A question about : Raquela's debt journey...
Hi, all
Have decided to start a thread for my debt problems, which ain't great to say the least!
My situation is a little different; I'm 29, in the 2nd year of a 4 year degree. I have no regular income other than my grant / student loan, and an access to learning payment. My breakdown is as follows:-
Cahoot Flexible Loan : Ј9522.47
Cahoot Credit Card: Ј571.44
Cahoot Overdraft: Ј245.75
I also have a natwest student credit card on which the current balance is about Ј300.00 (waiting for new statement)
Other outgoings:
Rent; Ј260.00 p/m
utilities; estimated at Ј175.00 per year; shared between house of 5 people
NTL/TV/Internet Ј10 p/m
Mobile; Ј20 p/m approx (in contract til September)
General outgoings
groceries circa Ј90 p/m
transport Ј30 occasionally; 3 trips to parents on train per year with railcard
textbooks; Ј200 per year
Incomings;
LEA Grant per year Ј1000
Student loan per year Ј4345.00
Access to learning fund Ј1350.00
I also went back to my old job for a week over Christmas and earnt Ј350.00.
I have a big student overdraft and am not currently in it, but the minimum payments on the loan is Ј200 per month, and credit cards (2) Ј20 per month.
I do not go out, if I do my boyfriend takes care of me (bless him), so I don't really have other outgoings; don't smoke or drink, walk onto campus every day.
If I were to work during term time it would affect my degree as I study a very demanding subject, at a top university. Although I plan to work in the summer, unfortunately any money I earn will have to go towards my year of study abroad.
So, that's the situation! I have written to Cahoot to explain everything to them, and enclosed my budget. I offered them Ј10 a month which they refused, and have not frozen my interest as I requested. Today I am trying to get through to the CCCS who I have also emailed everything to, but they need me to telephone them to discuss. I am hoping that they can put me on a Debt management plan. the fact that I'll have a very good degree behind me in a few years hopeflly means that I'll be very employable and will then be able to put all my debts behind me. So far I have not defaulted on a debt, but I think it's more important to pay my rent and bills in a shared house, so this month the payment has come out of the Cahoot overdraft, and there is no money for next months payment.
My aim is to get these debts sorted out so I can not worry about them whilst I am studying abroad. I will not be able to earn money whilst studying abroad on the terms of the Visa (all I can do is work on campus, less than 10 hours a week), but should be able to do so when I come back in June / July. So that's it! Wish me luck, and if you can offer me any advice, please do so! I can't reduce my rent unfortunately, nor bills - one of the downsides of living in student housing. :-(
Raquela x
Best answers:
- You could cut groceries to Ј60 a month, and perhaps your parents could visit you instead of you them?
Also, can you buy textbooks on eBay or at least sell your old ones on?
It owuld help if you could list everything as a monthly cost, extrapolated out fromt eh annual, as I found the list a bit confusing! - Why not contact your students union advice centre? They will have trained and experienced money advisers who can help you apply for everything you are entitled to and can also help negotiate with creditors on your behalf.
- Hi - parents coming to visit me, ha ha ha, hasn't happened yet!! lol. Have only been back for Christmas this year, will prob go back at end of summer term as will need to store my belongings.
As far as groceries; my Ј80 a month is prob less than that; spent next to nothing last month since I was at my parents for three weeks almost. This month I have only done one shop which was about Ј25. Still, we're at the beginning I guess! I live off pasta and cheap cooked meals; don't buy ready meals etc.
per month the income relates to;-
Grant Ј83.33
Loan Ј362.08
Access to learning fund Ј112.50
But in reality that doesn't really work since there is no funding over summer.
current balance is around 700, next access to learning payment will be March and will be just over 600 pounds.
It's hard to think in monthly terms when you get paid termly! My rent is only til June, then I'll have to either move home or in with someone else for a couple of months.
am debating whether I should shove some of my loan into my ISA for a couple of months to earn some interest.. - Raquela, couple of things spring to mind reading your SOA.
Firstly that amount for textbooks seems really high - I know you don't say what course you did but I did biology (2001-2004) and spent about Ј50-Ј60 on books and that was because I bought them new. The university where I was had a 2nd hand book shop run by the SU where students could both buy and sell books - lots of mine went there when I finished and a web small ads thing too where I sold a few more. Also what about using the library - I did that a lot, much cheaper than buying books and saves so much space at home too!
Secondly I know you don't want to work in term time - and I didn't have a regular part time job either - but there are plenty of ways to make a bit of extra money (and I don't mean anything illegal!)
1. work on any open days, departmental visit days, as an ambassador for your university - hard to know what your university does but mine (I work there now) employs students to do all these sorts of things on an adhoc basis - excellent for an extra bit of spending money - or in this case debt repayment. I know here we'd snap you up as a mature student so might be worth asking around, admissions, departments etc.
2. Some departments such as psychology ask students to do experiments for them and pay you for them, nothing dangerous - just reading a list of words, numbers and trying to remember that kind of thing, I was on a mailing list and if I fancied doing one of the experiments I got emailed about I would try and arrange a time - again all extra bits of money and if you've got a busy week with work can say no.
