Loan advice

Madiba1916

Hi everyone,

Looking to see if anyone has any thoughts or advice on this.

I'm due to graduate University later this month but still have an outstanding amount of my tuition fees to pay (about £3000).

I work full time but my credit rating is terrible so I can't get a loan from my bank (or any other i presume).

Basically, if I don't make the payment I can't graduate - no grace periods or anything like that are allowed and I don't know of anyone that could lend me the money.

Anyone have any ideas of anywhere that may grant me a loan?

I've joined my local credit union to see if they can help but my membership isn't finalised yet and in any case I don't hold out much hope of them granting me a loan either.

Cheers!

enthusiasticsaver

Have you spoken to the University to see if payment arrangements can be made? Surely you have not only just realised this?

Candyapple

Did you not receive student loans to cover this?

How do you know your credit is terrible? Do you have a history of late payments / defaults / CCJs?

Have you even tried applying for a loan or are you just speculating that you'll be declined?

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Your credit union is a waste of time right now. Most places require you to save a certain amount for many months before even considering you for a loan and even then, it wouldn't be for that much.

If you work full-time - where is all your money going? You knew you were due to graduate so you've had 3 years to get the money together.

Enter your details below, what do the results say?
https://www.moneysavingexpert.com/eligibility/loans-calculator/

Try this one also:
https://creditcards.moneysavingexpert.com/?money-transfers

Madiba1916

Second degree so funding it myself. Total cost was just under £14000 so I've paid the vast majority off. It's a two year course, not three as you have assumed.

Had a lot of daft debts which were getting paid back but I broke my leg last year and at the time my contract was part-time so when I wasn't working I was getting a basic monthly salary of just over £300 per month which doesn't go far. That was the case for almost 10 months. So that caused a lot of problems as everything once again went out of control.

I had also more or less been promised money towards the remainder of my fees through my employer as a career development type grant but they pulled it at the last minute and said they would no longer be doing it.

I have applied through my bank for my loan and it was rejected.

Also, when it comes to graduation the University offer no leeway - you have to have your tuition fees settled before you can graduate.

Candyapple

Madiba1916 wrote: »

Also, when it comes to graduation the University offer no leeway - you have to have your tuition fees settled before you can graduate.

You can't get blood out of a stone. If you don't have the money, you don't have the money. What have they said will happen? If you don't pay, you don't graduate at all - ever?

What were the results from the loan checker / card checker?

LMG1305

Have you got things you can sell to try & get some of the money together? Then would your employer maybe consider a loan spread over 12 months, coming directly from your salary every month?

Madiba1916

Candyapple wrote: »

You can't get blood out of a stone. If you don't have the money, you don't have the money. What have they said will happen? If you don't pay, you don't graduate at all - ever?

What were the results from the loan checker / card checker?

I've e-mailed them today and the likely scenario will be I won't graduate this month and it will be deferred until November during which time I'll be paying off the sum owed.

I'm still waiting on my final results so if I have any resits I will be graduating in November any way (assuming I pass any resit).

LMG1305 wrote: »

Have you got things you can sell to try & get some of the money together? Then would your employer maybe consider a loan spread over 12 months, coming directly from your salary every month?

Funnily enough I work for a bank and I tried to get a staff loan but they said they couldn't help either even though the repayment would be deducted directly from my salary.

Candyapple

OK so if they defer it until November, that means you have 6 months to get £3k together, or £600 a month. Can you do this on your wages?

You still haven't said what the results were from the loan checker / card checker?

Madiba1916

Candyapple wrote: »

OK so if they defer it until November, that means you have 6 months to get £3k together, or £600 a month. Can you do this on your wages?

You still haven't said what the results were from the loan checker / card checker?

Aye, I can do it that way easily. The only reason I was looking to get it paid now and potentially graduate this month is so I can start my diploma in September. By graduating in November I will have to put that back for a year.

Loan checker has 0% chance for them all :rotfl:

Madiba1916

Should also say the credit union I joined has on their website that if you do not have savings with them then you can still apply for a loan, the difference is the APR is a bit higher.

Candyapple

OK, and what about the card checker results?

Do you not have anything of value you could sell? Car?

It's harsh that your employer backtracked on you like that, is there any way you could possibly go above your boss's head and speak to someone higher up who may be able to do something for you whether that be pay the rest of your fees or offer you a staff loan?

What about your parents/family? Partner/friends?

If there is nothing to be sold and no-one to ask then if it is going to cost you a year then so be it. It's a small price to pay in the grand scheme of life.

Edit: Just seen what you said about the credit union. All you can do is apply and see what happens.