No money help!!!

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    im a second year student at uni, and because i came to university with no money whatsoever from being in a low income house i used my overdraft to get there. That meant that when i received my student finance i was already £500 (overdraft) down. Because of this i couldnt pay my first rent installment and they were threatening to kick me out so as a last and very very stupid resort i took out a bank loan to pay it. I have not been able to keep up the repayments and have only been paying then off every so often, and as a result of this was always in my overdraft and never had any money. I am just coming into second year and when my first installment came through again the same happened with my overdraft, however because of all of the missed repayments they have now taken the overdraft away, which means again i have had no money left over to pay my first rent installment. Also as a result of me not paying back the agreed monthly repayments the bank have closed my account so i am now left with no bank account, £2.35 to my name until january (it is now beginning of october) and £3,500 in debt. My landlords are asking for the rent but i dont have it. The university offer a hardship fund but you need to provide bank statements to apply which i no longer have access to as i no longer have a bank account. Please please can anyone give me any advice on what to do. Im so stuck and depressed and im living 200 miles from home with no money to live. My dad doesnt earn enough to send me any and i darent tell him about the debt im in. If anyone could offer any support or advice id be eternally grateful. I just dont know what to do
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    (Original post by 123lat123)
    im a second year student at uni, and because i came to university with no money whatsoever from being in a low income house i used my overdraft to get there. That meant that when i received my student finance i was already £500 (overdraft) down. Because of this i couldnt pay my first rent installment and they were threatening to kick me out so as a last and very very stupid resort i took out a bank loan to pay it. I have not been able to keep up the repayments and have only been paying then off every so often, and as a result of this was always in my overdraft and never had any money. I am just coming into second year and when my first installment came through again the same happened with my overdraft, however because of all of the missed repayments they have now taken the overdraft away, which means again i have had no money left over to pay my first rent installment. Also as a result of me not paying back the agreed monthly repayments the bank have closed my account so i am now left with no bank account, £2.35 to my name until january (it is now beginning of october) and £3,500 in debt. My landlords are asking for the rent but i dont have it. The university offer a hardship fund but you need to provide bank statements to apply which i no longer have access to as i no longer have a bank account. Please please can anyone give me any advice on what to do. Im so stuck and depressed and im living 200 miles from home with no money to live. My dad doesnt earn enough to send me any and i darent tell him about the debt im in. If anyone could offer any support or advice id be eternally grateful. I just dont know what to do
    Go and see your student welfare advisor in the student union.
    You should not be in this mess so obvuoysly your finances went wrong somewhere. It should have been obvious you were heading for this situation before you returned to uni.

    Someone needs to see the full numbers of how you managed to get into £3,500 worth of debt in one year. It needs someone to interview so they cna see how it happened. Your information is insufficient to explain things.


    Your LL will wnat paying and if not then they will take the obvious action.
    I think your posution is pretty much untenable. You applied for full student loan Something doesnt add up.

    You cna talk to Stepchange a specialist debt advice charity for free.
    0800 138 1111
    https://www.stepchange.org/Contactus.aspx

    You cna try and see a debt advice worker at CAB.
    https://www.citizensadvice.org.uk/ab...tizens-advice/

    Your talk about your bank account doesnt add up either. Its quite a while before they close down an account so you must have known it was happening and you wouldnt be able to pay accommodation when you returned.

    I also feel you have posted this before as well, in which case my advice now is pretty much what I posted then. You cant stick your head in the sand any longer.

    Go and speak to advisors and also notify your tutor. I dont tbhink student bursaries will give you that much money even with your bank account, but student welfare will have a better idea. You are in a serious mess, people get out of it, but they need to understand how it came about. You could well have to leave university and take a gap year or two to pay off your debts. You cna discuss your options with your advisors.