3. Selling books you don't need etc either via uni sources as above or ebay/amazon etc.
4. If it's languages you do keep an eye out for translation stuff - occasional bits of work might come your way.
Good luck clearing the debts - if you want anymore information just ask or pm me. - Hi, thanks for your reply
I'm doing a law degree! does that explain?! so far this year, for three modules I've had to buy 3 books; textbook, casebook and statute book for each. cheapest book Ј15 (statutes), most expensive think was Ј35. One I managed to get second hand for Ј15. Most of the others were new editions this year so had to buy new, others I just couldn't get hold of second hand when needed. Actual expenditure for this year has been...Ј210. I can sell at the end of term so should recoup a bit that way. Also have a couple of first year books to sell too. Trouble is with law is that you really can't use old editions. As for using the library... don't get me started grumbling about my university's library! GAH! I wish I could rely on them!
Workwise, I put my name down for law faculty visits, but because I'm a bit older they seem not to want me, sniff! Campus visits I have done in the past, but the day when they do them (Thursday) are my heaviest lectures days so can't do anymore. Shame I'm not at your uni by the sounds of it! I used to work in the call centre here taking prospectus requests which was great as you could study on the job if it was quiet, but they employed this year before I was back from the summer. I'm hoping I can do that again in the 4th year tho. I've done a couple of bits of work here and there; they do do those psychology things, but I never seem to fit their bill! I'm going to try and see if there are any new opportunities on campus tho after exam period; that's when they seem to start sorting out when they've lost people from the previous semester. Wish me luck!
Thanks for all your help so far guys :-)
Raquela x
PS. Languages?! I *wish* I could speak another one! lol..
Quote: - I had another thought - have you joined your local freecycle group at www.freecycle.org ?
You can get things you need for free. Depends how active your group is but it can help - people on mine give away TVs, computers, books, all sorts. You are supposed to give stuff away also though. - Why can't you do a part time job? One of my brothers did a business degree and the other has just finished a law degree. Both had part time jobs doing 20 hours a week at call centres, usually taking the evening shifts.
May surprise you, but there's alot of people working in jobs doing 60+ hrs a week. Even doing an electronics engineering degree which has one of the highest amount of hours on campus, you won't do 40 hrs. - The thing is while you may think you have no time now you're going to have even less in your fourth year so if you think you're realistically going to need to have a part time job at some point in the next couple of years then now really is the time to do it.
I'm in my final year and was working 25 hours last semester, it was far from ideal, I've had to accept I can't sustain that this semester but even a Saturday working in a shop will help a lot moneywise. Not all part time jobs require you to work 20 hours a week!
I registered with our university job shop and they have lots of random things you can do which may not be regular but are handy. Good luck! - hi raquela,
i know what you mean about the law books, they are extortinate!! but why dont you club together with other people on your course to buy books? it is a bit inconvenient when essays are due etc, but with a bit of forward-planning it can be done, and will be a MASSIVE saving.
also even a small, flexible part-time job will make a difference, perhaps you could do temping? that way you dont have to work when essays/exams are on & maybe even get some relevant experience?
im a bit worried as to how you will get through your next two yrs? (plus LPC/BVC?) at this rate you are going to graduate with humungous debt problems, and that could jeopardise a career in law, if your creditors get nasty etc. Sorry if im stating the obvious.
you are definitely right to be concerned and i wish you luck and hope you get this sorted out soon.
x - Raquela,
It's your life....It's your course.....you don't have to read the advice of people like conor because some of us unfortunately are not perfect as him or his brothers seem to be.....
Good luck! - But it is worth considering having a job, and Conor was trying to help, even if it hit the wrong note with you
- Yes maybe but in the end it's up to Raquela really. Just don't like peoeple who cannot empathise.
- What's it like living in a world wrapped up in cotton wool where nobody ever says anything bad to you?
When letters come through the door telling you something you don't want to hear, do you pretend they don't exist? - Well I maybe in debt but in control of it so letters aren't coming through my door! Some people may bury their head in the sand but this forum is for people to seek help and advice if they want it and not to be criticised.
Anyway i'm not hijacking someone elses thread to have an argument. Merely stating my opinion if you don't like it then thats your problem.
It's raquela's thread anyway so good look to her whatever she decides to do. - yes. PLEASE stop having an argument in my nice shiny new thread!!! Otherwise I'll cry.
I do appreciate that a job is necessary you guys, it's just I can't hold one down permanently as stated in previous thread. Everyone is different, and works to different paces, and unfortunately it's sad that I can't work to the speed that others can. Therefore I will keep doing the way I am and getting bits here and there as possible. I am v lucky that my ex-employers give me work here and there, and pay me my old rate too, and all travel costs. I also am the first to admit that I have family who would bail me out at a moment if things got really bad, but I'm at the stage where I really want to sort this out myself. Also all law degrees at all universities are not all the same... mine is *very* intensive from what I've gathered compared to people I know at other universities. I'm not for one moment Conor suggesting your brother went to a crap university, just trying to put in perspective for people who may not understand - see my figures in previous post.
Oriana; that's a really good idea, thanks, I'll definitely consider that in 4th year. I'm hoping next year I might be able to get away with not buying any.
Cheers all!!
PS. Ebayage of my CD collection is also a small help - just took advantage of their cheap listings day :-)
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