HELP a student out.. what direction do i go in?

cduuffo13

OK first thing is first am 21, 2nd year of a degree course. its done and no going back, not exactly the most debt like but still £3000. which is split up into 2.

£1,000 for Credit card with Capital One...
£2,000 Overdraft with lloyds TSB.

I just want to be out of both. and first the stupid credit card. Im not the best person with money as you can tell. but technically, i wouldnt be in half as bad situation as i am now if I didnt spend, (not saying waste),my most recent student loan on Laser Eye Surgery which cost me £2300. which i found to be comsulary as, i really struggled to learn last year, and now its a hell of a lot better and is helping me alot! am glad i have had the surgery, (apart form my debt problem)

So let me break this down to you guys.

I have just had a Student loan through, = £1700 from this i have spent.

£1200 = Laser Eye Surgery. = (approx £1000 left, but am not bothering about this at the moment as my parents are paying the direct debits)

£200 = Capital 1 = (over due balance of £1000) and £100 to Overdraft from Lloyds TSB = £2000 Left.

My student money is gone, I Have no job (should be working next week hopefully part time obv course) and need to pay my debts. Capital One keeps charging me Interest and Lloyds TSB. My next Loan is in January, and its really doing my head in that i cant do nothing about my Debt.


Can anybody advice me where to look please?
also, can I claim back any charges from both accounts?

thanks all

DarkConvict

I assume lloyds TSB is a student account, by your 2nd year you should have about £2000 interest free overdraft.

So I would concentrate on the credit card.

I'm really not sure what to advise on this, the only thing I know is reduced council tax or, none if everyone is a student at a house.

brokemedic

Do you have a learning difficulty at all (ie dyslexia)?

I would suggest going to student support as you could apply to the access to learning fund but as they will want three months worth of statements from you, I am guessing they would query the laser treatment. I am not sure if this would bar you from accessing it but I know from the uni I attend that would make it more difficult.

cduuffo13

Wow thanks for your quick reply.

No stupid enough i dont have a Student account, Only found out last week that I can get an interest free Overdraft. And now i dont think they will swap it over.,

Im a lucky student, who doesnt pay Council tax, as I live at home with my parents, who my dad doesnt work + my mum has a basic wage.

I really dont know what to do my self, (charges keep accuiring on both sides) when i dont even use them.. and because i cant afford to pay bits and bobs, (due to no income) they phone my house, and i dont know what the hell to say to them.

I am applying for additional funds through my university, the reason for this is ive told them that I have just had surgery which my student loan was spent on, and they request 3 months of my bank account where it is about £1500 OD, up to £2000 OD. And i dont think it would go down well if they see this. or will it? after all it did state why am i in this situation i explained it was my surgery, so i maybe it wont affect it? should i be worrying about letting them see my bank balance?

DarkConvict

Im not sure how council tax works. As a student it is like you do not exist so it would just be your mom and dad at home. If your dad is not earning you maybe able to get a 25% reduction, not sure how council tax works on unemployed. Worth looking into.

I would advise you either ask to switch, or you open one with a bank with whoever gives you the biggest interest free overdraft and get it moved. Whichever charges you the most probably the credit card pay it off first.

So if you have a new £2000 interest free overdraft use £1000 of it to pay the credit card, and shovel £1000 of the overdraft from Lloyd into it. Even if you cant pay off a debt if you can reduce the interest it will help.

The university is a good point, i know Staffordshire University do help as i went to the talks on it, but thankfully i didn't need it. They will as they say need proof but from disability to financial hardship they can help.

Good luck, im off to work on my FYP again

Justicenpeace

Try not to worry about your uni seeing the bank statements. At worst it is likely to mean a reduced amount of help (which is more than you are getting now). It might be worth posting on the student board to get further help as there may be grants you can apply for (as your mum is on basic wage and your dad isn't working). I can't say I'm familiar with the ins and outs of student finance but it is very likely that someone over there will be able to advise - as well as more experienced people on this board. Good luck.

brokemedic

I think it depends which uni you are at, how stringently they apply criteria and the time of the year as well.

I think you can apply for a student account anytime during your course as long as you don't already have one. Though I am a bit surprised that you missed all the blatant advertising that the banks carry out. Apply for one with the largest 2nd year OD, start getting your loan paid in and then transfer your debt over. It's interest free. Ask Lloyds first and if they don't give you one, open up one somewhere else.

Post on the student thread as well.

DarkConvict

Not that I advise this, but I have seen students with more than 1 student bank account. You are only allowed one due to the size of the overdraft i guess.

Ames

For help from the hardship fund you have to be up to your maximum overdraft limit, or they wont help you, stupid though it sounds. So get those statements in!

Also, change to a student account, pay a chunk of your overdraft then keep putting say £20 a month in. Concentrate on the cc for now.

cduuffo13

Thanks guys, I will go into Lloyds tomoz and explain to them, i will also send in my 3 month worth of statments, regardless of my overdraft balance with an atatched Letter from optical Express to say the balance is Paid, Under my name ect, As i phoned up and requested this today.

Unfortunitly, I did apply for a student account but got turned down from halifax. so not sure if Lloyds will give me one but i will see.