Money (and the lack of it)

emmaglet

Hello, first post here. I am torn between posting in DFW and here, but I think here is more appropriate.

I am a first year student. I have a mortgage, although only pay weekly rent into my Dad's bank account, and then the mortgage goes from that account. Looking at getting that changed soon into my Halifax account, so I can start getting money into there, and building some sort of history with them.

I pay all the bills, as my housemate's rent was quoted as "incl rent" but because we have not rented the 3rd room(Working on getting it rented) I have told my parents I will pay the bills. Am advertising the final room.

I am almost £800 into my (£1000) overdraft, I earn £135 per week, but am going to have to quit in a few weeks, as I am working 60 hours per week between work, university and placement. my assignments never get done now, and I am just behind, and ill from all my work. So tired. I also never go out, never see anyone outside of lectures, because I do not have time. So I am working for 2 weeks, taking 3 weeks off as holiday (not yet confirmed as paid or unpaid) then quitting.

I have maxed my Barclaycard, and just got a 0% &More card, so using that for purchases.

I sell things online, and can look at making £50 easily per week. But because of working I don't really have much time. Hopefully when I quit I will have more time to spend on it.

Travelling to placement costs about £20 in petrol every 5 days.I use the Morrisons card and get £5 food vouchers every once in awhile.I will get about £126 of this back at the end, but they only pay for travelling there 48 times, and I will be travelling more than 60 times there.

I am in the process of applying for a Hardship fund, but my printer is being stupid and not printing things off. Gr. My next loan installment isn't til the end of April, and I really cannot survive until then. I am paying for everything on my %More card, as its 0%, and saving my overdraft money for standing orders, direct debits, etc.

I take advantage of all cashback sites, loyalty points, etc. I use the &More card, or my Mom's Tesco card (I am an AU- as long as I pay it)

I applied with Smile for a student account, and need to send them info, but I only just realised (Literally 5 minutes ago browsing the boards) that its not a good idea to have 2 student accounts/not really allowed.

My parents are willing to contribute £25 a week to me, before this was nothing.

So, what is available? Any other money advice? I have set myself a £20 a week budget in cash, but decided to rather only have £10 in cash (So more money stays into my Barclays account) and using £10 on the cc. Over summer I plan to get my job back, and am looking to earn all the money I need to pay back my cc, plus have extra money for next term.

If anyone is interested I can do a SOA

emzig123

Hi Emma,

If I were you I'd post your SOA on DFW. They can help you find a few extra pennies in there I'm sure, if not the might be able to give you some advice.

Good luck

BigBouncyBall

how did you get a mortgage on £135 a week?!?

Agree with above, post on DFW

[Deleted User]

I am in the process of applying for a Hardship fund, but my printer is being stupid and not printing things off. Gr. My next loan installment isn't til the end of April, and I really cannot survive until then. I am paying for everything on my %More card, as its 0%, and saving my overdraft money for standing orders, direct debits, etc.

Erm, you own property, in which way are you in hardship? If you cannot maintain repayments on your mortgage - sell up.

Sorry Mr property investor, you shouldn't get a penny of state money to support your investment that isn't quite paying off

emmaglet

Sorry, but you are making assumptions! I have someone else who contributes to the mortgage, (By renting another room) and the mortgage is joint with my Dad's name. I pay less rent (£70 a week) than my friends who are in other rented places. So its not like I am asking for "state money to support my investment that isn't quite paying off"

melancholly

i'd say you really need to concentrate on filling the extra room - the extra income is what you need right now! throw all your energy into that if you can.

[Deleted User]

If you aren't asking for 'state money', then why are you applying for a Hardship Fund? The source may be the government, but the original source is the taxpayer.

emmaglet

ringo_24601 wrote: »

If you aren't asking for 'state money', then why are you applying for a Hardship Fund? The source may be the government, but the original source is the taxpayer.

I don't see what my "investment" has to do with anything! Its my parents investment, I just happen to be on the mortgage with my Dad, and I do not pay for the entire mortgage, I was not responsbile for the deposit, etc. All I pay is the £70 a week for rent, which like I said, is LESS than my friends are paying. So even if I moved out, sold up, etc, I would be forking out more money each week.

In effect I am just renting off private landlords. They just happen to be my parents.

I AM asking for a Hardship Fund, but that is not to pay for some "investment" as you so nicely put it! Its because after paying a term's rent last term, I had £80 left of my student loan! £80! I took responsibility and worked SO hard. I was working more than 60 hours per week, not including travelling (around 2 hours per day) at different places, and it just got too much. But having to travel to placement, and pay for that, and you know, the cost of eating and surviving, I am in hardship.

[Deleted User]

I just happen to be on the mortgage with my Dad

What percentage of the property do you own? What is it's value? I'm sure you're smart enough then to work out what equity you have.

I fully understand what you are trying to say - you are only paying a small amount in 'rent' and if you were with a private landlord it would be worse. However, it would be similar to me saying 'I've got 10K locked up in shares.. I'm into my overdraft but i don't want to sell my shares to pay off my debts'.

Edit: Any thoughts you could ask your parents for money...?

emmaglet

I don't know tbh. I always understood that my name was only on it in case my parents died before it was sold(lovely though, I know) so it wouldn't be locked into legal stuff.

I have asked my parents, but they have just taken something on which costs them a bit, and can only contribute £25 a week. Which I am so grateful for, but it doesn't cover things.

I am good at selling online, and just transferred some Paypal money today, so that's a bit better.

[Deleted User]

lol, you're got a mortgage in your name and you don't know the terms... nice.

Are you sure it's in your name? Were you present when the mortgage terms were drawn up? Sorry, i've just started (well, 3 months ago) a mortgage and just can't fathom someone signing up for the biggest financial responsibility of their lives without knowing the terms of it.

What would happen if you wanted to sell it?
What would happen if they wanted to, but you didn't?
Are you in a position where you could extend the mortgage and use the money to finance university?