OH had a lightbulb moment!

thevinternet

Hi, just to let you know that when I was at Uni, I had a part-time job that was in the week only (not weekends) doing cleaning in the mornings for a couple of hours (6.30 - 8.30am). It wasn't great but it kept me in the black for a while, could he get a similar kind of job? There are part-time jobs out there that don't involve weekend work, you've just got to hunt around for them. Also has he got anything he could sell on Ebay or put a notice up in the uni? Most university libraries have computers that you can work on, could he sell his computer?

Just a few suggestions to get him started! Hope it works out for you.

V xxx

barnaby-bear

MiniLauraRocks wrote: »

Dont currently live with my o/h, hes a student and stays in halls - home every weekend.

He is doing post grad course of a year, ends in June 08. Guaranteed a years work with salary starting 19k at least.

He was working part time before course and ran up various debts. Now with only student loan as his income - requirements of course and coming home each weekend make having a part time job impossible!

Debts are at:

£3800 left on a loan - paying £129 a month interest 22%
£6500 CC - paying £192 a month repayments -interest rate high but not sure what
£1000 CC - paying £25 - £30 a month

Owes around £1200 in rent to halls

Incomings:

£373 per calendar month from SLC

Gets some cash from mother, nothing steady

She pays for a lot of his food, that he takes with him each week, does washing etc at home

Outgoings:

£192 to CC1
£25-£30 to CC2
£129 to Loan
£35 to mobile
£120 on travel (rough estimation) - weekend journey is approx £20 return - other costs are local bus costs - up to £3 a day
Other living/food costs - no real idea, just whatever is needed - id put about £100 a month at least - ive suggested spending diary but :S

Ougoings total at least £600 a month

He has tried before to switch around credit cards etc - but cant get big enough limit. Loan was a stupid mistake - with a company called beneficial finance- wanted money for computer and got this that and everything added on! Did take some of cc debt away but quickly built up again! A quarter of the original loan amoutn was insurance costs - which hasnt been claimed on, so hoping to get that back.

This brings me to point of the post:

• Consolidate again? His bank are offering to look at loan options for entire amount of credit - going to see them tomorrow - which will leave him with much lower loan repayment level - go to lowest possible amount and then when working can throw chunks at it, would be possibly cleared in a year/18 months

• Refinance loan, and maybe smaller credit card debt, to get a new loan without insurance and better interest rate? Again small repayments and fire chunks at debt - possible repayment holiday of three months, meaning term is over and summer job, thus affording payments.

• Struggle on, add more debt to cards to repay debt and cover all lvinig costs until working? Its maybe 6/7 months to go?

Any other ideas? Want to help but want to make sure im giving best advice possible.

People usually use career development loans for this sort of stuff to avoid more expensive creidt such as credit cards or personal loans, they are commercial but fairly cheap and fairly reasonable
http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/CareerDevelopmentLoans/DG_10033237

duchy

Tell his Mum to stop doing his washing ?

MiniLaura

Lol - think he does it himself, just says he wont pay £10 to do it at laundrette at his uni halls!

Showing him all these replys, see what answers i get!