I need some advise on what to do

kittygirl_2

I'm considering taking a loan or using credit cards to help finance my university fees over the next two years - but i'm unsure what to do as my situation is a bit crazy
First of all I work full time, but I have no savings left, and my uni course is going to be part-time day release for the next two years. From next March I'll also be on maternity leave and no money will be coming in apart from SMP.

I also need to buy a car - i'm thinking of spending £3000 on this

Would i be better to fund my university fees and car through credit cards or a loan?

hoggle_2

Will you have any other income as SMP will not be enough to live on and pay back debt. And also having a newborn is very expensive! Don't rush into getting into debt.

Clive_Woody

kittygirl wrote: »

I'm considering taking a loan or using credit cards to help finance my university fees over the next two years - but i'm unsure what to do as my situation is a bit crazy
First of all I work full time, but I have no savings left, and my uni course is going to be part-time day release for the next two years. From next March I'll also be on maternity leave and no money will be coming in apart from SMP.

I also need to buy a car - i'm thinking of spending £3000 on this

Would i be better to fund my university fees and car through credit cards or a loan?

I know it is none of my business but I would think seriously about how you are going to manage to do a uni course and look after a new baby. Having done both (uni first, then kids later) I can honestly say I would not fancy doing them at the same time.

During your mat leave how did you plan on repaying the loan if your only income is SMP?

I would seriously think about defering entry to your uni course until after you are back at work after mat leave and try and save what you can now for a car rather than taking out finance for this then finding that you cannot meet the repayments while you are off on mat leave. A new baby is stressful enough without having debt hanging over you.

skintandscared_2

What about the baby's father's income?

kittygirl_2

sadly I can't defer uni, luckily I've been studying part-time for over 15 years, completed degree last year. So studying and looking after kids is what I'm used to . work are paying for my degree but only after I have sat exams - so I will be getting chunks of money back at yearly intervals. Hence my question what would be best - a loan which is low payments per month but fixed for three or so years compared to using credit cards where I can have more flexible payments.

kittygirl_2

skintandscared wrote: »

What about the baby's father's income?

his will be used to pay mortgage and bills, but not paying for uni fees

CLAPTON

without knowing how much you need to borrow and how much your income will be over the payback period and how much your expenses are then it's absolutely impossible to give any advice whatsoever.

skintandscared_2

kittygirl wrote: »

his will be used to pay mortgage and bills, but not paying for uni fees

okay, so SMP will not be your "only" household income.

retepetsir

You could also spend a lot less on a car, which will free up funds for the course fees .

Good luck with it all :T

izools

retepetsir wrote: »

You could also spend a lot less on a car, which will free up funds for the course fees .

Good luck with it all :T

Absolutely, I just spent £1,500 on a car, it's mint condition, economical, big enough for family trips to the beach, and drives tight as a drum but with enough poke to sit on the outside lane of the motorway (just).

FDSH, low miles, long MOT. Don't see anyone needing anything more TBH.