A problem shared is a problem solved???

samuelpepys2

Dear All

Im new to all this but discovered the website and think with it and you guys advice I am learning alot about money management.

My situation is that I am a financially independant student , but just about to embark on my second year, but have maxed out my overdraft, and am not aware of any other means of getting more money, (obviously I work!!!) can I apply for another bank account and get another overdraft, or is a credit card the only likely source of finance?

Any advice would be great


Thankyou

MercilessKiller

If you work how come your overdraft is still maxed out? I have maxed out mine but when i get paid at the end of summer it will clear the lot... and i'll be back to 0 by the time I get my student loan.

You can get an overdraft extension for your second year, and my friend went into HSBC (natwest customer tho) and asked for a student account, but told the guy he already had one, and they still set it up with the overdraft!

If natwest find out though they wouldn't be happy. I dont recommend a credit card for obvious reasons.. may I advise living like a nun for a while and working even more?

talksalot81

Hardship loan/grant?

melancholly

there's still over 6 weeks of summer holidays left.... any chance you can take all hours of work available (temping/evening work in pubs) and try to get some more breathing room before term starts?

misskool

Hi,
Welcome to the board! Try and get as many hours between now until uni starts again. When you get back, try to speak to the welfare people in the student union and they'll be able to help you with hardship grants or loans.
Speak to your bank and they might extend your overdraft for you (but remember, you've got third year to get into).
I presume you work during term time as well?
Oh, and I'm not sure but with all the changes in the loans (as fees are increasing this year) can you get more from the SLC? Maybe ask them as well, so you can get a bit more room.

freebie_junkie

hi, are you able to get soem more hours at work perhaps? and please dont get offended by this but if your overdraft is maxed but you work, is it possible that you have lots of stuff that you barely or rarely use? a carboot, ebay or cash generator wopuld turn thsi stuff into cash for you? see if your uni does an access to learnign fund, you will be entitled to it as an independent student (like myself) and if not they should do a hardship loan of about £500 (thats added to your student loan and comes from slc) and a grant of £1500 which you can apply for once youve got your loan. please dont take out cc debts and try and clear your overdraft before you graduate, my oh did this at uni and hes got the overdraft and cc's hanging round his neck like a lead weight 2 years later even though hes got a good job now the interest is making it difficult for him to pay it all off we really want to liev together but he cant afford to move in with me until teh debts gone please dont muck up the start of your working life by starting with debts with crippling interest rates. finally, perhaps you need to look at your spending? supportign myself through study has been pretty lean at times especially when i moved into my flat and had very little cash to furnish it but im not in debt (except student loan) because i spend money very wisely, things like using boosting to stock up on toiletries, vouchers at asda to get cheap food, buying my clotehs at tkmaxx and primark, getting freebies, using tesco delas tokens and orange wednesdays and film previews for cinema and bowling etc.... this webisite is chock full of ways to make your money go further and to avoid getting into debt whilst still having a nice time and having everything yo need (and a little of what you want!) good luck and please let us know how it all goes.

samuelpepys2

Wow! thanks for the replies everyone, very kind of you and im very grateful.

From your advice I have decided to-

have a big ebay sale

apply for a hardship loan,(but wait until the end of my second year, as according to the thread on hardship loans they tend to be cautious as to who they give them to early on in the academic year...)

Not[/U] get a credit card.

and apply for an overdraft extension in my second year

... I cant work any more hours even if i tried !!!

thanks to you all again

in no particular order...

misskool
melancholly
MercilessKiller
talksalot81
freebie_junkie

Savvy_Sue

One thing that's definitely worth doing is checking what you're spending, so that you don't end up in this situation again! The Old Style and Debt-Free Wannabee boards are good for that kind of thing!