can see myself getting into more debt my soa is included..........

chloo

ras unfortunatly my oh and best friend are not students so we dont even get the 25% discount and i feel its unfair for me not to help pay it too.

hi tixy thank you for your helpful reply! my mum thinks the same with regards to holidays and i think i will join the make £12000 for 2012 thread but maybe aim for £1000 i will then spend this money on clothes and holidays. you are right £40 a month is a little bit high i have just done a massive ebay load as we have just moved so i dont have a lot left to sell

with regards to my phone its not due to end until feb 2013 but i will be cancelling it then as i have seen some fab £10 per month sim only deals!!!

the car yes i know it is expensive but i love it!!! it is my only big spend i have never had a credit card or gone over drawn it was kind of a treat to myself aswell for getting through my first year of uni. i have quiet bad depression and often spend 3 days in bed sitting there and my doctor wants me to drop uni so as i compleated first year i thought i would splash out.

also yes that is the plan with regards to car insurence im gla dyou had the same idea

thank you all for your help

xxx

DVardysShadow

chloo wrote: »

the car yes i know it is expensive but i love it!!! it is my only big spend i have never had a credit card or gone over drawn it was kind of a treat to myself aswell for getting through my first year of uni. i have quiet bad depression and often spend 3 days in bed sitting there and my doctor wants me to drop uni so as i compleated first year i thought i would splash out.

Your car is possibly going to lead you into some grief. But more importantly, if you got some sort of a buzz out of buying it in response to your situation, you really do need to analyze where you are going - because it could become an ingrained pattern to finish with something which is not rewarding and then make it better with some comfort spending. And the spends might get bigger.

somethingcorporate

Indeed, I would look at any and every way to cut the car back. I have a £1,000 banger that is 12 years old that hasn't cost us more than £250 a year (in repairs) to keep on the road for the last 4 years we have owned it. Our household has a 6-figure income (and no kids) and there is no way I would consider taking on £20k of debt for a car. Good luck, but it does appear a nice to have rather than a must have.

Could you go and talk to the garage where you bought it to see if there is anything they can do for you? Take someone with you to make sure you don't get ripped off and read the contracts carefully.

Good luck and keep posting - we're here to support you!

[Deleted User]

chloo wrote: »

Household Information[/b]
Number of adults in household........... 3 Probably you should only put two here - and then amend bills to include the cost to you and OH, or just you if your finances are seperate
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 480
Partners monthly income after tax....... 0 Can OH not earn?
Benefits................................ 0
Other income............................ 500 this is the uni grant and loan divided by 4 - Do you actually split this by month, so that you have a certain amount of it to spend every month - I think this is something that you need to do
Total monthly income.................... 980

Monthly Expense Details
Secured/HP loan repayments.............. 254.8 what is this for?
Rent.................................... 150
Council tax............................. 28 If you are a full time student, then you do not need to pay this, and should be split between the adults in the house that are not exempt
Electricity............................. 19
Water rates............................. 7
Telephone (land line)................... 4
Mobile phone............................ 35 if in a contract downgrade or drop a tariff asap, when out of contract look at SIM only deals - try GiffGaff etc...
Internet Services....................... 4
Groceries etc. ......................... 60
Clothing................................ 40 you can't afford this, stick to essentials only, and e-bay what no longer fits/you no longer wear (you must have lots and lots of clothes if you spend this in Primark every month!)
Petrol/diesel........................... 60
Road tax................................ 12
Car Insurance........................... 67 i need to factor this in as in the futer i wont have a lump sum to just pay of my car insurence!
Car maintenance (including MOT)......... 0 brand new car (on your current income, you would be better to downgrade to a cheap old run around - you cannot afford this right now)
Car parking............................. 15
Medical (prescriptions, dentist etc).... 14.8 2x prescriptions have applied for a cetificate yes, a pre-paid certificate looks like it will work out cheaper
Contents insurance...................... 0 you probably need to consider this
Presents (birthday, christmas etc)...... 20 every month?
Haircuts................................ 0 never?
Entertainment........................... 20 i would say this is lunch out ect. If you don't actually know what gets spent here then keep a spending diary and not down everything that you spend for a month or two - you will soon see where your cash is going
Total monthly expenses.................. 810.6


Assets
Cash.................................... 0 where's the money you save for car insurance?
Car(s).................................. 19500 This is really disproportionate to your income, you should consider trading this in for a small reliable runaround!
Total Assets............................ 19500


Secured & HP Debts
Description....................Debt......Monthly...APR
Hire Purchase (HP) debt ...... 19000....(254.8)....NaN Is the APR really 0? have you just purchased this? How long before it's fully repaid? Read the paper work and see when you can get out of the contract
Total secured & HP debts...... 19000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 980
Expenses (including HP & secured debts). 810.6
Available for debt repayments........... 169.4
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 169.4 If you don't have this at the end of the month, then as mentioned above - keep a spending diary to see where it goes

Personal Balance Sheet Summary
Total assets (things you own)........... 19,500
Total HP & Secured debt................. -19,000
Total Unsecured debt.................... -0
Net Assets.............................. 500

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.[/font]

comments above, HTH

D9

Flossy87

Don't worry about saving your loan to pay it off as soon as you leave uni! The student loan does not appear on your credit file and will be paid off as a percentage of your wages automatically once you are out of uni and earning a wage. I personally do not class my student loan as one of my debts.

However, I do question your attitude with regards to your studies:
"so from last year i owe £3749 plus uni fees of £3250 so total uni debt for first year is £6999!!!!!!!!!!!! £7000 to learn fack all!!!"
Do you really think you're learning that little, doesn't a lot of the responsibility fall to you to ensure that you are studying and learning? Like you said it is a lot of money.......

DVardysShadow

Flossy87 wrote: »

"so from last year i owe £3749 plus uni fees of £3250 so total uni debt for first year is £6999!!!!!!!!!!!! £7000 to learn fack all!!!"
Do you really think you're learning that little, doesn't a lot of the responsibility fall to you to ensure that you are studying and learning? Like you said it is a lot of money.......

3 years of "fack all" at uni is not a lot of money. It is very little more than the cost of a car ...

curlytop12

why should a UNI consider a hardship grant to someone driving around in a brand new 20 grand car?
i would be disgusted if they did do that!
you need to look into every possible way of getting rid of it,its ridiculous.for your £4000 deposit you could have got a very decent car.
if you feel you are not learning anything at UNI ,could you get a full time job instead?