Student with credit card debts and falling into greater debt

Lukey__b

Hi all,

I've recently went back to university at 25. I had roughly 2500 debt on a credit card that I thought I would be able to keep on top of.

Just as I started Uni, I tried to get a new card to transfer the balance to so I wouldn't get charged interest - for the first time ever I was refused.

I still thought it would be ok. I thought I'd get a job and everything would be fine, but I did not predict that my Uni work load would be so demanding and at the moment I wouldn't be able to cope with a job and uni.

All my student loan is gone. I am once again spending on credit cards. Well, what I've done is transferred cash to my current account from a card... this was mainly so that I would have the money to pay my phone bill, and my credit card bill. So now I have two credit card bills each month, and it feels like I may have to transfer more money just to pay those cards.

I've been looking into what I can do, but would appreciate some advice.

A friend of mine has suggested voluntary bancruptcy or a DRO... as I have no actual income. I'm not sure if my student loan counts as income.

I would appreciate some advice. If things carry on as it is 1 or 2 things will happen: either I quit Uni (something which I will do nearly anything else to avoid (short of crime e.g. fraud, stealing) or I exhaust my credit, have absolutely no money and resort to begging for food (this also depends on whether when my student loan comes through, I can pay my accomodation quick enough before one of my creditors takes the money... otherwise I'll be homeless).

Thanks for any replies. I'm really desperate and afraid I could be falling into depression, something which I am prone to and which will just make the whole situation a million times worse.

wannabee_in_credit

I would get yourself to the university student finance department as soon as possible and talk to them about your situation. They'll be able to discuss it with you and help you to plan the way forward.
You need to plan yourself a budget of things that you really need to survive (complete the soa and let people see, they'll suggest areas to cut back)... where has the student loan gone? What are you studying at uni? Is there no room for even a few hours of work a week?
Anything you can sell on to raise funds?
Most importantly - don't ignore the problem. That will send you into depression quicker than you could know. Keep talking, and ask people to help in terms of advice - start with uni. And loads of people on here will help.
Good luck.

sickasachip13

Hey Lukey

What a horrible situation to be in. You couldn't have anticipated that your workload would be so high. Are you able to get work for even a few hours a week as you'd be surprised how much difference that might make - also, if you try for a supermarket you'd be able to get all the discounted stuff!

Anyhow, as the poster above says, do approach your uni - you'd be surprised how much they've got stashed away to help students in dire straits.

The other thing is to post a statement of affairs on here so people can have a look and see if there are any areas of savings to be made - you'd be amazed at the amount of knowledge/expertise around here.

Finally, and possible most urgent and important, make contact with a debt charity to discuss what your options are. I'd recommend CCCS - they have an online debt remedy tool and people at the end of the phone who will set out your options in a non-judgemental and friendly way. They do not charge for their services. Through CCCS we went on a debt management plan, which has helped us to manage our debts and basically survive following redundancy.

Best of luck

SAAC

Lukey__b

Thanks for the advice.

Honestly... I don't know where the moneys gone. Books, clothes and going out mostly (completely my fault, but after working I just didn't have a handle on it). Most of the people I know are in the situation of having spent their loan, but luckily for them have financial support from parents or a partner. None have the debts I have either.

I'm doing biochemistry. At the moment there is no way I can keep up with a job and uni at the same time. I am about to go home for a month where I should be getting some work, so hopefully I can pay off the card I just took money from and be back where I was at the start of uni, but I'm afraid I'll just slip back to where I am now. When I have done my January exams I am going to look for a job for the next semester.

I'll go to the student financial support office next week and hopefully get some advice. At the moment I'm just looking at what options are available to me. I'm currently paying off debts and loans with other loans and that just seems like a way to ruin.

Thanks again. It's good just to be able to talk with someone about it. I don't want to moan to my friends and look stupid at the same time, I also can't speak to my parents as they are in no position to help me and it will just worry them.

wannabee_in_credit

You sound a lot like me - I did Chemical Engineering - 27 hours in my final year, nevermind the other stuff earlier on. I did squeeze a job in too though - worked at the SU bar for about 20 hours a week.
It's really hard going from having enough money to wondering how you're going to make ends meet (this revelation happened to me when I had children - not that I would swap them for the world).
I agree totally with SAAC. Contact CCCS - I too am in a DMP with them and slowly getting under control. It's been really tough and I find it an uphill struggle, but I spent and now I have to pay it back.
The best thing that you have done is to admit the problem and acknowledge that paying debts with other credit is not the right thing to do.
Keep talking.
Try and use the month over Christmas to get your budget in order. See where you can cut back.
And good luck again

Lukey__b

The supermarket job is a good idea. I'd ideally like to get a part time admin job at the hospital here, as that's where my experience is and I'm sure it will pay better. Unfortunately I also know that hospitals are getting rid of more jobs than they are recruiting for.

I'm already 'dumpster diving' for food at supermarkets when I can and living on bread and pancakes when I can't. I'm almost ashamed of that, but I'm getting desperate. I am ashamed to say I still spend about £10 a week on alcohol.... a bottle of vodka. It's only so I can still socialise, as I think I wouldn't cope if I couldn't.... I drink before I go out, or smuggle a plastic bottle of vodka into where we go.

I will post a complete list of incoming and outgoings at some point. Have to go to uni now and will be working/revising hard all through the weekend.

Thanks again

sickasachip13

Hey Lukey,

You're not alone. I went back to uni as a mature student and was desperately broke at times.

Please do speak to CCCS though - at least they will set out your options. Please don't keep trying to rob peter to pay paul, so to speak, take it from one who know nows - it's a highway to massive debt!

SAAC

sickasachip13

Oh yeah, and don't be ashamed of dumpster diving - why not? There's too much bloomin' waste in society.

The other option to a supermarket job might be trying to get work somewhere where food is served and then you might get a meal too.

BlushingRose

Hi Lukey,

I also went to uni as a mature student and blimey it was hard. I was still living in my own flat so had all my bills and stuff to pay, no reduced rest or anything, only no council tax to pay.
Go and see the student services people and ask for financial help, at the very least they can give you some money for food.
Please do a statement of affairs (SOA) which will help YOU (and us) to see where your money is going.
Lastly, I too am prone to depression and money worries are tough - but don't spend to look good for your mates or anything, if they're your mates, they'll understand if you can't afford stuff.