    If you need emnergency food then SU might have a small emergency fund or you cna try your local foodbank
    https://www.citizensadvice.org.uk/ab...tizens-advice/
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    tried working for online jobs or even part time?
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    (Original post by 123lat123)
    . If anyone could offer any support or advice id be eternally grateful. I just dont know what to do
    Go and speak to someone to get help and dont hide.
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    I agree with all the above posts. However I would add that you should also tell your parents. Even if they cannot help you financially you should make them aware of the financial crisis you find yourself in. The only thing I can think of is dropping out of uni for a year or two and finding a job to pay off your debts, and moving back home.
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    While you're looking for work, at least you would be able to claim some sort of Unemployment Benefit, or whatever its called these days. It isn't much, about £57 a week I think ,paid fortnightly. But it would be a regular income while you found a job.
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    (Original post by markova21)
    While you're looking for work, at least you would be able to claim some sort of Unemployment Benefit, or whatever its called these days. It isn't much, about £57 a week I think ,paid fortnightly. But it would be a regular income while you found a job.
    Not if you're a student, you can't.
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    As well as all the other good points (especially about telling family, this is really important) have you tried to get a bank statement? You might not ahve access to an account but the bank will still have records of your account and records of it being closed. Get hold of those.
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    (Original post by 123lat123)
    im a second year student at uni, and because i came to university with no money whatsoever from being in a low income house i used my overdraft to get there. That meant that when i received my student finance i was already £500 (overdraft) down. Because of this i couldnt pay my first rent installment and they were threatening to kick me out so as a last and very very stupid resort i took out a bank loan to pay it. I have not been able to keep up the repayments and have only been paying then off every so often, and as a result of this was always in my overdraft and never had any money. I am just coming into second year and when my first installment came through again the same happened with my overdraft, however because of all of the missed repayments they have now taken the overdraft away, which means again i have had no money left over to pay my first rent installment. Also as a result of me not paying back the agreed monthly repayments the bank have closed my account so i am now left with no bank account, £2.35 to my name until january (it is now beginning of october) and £3,500 in debt. My landlords are asking for the rent but i dont have it. The university offer a hardship fund but you need to provide bank statements to apply which i no longer have access to as i no longer have a bank account. Please please can anyone give me any advice on what to do. Im so stuck and depressed and im living 200 miles from home with no money to live. My dad doesnt earn enough to send me any and i darent tell him about the debt im in. If anyone could offer any support or advice id be eternally grateful. I just dont know what to do
    Oh dear, I'm sorry to hear your predicament. Let's try to go through it stepwise.

    1. Where did the loan come from? It is unusual for a bank to offer a student an overdraft AND a loan, precisely because of the possibility that you would find the repayments unaffordable. Did the same bank as you have your current account with also grant you a loan? And how much was the loan for, on what repayment terms and what interest rate? Banks do have a right to take money from a current account which is in credit to meet arrears on lending in other accounts (it's called 'setting off' )but they have to be reasonable in all their dealings with you.

    2. You need to open another bank account pronto, otherwise you won't be able to receive your next student support payments or any financial support your university might offer. You are always going to be able to open an account called a 'Basic Bank Account' - these come with a debit card (usually), ability to receive direct credits such as those from SFE and direct debits/standing orders but no chequebook, overdraft or other lending. It is also unlikely that your previous bank which whom you had problems would open one for you, but just go to another bank. You'll need the usual ID and so forth.

    3. Contact your university to explain your situation and make it clear that you will have to drop out unless they can help. They have plenty of funds to help you and are usually able to advance a sum of money to get you out of your immediate problems. This money is usually not repayable.

    4. I would say it was worth looking over how you have been treated by the bank, whether what you were offered/advanced was reasonable in your circumstances and whether the bank has treated you fairly. But first, attend to 1-3 above.

    Does this help?
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    (Original post by Tiger Rag)
    Not if you're a student, you can't.
    I know. I meant if he gave up his course.
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    (Original post by Reality Check)
    Oh dear, I'm sorry to hear your predicament. Let's try to go through it stepwise.

    1. Where did the loan come from? It is unusual for a bank to offer a student an overdraft AND a loan, precisely because of the possibility that you would find the repayments unaffordable. Did the same bank as you have your current account with also grant you a loan? And how much was the loan for, on what repayment terms and what interest rate? Banks do have a right to take money from a current account which is in credit to meet arrears on lending in other accounts (it's called 'setting off' )but they have to be reasonable in all their dealings with you.

    2. You need to open another bank account pronto, otherwise you won't be able to receive your next student support payments or any financial support your university might offer. You are always going to be able to open an account called a 'Basic Bank Account' - these come with a debit card (usually), ability to receive direct credits such as those from SFE and direct debits/standing orders but no chequebook, overdraft or other lending. It is also unlikely that your previous bank which whom you had problems would open one for you, but just go to another bank. You'll need the usual ID and so forth.

    3. Contact your university to explain your situation and make it clear that you will have to drop out unless they can help. They have plenty of funds to help you and are usually able to advance a sum of money to get you out of your immediate problems. This money is usually not repayable.

