Student Debt

eveyboo

Recently finishing my first year, i have dumped myself in a £1000 over drawn student account, appalling credit rating and absolutely broke.
Im 19, i dont have a dad and my mum doesnt support me at all. Im finding it so hard to be independent and i dont want to leave university. Im totally on my own in this i have no one to turn to. im so scared this hole will get deeper and deeper. I need more money but no where will employ me just for summer and my uni is a long way away from 'home', if i move into my 2nd year house without my student loan and no certain job i will be ruined. im tempted to take out pay day loans but i know in my heart that wont solve anything. Somebody please help.

~Beanie~

Lots of students have summer jobs, have you tried anywhere? Have you spoken to Student Support at your Uni or some similar people?

Payday loans are definitely NOT the answer! At least you are doing the right thing by trying to sort it out now rather than waiting until it gets any worse.

midnight_express

Whatever you do, don't get a payday loan.

Brian8888

Hi Eveyboo,

I read your post and hope I can give you some advice in the following. You are going through a tough time but there will be a way and at the end of it you will come out much stronger (and that will help you for the rest of your life). You will be able to find a way for those GBP 1,000.

It will be a tough process but you have to sit down and take the time to write down everything you owe and everything you do have. It's painful but do it right now.

Next step, is there anything that you own that you could sell? Books, CDs, clothing, DVDs - anything that you don't use? It might seem small to you but it can quickly add up. Whatever money you can generate from that goes straight to erasing some of that debt. You could sell via EBAY, to friends, at the black board at university.

Do you have any skills that you can apply to generate some cash income without any investment? Again, it might seem small to get GBP 50 here and there but it adds up in no time. You could help out somewhere physically (maybe Saturday, Sundays) - in a restaurant, bar (where you can get some tips); or helping someone to clean up a garden etc etc. Ask in your circle of friends or again at the blackboard if there is anything available for you to help out.
Could you give tutoring in any subject to pupils? Other students?

Think along the lines where you can even advertise personal fitness training on a blackboard (even if you are not in shape). You can read up on the internet what exercises to do and most people are looking for someone to just spend 1 hr with them and tell them what to do.

Is there anything you can organise at the UNI where a group of people might be willing to pay each GBP 10 for it? Maybe a hike in your area etc etc

Needless to say, but at the same time you should limit any expenses to the necessary minimum. Stop spending anything on that coffee, or on alcohol etc. Once again you'd be surprised how fast it adds up.

Good luck with your challenge. You will make it.

LoveaDove

Hi eveyboo,

Have you applied to any temping agencies for summer work? Asked around local bars for summer work? You should have someone you can speak to about financial difficulties via your University (student financial support department) or ask at your Student's Union- they are very helpful!! When you are back at University, or just before you go back- apply for any work at your Student's union as they can be flexible around your studies and can offer you term-time work. I used to go to University over 300 miles from home, and was lucky to get a job at my Student's union during term-time and had a shop job for the holidays when I was back at home.

Good luck!!

nicp60

Hi there,
Sorry to hear you're having problems, but well done on recognising them and not just sticking your head in the sand!
I'd suggest you start seriously job hunting - bar work, shop work, warehouse work etc. I worked during each of the summers that I was at Uni - people do take on summer staff.

Until then, you need to look at the reasons that you overspent in the first place - yes, Uni is expensive, but you're obviously living beyond your means and I would strongly advise that you set up a budget and work out how to manage on your income for next year. Otherwise, you could be looking at another £1000 overdraft next year, and the year after :eek:!
I agree with previous posters - ebay anything you can, drop your phone tariff, become a bit of a hermit for a bit.
Sell old textbooks on fatbrain.co.uk - they seem to pay the best.

Are you at home at the moment, and if so what are your current outgoings??

John1993_2

eveyboo wrote: »

I need more money but no where will employ me just for summer.

Thiis bit of your post is wrong, there are all sorts of seasonal and casual jobs around, although you might need to go looking for them. Get yourself smartly dressed, print off a stanck of CVs and covering letters, and get out calling round shops, cafes, bars etc.

Ask at the university itself if there is any work available, ask your local parks department, and then start ringing round farms etc, looking for picking work.

There is work out there, you just need to find it. I'm not sure why you think otherwise.

snowqueen555

Univeristies have cash bursaries for low income families, and emergenciy loans for situations like this. You should look into this.

As for job searching, there are a lot of jobs, but a lot of competition too. Go give out your cv everywhere and make it a target to give out 30 a week in person, there is no point spending a lot of time on a cv for a casual job. Don't tell them its for the summer.

You are 1k overdrawn, this is not unsual for a student in their first year. I know money is tight, but it's not quite panic stations yet, and even if your Mother can't help you financially, you could probably tell her for support.

I am not sure how the loans work these days, do you get them befor eyou start your first term?

wannabee_in_credit

I know lots of uni students who do summer jobs at holiday parks - entertaining kids etc.

Have you spoken to your university? There will be someone there that deals with financial hardship etc, and there may be an access fund. Even if they can't help that way they may be able to help you budget.

Don't get a payday loan. It really isn't the answer.

rubyjam

Please don't take out a payday loan. Have you looked at your Uni for work. I don't know which Uni you are at but at this time of year Uni's usually start recruiting. Apply now before the rush in September.

Unfortunately we've not been able to support our DD financially while she is at Uni. In the first year she had a shop job but that was taking up too much of her time so last summer she handed in her notice, came home and applied on the Uni's web site for practically every job they had going. It was this time last year (early August) and within days she'd had several invitations to go for interviews. In the end she was offered a job in the Uni Bars/Cafes. She works shifts, some of them in the early hours of the morning but she says this isn't a problem as this stops her from going out. It was difficult at first as she had to go back to Uni early to start her job and was the only one living in her house for most of August/September but she just used the opportunity to earn as much money as she could before the 'real' work started :-) The rate of pay is very good and she's able to refuse shifts when she has an important essay or exam to revise for. She also works on open days etc showing potential students around.

Have you thought about applying to be a student mentor. My DD has been offered free accomodation next year in return for mentoring freshers. Maybe your Uni has something similar?

Weird_Nev

Yes, or you can be a halls monitor to keep an eye on the newbies for free rent. You have to hunt down the right people to ask about this.

I worked for my uni through the summer: They turned halls of residence into one of Edinburghs biggest hotels for the festival. I was a concierge - the rate of pay was good, I routinely worked 12 hour days through summer and the money felt like all the cash in the world at the time.

I think your first port of call should be your director of studies. They are they to help you, and issues like yours are important because if you are worrying about money you aren't learning! They will ahve acecss to the uni support services.

Also, the NUS. It's a huge union with large resources. THey may be able to give help, advice or even a job! They also have access to bursaries and sensible loans.

Do not, whatever you do, get a pay day loan. It will be the beginning of the end if you do.