Uni Debt

Ruby_Hepburn

Hi all. I'm new to the forums, but an avid follower of the site. I'm in desperate need of advice if anyone could help

I'm about to start my 2nd year of uni and struggling financially. I moved out of my parents house in February and now rent with a good friend of mine. Despite working full time all summer, I'm financially in the pooper.

I recieve the normal student loans, plus grants, and I have a Barclays Student overdraft which is maxed out (even into the £500 personal reserve!) I work part time (approx 16hours a week) during term time in a job thats well above min wage (between £6.11 and £7.21 an hour depending on the shift)

During 1st year I upped my hours to 24hours a week but suffered greatly in uni as I didnt have time to complete the work. Which resulted in me failing 1st year. I dont want to jepordise my degree any longer as its taken my 3years to work up the courage to go to uni as it is! (I'm a 'mature' student of 22)

After seeking advice on here, I have opened up a 2nd student overdraft with Natwest as of the weekend, but i'm waiting for the paperwork.

I'm obviously living beyond me means but I cant see how! I dont spend a great deal but its obviously now gettign to the point were im going over my overdrafts and gaining bank charges that I just cannot afford. My only 'luxury' is my car, which I own outright, having saved for a year to buy. I need this to get me to and from work but dont abuse the usage

Can anybody help me before it gets so bad that I have to drop out of uni so I can get a proper full time job? Thank you so much

(Previously posted on the Banking forum where I was directed to this helpful forum:rotfl:and advised to do an SOA??)

loupee

http://www.makesenseofcards.com/soacalc.html

thats the linky for SOA

not stalking you, honest :rolleyes:

Ruby_Hepburn

haha i'm grateful for your help!

BeautyandtheBeast_3

Best solution is move back in with the parents. xx

Ruby_Hepburn

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 423.3
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 392.31 (Student Loan/Grant)
Total monthly income.................... 815.61

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 262.5
Management charge (leasehold property).. 0
Council tax............................. 38.5
Electricity............................. 35
Gas..................................... 25
Oil..................................... 0
Water rates............................. 50
Telephone (land line)................... 12.5
Mobile phone............................ 40
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 7.33
Groceries etc. ......................... 100
Clothing................................ 50
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 22.33
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 848.16


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Student Overdraft..............1750......0.........0
Total unsecured debts..........1750......0.........

Monthly Budget Summary
Total monthly income.................... 815.61
Expenses (including HP & secured debts). 848.16
Available for debt repayments........... -32.55
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -32.55

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,750
Net Assets.............................. 250

Ruby_Hepburn

BeautyandtheBeast wrote: »

Best solution is move back in with the parents. xx

Not an option/possibility. The reason I moved out in the 1st place was because I lived too far away from Uni at home, and the bus links were terrible, and I never got any peace! lol I think if i budget I can cope, I just need to get my hands on some money this week to keep me going until my studen loan which isnt until the 21st :rolleyes:

BeautyandtheBeast_3

got you!
is this SOA based on you alone? you spend £40 per month on Mobile and £100 on food? xx

saintly_2

Ruby_Hepburn wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 423.3
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 392.31 (Student Loan/Grant)
Total monthly income.................... 815.61

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 262.5
Management charge (leasehold property).. 0
Council tax............................. 38.5
Electricity............................. 35 is this between 2 of you?
Gas..................................... 25 is this between 2 of you?
Oil..................................... 0
Water rates............................. 50is this between 2 of you?
Telephone (land line)................... 12.5 are you using all free minutes from your mobile
Mobile phone............................ 40 can you reduce down 1 tarrif or go PAYG
TV Licence.............................. 15 this should be shared between you and your friend
Satellite/Cable TV...................... 0
Internet Services....................... 7.33
Groceries etc. ......................... 100 pop over to the oldstyle board they may be able to bring this down a bit
Clothing................................ 50 a month?? crikey i havent spent that this year and we are 9 months in
Petrol/diesel........................... 50
Road tax................................ 0 you need to save something in here
Car Insurance........................... 50
Car maintenance (including MOT)......... 0 and here
Car parking............................. 0
Other travel............................ 22.33 whats this??
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 40 what pets are you insuring? maybe try quidco to get them cheaper
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 20 try local colleges or hairdressers they often look for models
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 848.16


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0
Total Assets............................ 2000
No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Student Overdraft..............1750......0.........0
Total unsecured debts..........1750......0.........

Monthly Budget Summary
Total monthly income.................... 815.61
Expenses (including HP & secured debts). 848.16
Available for debt repayments........... -32.55
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -32.55

Personal Balance Sheet Summary
Total assets (things you own)........... 2,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,750
Net Assets.............................. 250

done a couple of little things there for you, your 1st post said you were sharing with a mate. are all the utilities shared euqally down the middle?

Ruby_Hepburn

ah yeah the bills are split 2 ways.(the rent is just my half tho) ive rounded a hell of alot of things up tbh. I dont spend £50 a month on clothes every month, and the food bill includes the odds and sodds I buy out and about, magazines etc etc

And the pet bit isnt actually insurance rather its the food etc for the 2 cats I have

Oh and because my car is under 3yo, it doesnt need Mot'ing till Jan, and i've paid the road tax off in full in July. I realise I need to save to MOT it but atm, I cant even afford that! lol

I dont get my hair done every month

The other £22.33 a month is for my yearly bus pass to Uni (£268 pa)

Justicenpeace

Hi Ruby,

Is your housemate a student too? You might be entitled to exemption from council tax if so. If not, you might still be entitled to a reduction. the CAB will be able to advise.

saintly_2

know how you feel with the MOT savings, i cant afford to save and its due next month an will fail and gonna cost a fortune!

looking at it you could reduce your expenditure down to at least £700 a month if not less

electricity make sure everything that can be switched off is off, have a look if this is the right tariff for you and your flatmate, work out exactly what your half is of each bill and update your SOA if you can

groceries - 80 a month can be acheived i think, make a spend diary counting up how much the odds and sods cost you.

clothing if you dont spend £50, put £10 a month in there so you can save something towards it when you do want to buy.

i applaud you for goin to uni at 22, its a tough decision. i was in exactly the same boat as you but i got stuck with the credit cards and still payin for it now.

there will be loads of people round tomorrow that can give better advice thatn i can, good luck in reducing it, you should be happy to know there is scope to bring it down a nice chunk

xx