having a melt down

debtfreestudent

hi all ,

just needed a wee vent .totally and utterly fed up with trying to become (as my name says) debt free student .feel like im climbing this huge mount and get nowhere ,never seem to have any money left ,due to finish uni in may and im terrified .debts jut never seem to go away ,they just pile more on top ,and when i feel im almost there ooops theres more money that needs to be handed out .my partner is due to have surgery in the next few months and will not be able to work for around 6mths .dnt know how we will cope .

ahhhhhh felt better just to write that

Tixy

Hi and sorry to hear you are having a bad time.

Its certainly difficult for anyone to become debt free and to be a debt free student is even harder. Obviously I don't know what sort of debts you have but for the time being try not to worry about any 'good' debts such as student loans and just try to focus on minimising 'bad' debts such as any you are paying a lot of interest on etc.

Do you have the sort of career/degree where you are likely to be able to find emplyment fairly quickly?

Does your partner have any PPI they can claim whilst they are not at work? or does there work have any ASU insurance that they can claim on? If for those 6months your partner can't meet their current debt obligations then perhaps they can arrange reduced payments or repayment breaks with some creditors to help ease things over that time?

Good luck with finishing Uni and getting on top of things.

debtfreestudent

i feel bad writing this when i read other posts where ppl have serious problems ,even tho i havent racked up debt on credit cards and the only real debt i have is some council tax which im repaying just now . just feel day to day we are living hand to mouth bearly covering our costs .

i have been offered a job in dublin (my fiance is from there) he has also been offered an old job back (payin x3 wot he earns here) but mortgage lender will not give consent to let ,so no our future doesnt look so bright .

feel stuck in a rut that i cant get out of ,especially now my partner will be getting ssp of £70 a week

sorry for the moan but feels good to actually just wite dwn how im feeling.

will be leaving uni with a masters in business this may

debtdesperado

Don't worry about your debts whilst you're still a student - obviously don't take out 10 credit cards and go berserk running up crazy amounts of debt on expensive rubbish - but you need to live and enjoy being a student, as once you finish you're going to working for a long, long time and will have plenty of opportunity to pay off your debt.

I graduated over a decade ago, and still have a couple of thousand to pay off from my student loans (did a bit more retraining in the interim and was unemployed for a while during which repayment of my loans was suspended) but I don't mind - I had a bl%%%y good time and still remember all the fun I had.

However, the debt that I ran up after studying on expensive clothes, meals etc etc I am really cross with myself about. But still, you live and learn!

Have fun, don't panic about debt yet, and study hard so you come out with good grades would be my tip...

Tixy

Moaning is always okay!
Having been offered a new job is still promising though - if you've been offered one that must improve your chances of getting more offers.

I assume you are in negative equity at the moment? Bloomin mortgage lender. Don't really know about how it works with getting consent to let but can you appeal to them again? Explain its the only way you can afford to continue with the mortgage?

debtfreestudent

just below negative equity (by a hair) ,our mortgage provider is Northern Rock ,had been speaking to them before xmas ,they had said everything was fine should have no probs getting consent ,but to wait till the new year to do the paper work and pay the fee (£250).but as NR are a bunch of fools ,i gt a letter today stating they are putting us in 'the bad bank' (if anyone didnt know they effectively changed to 2 banks a goodone and a bad one )that in itself was a blow ,despite being a customer for nearly 5yrs never missin a payment and not taking a crazy 100% mortgage ,im still considered bad .spk to them today to find outdue to this im no longer able to get consent to let

feel like throwing in the towel ,doing a bunk ,an moving to dublin:mad:

Tixy

Grrrr useless bank.

I have no experience of negative equity but I wonder -if you and OH both will be earning well in Dublin, maybe it might be worth considering selling even at a small loss on the house. With 2 decent salaries coming in you might be able to manage to repay the mortgage shortfall on top of your other bills.

Whilst it seems like the wrong way forward maybe you could cost out both options (selling and moving to Dublin with new jobs v staying and struggling) especially with OH's salary being potentially so much higher in Dublin.

Would renting cost more or less than your mortgage here?

melb888

Being in Asset Co shouldn't stop you applying for Consent to Let, as long as you meet the standard CTL criteria you can still have this granted (the criteria should be sent out with your application pack). As Asset Co. is existing account and gaining CTL is only classed as a change to an existing account (whether it is with either bank) it would still be worthwhile getting an application, filling it out and sending it in. Think you may have been told the wrong information somewhere along the lines.

If you have already applied and have been refused it would also help to send in a letter detailing your plans i.e. job move etc. and asking for some leniency, even on a temporary period to give you some breathing space.

The 'good bank' 'bad bank' is also not accurate as Asset Co is largely performing or 'good customers' as you might put it. Those terms were coined by the press and don't help people like you who many now feel you are 'bad' customer...that isn't the case.