    4. I would say it was worth looking over how you have been treated by the bank, whether what you were offered/advanced was reasonable in your circumstances and whether the bank has treated you fairly. But first, attend to 1-3 above.

    Does this help?
    Think you will find the OP really need to see a debt advice worker so they cna get to the bottom of things and see just exactly what debt they are in and how they got there. I got the impression the OP ois too traumatised to be able to explain this themselves.

    Its not properly explained where the loan came in, how much it was for amd how they racked up £3,500 worth of debt. It doesnt happen overnight, so the OP hasnt dealt with it for a long time. Banks dont close your account down for a long time, even if in overdraft, because they wnat the money back.

    Basic bank account is fine, but they arent going to receive any SFE money till January. I would be surprised if the Uni give them enough money to pay for this term plus the rent and not want it back. They will review the ops situation, but also be looking for how they racked up so much debt. A lot of this seems self inflicted. They will treat that less favourbaly. Im not convinced they will give the money just because it would mean dropping out.
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    To the first commenter, no i have not posted this before, and nothing went wrong with my finances, just the fact i was in my overdraft before i even got my student finance. I wasnt aware how expensive uni would be at the beginning i didnt prepare and get all the info needed like most of my friends did which i know was a mistake. My first rent was 2500 which was how much loan i got which then with the overdraft also i should of had enough money to live however i didnt realise until i got there how expensive things would be. I dont realise how much money im spending til its spent. I dont spend it on luxury items. I never ever go out because i never have the money to or treat myself so thats not why i dont have any. I really appreciate the advice and all the other comments thanks alot im gonna take it all in and try and sort this out im not burying my head in the sand, ive tried applying for jobs and rang stepchange and we sorted out a payment plan. I emailed them all my further info as i never have any credit to ring them i used a friends phone the first time, however they did not get in contact with the bank in the months period they gave me to sort it out with stepchange. Im guessing this is because they dont check there emails very often. Also the bank that gave me the loan was natwest my student bank account. When i applied for it i was already in my overdraft, and i put in my finances ie how much student loan i get the loan was for 2500 to pay my rent. With how much student finance i get it is obvious if they worked it out or whatever that i could not afford the 189 a month repayments. However i guess its my fault for being silly and taking out the loan. It was a very last minute thing as my dad could have not gave me the money and they were giving me days to pay it before kicking me out. Thanks for taking the time to read this and offer your support. I appreciate it.


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    Also the 3,500 is just under 2000 from the loan (ive repayed about 800 but its gone up from interest from not repaying) and 1,500 of my rent that i need to pay currently


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    (Original post by 999tigger)
    Think you will find the OP really need to see a debt advice worker so they cna get to the bottom of things and see just exactly what debt they are in and how they got there. I got the impression the OP ois too traumatised to be able to explain this themselves.

    Its not properly explained where the loan came in, how much it was for amd how they racked up £3,500 worth of debt. It doesnt happen overnight, so the OP hasnt dealt with it for a long time. Banks dont close your account down for a long time, even if in overdraft, because they wnat the money back.

    Basic bank account is fine, but they arent going to receive any SFE money till January. I would be surprised if the Uni give them enough money to pay for this term plus the rent and not want it back. They will review the ops situation, but also be looking for how they racked up so much debt. A lot of this seems self inflicted. They will treat that less favourbaly. Im not convinced they will give the money just because it would mean dropping out.
    Not sure I agree with a lot of this. The OP does need to see a debt advice worker, but that isn't as pressing as getting new banking arrangements sorted so they can at least receive any money were it forthcoming. I'm also not sure about the bank 'closing the account for a long time' - the bank will protect their position, but if a large credit came in and the loan account was persistently in arrears then it seems entirely feasible that they set off the current account credit balance and then closed the accounts. Finally, it could well happen overnight if the OP had sourced unsecured personal borrowing of £3,500 and used it to repay exist pressing debts to various sources!

