Debt-Free (kinda) but still struggling :(

*Wurzel*

Hi,

Over the past year or so I have been paying off credit cards. This week I paid off my last one and so am now debt-free, in that respect! But I am at university (my first year) so obviously that is other debt, but one I'm not worrying about at the moment.

Basically, I have a Natwest account with a £1250 overdraft on it (interest free) and at the mo I have £500 available in that account. I also get £200 a month wages.

I pay £100 a week rent and so once I pay for the next 5 weeks rent I am stuck until end of April when I get my next chunk of student loan which will bring my Natwest balance to approx £1000k. But that's only a couple of months rent and then I'm stuck again.

I don't know what to do.

So any suggestions from the experts on here would be useful! TIA

beanielou

Can you increase your income at all?
Reduce your rent in any way?

beanielou

Sorry should have said welcome to MSE

thevinternet

Hiya! Welcome along.

You could approach your university and enquire about the 'access to learning' fund. It's basically extra cash for needy students.

If they offer you some, it is often free and doesn't need paying back. I got £30 a week when I was at college and it really helped me out. You usually just need to fill in a form to do it.

The other option is asking friends or family for a loan until April?

xx

*Wurzel*

Hi, thanks for the replies!

Well firstly, I am renting a room off a friend of my boyfriends. I'd feel awkward about asking for cheaper rent cuz he's already said everything is going up in price and he's actually really good to me and hardly in the flat so I'm there on my own most of the time.

Extra work isn't really option cuz I work in a supermarket and they aren't giving overtime at the mo. Also, I'm doing a teaching degree which takes up a lot of my time

The access to learning fund sounds good cuz my family and friends don't have any money either. I'll have to look into it, thanks

W x

turtlemoose

another thing that is good to know is if you qualify for the ALF already mentioned (Access to Learning Fund) then (or at least it was for me when I was there) you will also qualify for the ELF (can't remember what this stands for sorry!...The E is something European?) - so when I was assessed I got £200....then got another letter saying I got another £200 from teh other one! So it's worth inquiring about both!

C32AMG

If you're doing a teaching degree (PGCE), can't you access the TDA Bursary of between £4,000 and £9,000 per annum?

pink_numbers

I think the best thing for you to do is go to someone at your university that specialises in financial advice for students, who will know all these options and be able to help you apply for one after another, until you get the one that will suit you best. Try looking for such person on your university website, ask at your department office or the library.

Silaqui

If she is in her first year she wouldn't be doing a PGCE yet therefore couldn't get the bursary. I know where you are coming from Wurzel, teaching degrees are different to other uni courses as the hours are *almost* like a full time job - which doesn't leave as much time to work.
I would second the advice above of going to your student services and finding out what is available, they will be able to tailor advice to your situation.
x

pebblespop

two things spring to mind:
1) what money have you been using to pay cc debt? what is that money going on now?

2) does your student loan not pay the rent??

CLAPTON

A 100 a week is 5,200 per annum .. that's a lot of rent ..especially for a student even if you are in London
you can't afford it basically.