Hey there! Sign in to join this conversationNew here? Join for free

Owe money that I can't pay back? Watch

    • Thread Starter
    Offline

    7
    ReputationRep:
    Hi guys. Back in July, I took over a tenancy agreement. The girl had originally agreed to pay all of July, August + September rent but I offered to pay for September because at the time, I had a steady job and thought I would be able to pay her back. Things went to **** over the summer, I ended up leaving my job and burning through my savings (due to family issues) and came down to uni with enough for the October, November + December rent but no more. The girl messaged me asking if I got it and I explained the situation. She seemed sympathetic and told me to take my time. Now into the end of October and I am being hounded with messages. It got to the point where I started ignoring them. Then I got a knock on the door from one of my housemates who is still friends with this girl saying she will go through the estate agents to get the money if I can't pay. I don't know if this is even possible or whether she's already wavered her right to get the money back but if not, I am in deep ****.

    I've managed to push her back until December but I don't know how I'm going to pull £350 out of my ass. I'm trying to find a job now but have had no luck. I virtually have NO savings. As I'm typing this I have £20 in my bank account. I suppose £350 is A LOT but considering 1) I did her a favour by taking over the contract, 2) she was originally going to pay ALL the rent and I offered to pay for September because I felt bad and thought I could and 3) she's out of the letting agreement now, I don't know why she can't just walk away. I would take the loss. But anyways, does anyone have any advice? Am I really going to have to be that annoying person setting up a gofundme because they can't handle their own finance issues?
    • TSR Support Team
    • Very Important Poster
    Offline

    21
    ReputationRep:
    (Original post by southerngothic)
    Hi guys. Back in July, I took over a tenancy agreement. The girl had originally agreed to pay all of July, August + September rent but I offered to pay for September because at the time, I had a steady job and thought I would be able to pay her back. Things went to **** over the summer, I ended up leaving my job and burning through my savings (due to family issues) and came down to uni with enough for the October, November + December rent but no more. The girl messaged me asking if I got it and I explained the situation. She seemed sympathetic and told me to take my time. Now into the end of October and I am being hounded with messages. It got to the point where I started ignoring them. Then I got a knock on the door from one of my housemates who is still friends with this girl saying she will go through the estate agents to get the money if I can't pay. I don't know if this is even possible or whether she's already wavered her right to get the money back but if not, I am in deep ****.

    I've managed to push her back until December but I don't know how I'm going to pull £350 out of my ass. I'm trying to find a job now but have had no luck. I virtually have NO savings. As I'm typing this I have £20 in my bank account. I suppose £350 is A LOT but considering 1) I did her a favour by taking over the contract, 2) she was originally going to pay ALL the rent and I offered to pay for September because I felt bad and thought I could and 3) she's out of the letting agreement now, I don't know why she can't just walk away. I would take the loss. But anyways, does anyone have any advice? Am I really going to have to be that annoying person setting up a gofundme because they can't handle their own finance issues?
    Are you a full time student?
    Offline

    10
    ReputationRep:
    Seems like a really *****y situation man, the only advice i have is don't get a loan of them loaning websites, they are only going to screw you over in the future.
    • Political Ambassador
    Offline

    15
    ReputationRep:
    Talk to Citizens Advice; they will advise you better than anyone on here.

    But, if you really cannot pay it back, you may be forced to into a Debt Management Plan, an Individual Voluntary Arrangement (IVA) or even bankruptcy, but this should only be as a last resort; regardless, as stated talk to Citizens Advice
    Offline

    12
    ReputationRep:
    Are you studying? Working full time?

    Can you claim housing benefit? If you're studying, is there not a hardship fund that can help you out? (I know not all unis have this - mine doesn't)

    You could also try and apply for a discretionary housing payment through your council.
    Offline

    13
    ReputationRep:
    Go to your local citizens advice bureau, they'll help you better than anyone else here probably.
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by Tiger Rag)
    Are you a full time student?
    Yes. The tenancy agreement I took over was a student tenancy agreement.
    • TSR Support Team
    • Very Important Poster
    Offline

    21
    ReputationRep:
    (Original post by southerngothic)
    Yes. The tenancy agreement I took over was a student tenancy agreement.
    If you have a student bank account, do you have access to an interest free overdraft?
    • Very Important Poster
    Offline