    Where I do agree with you is that the source of the loan is unclear and the university, were they to advance hardship funds, would want to see the OP's financial position to make sure they weren't throwing good money after bad. I do thing hardship funds would be readily available , though whether it would be a loan or a gift is a good point you make.
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    (Original post by 123lat123)
    To the first commenter, no i have not posted this before, and nothing went wrong with my finances, just the fact i was in my overdraft before i even got my student finance. I wasnt aware how expensive uni would be at the beginning i didnt prepare and get all the info needed like most of my friends did which i know was a mistake. My first rent was 2500 which was how much loan i got which then with the overdraft also i should of had enough money to live however i didnt realise until i got there how expensive things would be. I dont realise how much money im spending til its spent. I dont spend it on luxury items. I never ever go out because i never have the money to or treat myself so thats not why i dont have any. I really appreciate the advice and all the other comments thanks alot im gonna take it all in and try and sort this out im not burying my head in the sand, ive tried applying for jobs and rang stepchange and we sorted out a payment plan. I emailed them all my further info as i never have any credit to ring them i used a friends phone the first time, however they did not get in contact with the bank in the months period they gave me to sort it out with stepchange. Im guessing this is because they dont check there emails very often. Also the bank that gave me the loan was natwest my student bank account. When i applied for it i was already in my overdraft, and i put in my finances ie how much student loan i get the loan was for 2500 to pay my rent. With how much student finance i get it is obvious if they worked it out or whatever that i could not afford the 189 a month repayments. However i guess its my fault for being silly and taking out the loan. It was a very last minute thing as my dad could have not gave me the money and they were giving me days to pay it before kicking me out. Thanks for taking the time to read this and offer your support. I appreciate it.


    Posted from TSR Mobile
    I was pleased to read this. That you've contacted Stepchange is brilliant - they will help you enormously. To be clear, are you saying that NatWest advanced you a personal loan for £2,500 as well as an overdraft? Or was the £2,500 a temporary overdraft limit so you could pay your rent, and this amount was to be repaid from your first SFE payment? A first year overdraft of £2,500 is quite high - it's usually stepped up to a maximum of about £3000 in your final year.

    To be honest, student finance is so tight that there is very rarely any spare cash to meet loan repayments - this is why I'm curious as to how the bank calculated that you had £189 spare each month to meet these repayments. The detail of your case is a little unclear, so it's quite difficult to help you. However, you've said you've been liaising with Stepchange so hopefully they will be able to get to the bottom of it.
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    Also, i was made aware about 16 days ago that my bank account was to be closed. They gave me 30 days for stepchange to get back in contact with them otherwise the account was to be closed. As far as i was aware they were sorting it out as i had sent the information, however when i checked my bank account 16 days ago all my money (£60) had gone from it so when i rang the bank they said they had transferred the money to the loan account and my account was going to be shut down by midnight that day. I explained my situation and that i had emailed stepchange my info and if they could give me a couple days etc to get stepchange to check there emails and ring the bank to let them know i had infact done what they asked but they said no the account is getting closed theres nothing you can do. Thats how it happened


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    No, the 2,500 was a personal loan not an extension on my overdraft, i asked for an extension that they could then remove after being repayed but they refused


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    (Original post by Reality Check)
    Not sure I agree with a lot of this. The OP does need to see a debt advice worker, but that isn't as pressing as getting new banking arrangements sorted so they can at least receive any money were it forthcoming. I'm also not sure about the bank 'closing the account for a long time' - the bank will protect their position, but if a large credit came in and the loan account was persistently in arrears then it seems entirely feasible that they set off the current account credit balance and then closed the accounts. Finally, it could well happen overnight if the OP had sourced unsecured personal borrowing of £3,500 and used it to repay exist pressing debts to various sources!

    Where I do agree with you is that the source of the loan is unclear and the university, were they to advance hardship funds, would want to see the OP's financial position to make sure they weren't throwing good money after bad. I do thing hardship funds would be readily available , though whether it would be a loan or a gift is a good point you make.

    The debt advice worker is the priority as they cna make sense of whats happened. Their student finance for this term has already been swallowed up.

    Nope the debt will not have gone up to £3,500 overnight. They talk about several missed payments. They send lots of letters over an extended period seeking to make arrangements and aksing for the debt to be cleared. This situation has obviously been going on for several months. An advice worker cna make sense of that. The OP is incapable of resolving this issue themselves and thats why they need to speak to someone.

    It doesnt take long to open a basic account, it may take soem time for them to get an appointmnet with an adviser.
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    Wait I'm so confused. Why did it cost you £500 to get to university?

    Secondly, £2500 sounds like a ridiculous rent. I hope that was for the whole term? Even then it sounds really pricey.

    Are you on the full maintenance loan/grant? (I know they have cut grants now but thats for people starting now, you are a second year). If you are not getting the full maintenance loan and grant that means your parents should be contributing.

    Something must be missing from this story.
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    Ok something is definitely not right here. 2500 for a temly rent is like 833 a month. :/

    Let me know if I have misunderstood something here when you say your rent was 2500.
 
 
 
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