've had to accept I can't sustain that this semester but even a Saturday working in a shop will help a lot moneywise. Not all part time jobs require you to work 20 hours a week!

    I registered with our university job shop and they have lots of random things you can do which may not be regular but are handy. Good luck!
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 346.6K Banking & Borrowing
  • 251.3K Reduce Debt & Boost Income
  • 451.4K Spending & Discounts
  • 238.8K Work, Benefits & Business
  • 614.2K Mortgages, Homes & Bills
  • 174.7K Life & Family
  • 252K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.