Bad first year...

Fire_Fox

ginged wrote: »

Hi MSE forums :]
So now im at the point where I have enough to pay the halls people about £1000 and I have £550 in my student account (which I have already taken out £700 out of a £1250 account). I still need to find £1500 to pay off the rest of the fees and dont know the best route to do so.

Im paying the price now because I have had to pay a deposit on a house and have a severe lack of funds and a major amount of worry for fear of what will happen.

Ive thought about possible options and from what I can see, the 2 routes I could go down are:

1. Another student account (overdraft) which will only leave me trying to find £250, assuming the overdraft is £1,250 which I think is possbile.

2. Get a commercial overdraft/loan which I don't really want to do but will if I have to. Also Im pretty unsure of the options and which are the best/worst. If I do go down this route I will do my homework and check the MSE forums as they seem to be bursting with knowledge about banks.

1. Most banks will not let you open two student accounts simultaneously as they must be used as your main current account to be entitled to an overdraft. If you try to fiddle the system (fraud) you may end up with your overdraft being withdrawn immediately. Read the Natwest threads on this board for proof.

2. You cannot get a commercial loan without income, and you don't seem to have any income. The only loans that you could get would be payday type ones at 100%+ interest; you would end up in a far worse mess than now.

Do you mean you have paid a deposit on a house for next year before paying your accommodation for this year? What are you going to do if you get thrown out of halls? When you say you have £500 left do you actually mean you are overdrawn already and you have £500 until you hit your overdraft limit? What are you going to live on if you spend this on accommodation? Have you spoken to the halls managers to find out if you can pay by installments over the summer?

Oldernotwiser is right: you need a job both now and over the summer. Print up a ton of CVs and covering letters and walk the streets until you find work. Also post out a load in advance of going home for the summer, so that you get ahead of the crowd. As soon as you have a job, confess to your parents and ask for their help explaining that you will pay them back out of your wages.

whitewing

There may also be some good advice from your student union/student welfare officer. I am sure they have come across this situation many, many times before. They may be able to help you handle the money whilst still actually having a life! (They may understand this better than us grumpy parents!)

surfsister

You could go to see student suppost while still at uni as there is an amount of cash to help the hapless and hard up get themselves out of trouble. You will need to show them the last 2 statements from your accouint to prove you need help. I know peole who have had help. Worth a try. You should be able to find the details onlone at your uni website or just go to find them! Good luck.

Also does your uni take students as student ambassadors to help out with open days etc these usually aay quite well and fit in with studies and often involve food n drink too or other perks. Ask at student support too.

welshmoneylover

I agree with everyone else, you need to find work. Look on this as a valuable experience in life - you need to learn to live within your means. This is one skill university life should prepare you for living in the real world.

Hope you get it sorted