    19
    (Original post by southerngothic)
    Hi guys. Back in July, I took over a tenancy agreement. The girl had originally agreed to pay all of July, August + September rent but I offered to pay for September because at the time, I had a steady job and thought I would be able to pay her back. Things went to **** over the summer, I ended up leaving my job and burning through my savings (due to family issues) and came down to uni with enough for the October, November + December rent but no more. The girl messaged me asking if I got it and I explained the situation. She seemed sympathetic and told me to take my time. Now into the end of October and I am being hounded with messages. It got to the point where I started ignoring them. Then I got a knock on the door from one of my housemates who is still friends with this girl saying she will go through the estate agents to get the money if I can't pay. I don't know if this is even possible or whether she's already wavered her right to get the money back but if not, I am in deep ****.

    I've managed to push her back until December but I don't know how I'm going to pull £350 out of my ass. I'm trying to find a job now but have had no luck. I virtually have NO savings. As I'm typing this I have £20 in my bank account. I suppose £350 is A LOT but considering 1) I did her a favour by taking over the contract, 2) she was originally going to pay ALL the rent and I offered to pay for September because I felt bad and thought I could and 3) she's out of the letting agreement now, I don't know why she can't just walk away. I would take the loss. But anyways, does anyone have any advice? Am I really going to have to be that annoying person setting up a gofundme because they can't handle their own finance issues?
    So from what I can see:

    1. You took over a tenancy.
    2. She paid the summers rent, which is a loss for her.
    3. She agreed to pay September with the view you would pay that month back.
    4. You say you now dont have the finances?

    What about your student loan?
    What about your bank overdraft?

    I think your other points are mostly unreasonable. You had an agreement and now you are unable to hold to your side of it.


    No she wont be able to get the money back from the letting agents.
    She can sue you though if she is minded to.

    You can talk to her and be honest then try and work something out. You will pay just when you manage to get a job but that might not be till Christmas. Why not just use your overdraft, unless ofc you have exhausted that....
    • Thread Starter
    Offline

    7
    ReputationRep:
    (Original post by 999tigger)
    So from what I can see:

    1. You took over a tenancy.
    2. She paid the summers rent, which is a loss for her.
    3. She agreed to pay September with the view you would pay that month back.
    4. You say you now dont have the finances?

    What about your student loan?
    What about your bank overdraft?

    I think your other points are mostly unreasonable. You had an agreement and now you are unable to hold to your side of it.


    No she wont be able to get the money back from the letting agents.
    She can sue you though if she is minded to.

    You can talk to her and be honest then try and work something out. You will pay just when you manage to get a job but that might not be till Christmas. Why not just use your overdraft, unless ofc you have exhausted that....
    I don't even know if I have an overdraft... I have a current account with the Halifax...

    To be fair, she was going to pay for ALL of the summer AND September, I agreed to step in and pay for September because I felt bad and I had the money and the means at the time. Now my situation as changed. I know it's not an excuse but obviously I didn't plan for it.

    I'm trying to work it out with her to pay her over a period of time rather than one big lump sum.
    Offline

    15
    ReputationRep:
    Just tell her that once you get a job she will be the first to know and you will pay her back £50 a month. Whatever you do don’t go down the route of payday loan companies as this will sent your credit score to ****.

    In the meantime do all that you can to find a job and earn some money.
    Posted on the TSR App. Download from Apple or Google Play
    • Very Important Poster
    Offline

    19
    (Original post by southerngothic)
    I don't even know if I have an overdraft... I have a current account with the Halifax...

    To be fair, she was going to pay for ALL of the summer AND September, I agreed to step in and pay for September because I felt bad and I had the money and the means at the time. Now my situation as changed. I know it's not an excuse but obviously I didn't plan for it.

    I'm trying to work it out with her to pay her over a period of time rather than one big lump sum.
    All the more reason for you to sort something out.

    Change your current account to a student account. I am assuming you are a UK undergraduate?

    Offer to pay her £100-£150 up front if you can as a sign of good will and then the rest realistically when you get a job.

    The OD either at HBOS or any other bank should easily cover it.

    Get your finances in order and if you get a large od then dont go mad and get yourself into a further mess. Most students who can will have a student account.

    HBOS may not be the best but probably the easiest to ask for an upgrade.
    https://www.halifax.co.uk/bankaccoun...udent-account/

    Read this. The HNOS OD limit is quite small.

    https://www.moneysavingexpert.com/st...t-bank-account
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.