What to do?

barney_2k

I'm fully overdrawn on my HSBC student account, and am now basically emptied of money, i underestimated the cost of accommodation and havent managed my money very well! I asked HSBC to increase my overdraft from 750 to 1000 just to give me money to live until i find work, but they denied my request!

Now i don't know what to do ... i need to lend the money somehow, otherwise i wont be able to live! But whats the best thing to do? get a credit card to pay off the original overdraft, then get a new overdraft to pay off the credit card minimum payments? thats what somebody suggested, but that seems a bit silly to me.

Anyone got any ideas?

Thanks everyone!

P.s. i know im an idiot for getting into this situation, i dont need abuse for getting into it, just help getting out!!

[Deleted User]

Try looking at this thread. The ALF may be able to help you. I don't know much about it, having never applied. I believe you can't just fritter away you're money and expect them to bail you out, however, read this thread and maybe make enquiries as to if you would be eligable, and then learn to budget, good luck!

http://forums.moneysavingexpert.com/showthread.html?t=179491

SL

Lokolo

Get a job?
Budget?

Getting a credit card won't help situations.

blackmidnight

you could try applying for a hardship loan from the university. I don't know what uni you're at but this gives a bit of info about them.

barney_2k

I'm working on getting a job at the moment, and as for the budgeting side of things, i'm slowly improving ... never been very good!

I will see what the university can do for me tommorow, see if i am eligable for a hardship loan, but i dont think i will get anything means tested due to my parents relatively high income!

aqueoushumour01

open up another account

Lokolo

How much is rent? And bills?
How much do you spend on food? - No more than £80/month
How much do you spend on travel? - Little as possible
How much do you spend on going out? - I spend around £50 a month.

Fire_Fox

Have you taken out the full student loan? If not you can apply for this retrospectively. It would be much better to speak to your parents that start borrowing money on a credit card. If you can't make the minimum repayments (very likely given your situation) you will get a black mark on your credit file that remains for at least six years. I say at least, because it is six years from whenever you settle/ close the account. You will also be charged a very high rate of interest as a student, and charges if you make any late payments.

In terms of budgeting, there is little point in borrowing more money if you don't sharpen up right away. I don't mean to be rude (most of us have made similar mistakes!) but if you are completely out of money, you don't have the luxury of improving slowly. A really helpful tool is the Statement of Affairs calculator - see the Debt-free Wannabe board sticky for a link.

Also do you have anything you can sell on eBay, or via other means? Check out the Up Your Income board for more ideas. Or anything you have bought that is unused and you can return for a refund? Even a tenner here or there will pay for beans on toast or cereal and milk for a cheap meal.

Debt_Robot

Whatever you do, please please please don't get a credit card.

The money problem will only spiral out of control, trust me.

talkhard

Ask if they have a Financial Contingence Fund at your Uni. You don't have to pay this back and it'll help you live.

Good luck and I hope it all works out