A few months back, I stupidly made the mistake of reserving private university accommodation via StudyInn without fully understanding maintenance loans (didn't know they were paid into your account thrice a year, not all at once).
The accommodation that I booked is paid in 4 yearly instalments (one in August, one in September, one in January, and the final one in April), which comes up to a total of around £9100. My past-self had this plan in which my maintenance loan of £8k+ gets paid into my account and would last me at least a few months, which would then give me enough time to work a job and save enough money to pay for the rest.
However, I recently found out that I'm getting just under £3k next month, which leaves me with -£900 after paying for the August and September rent.
I emailed the accommodation provider asking if I could cancel, and that I didn't mind if they kept the £250 deposit I paid, as long as it meant that I was free from the payments, but they said that I could only cancel if:
A) I requested it no less than 10 weeks before the school year
B) I was rejected from the university (which I wasn't)
C) Certain circumstances prevented me from attending the university
D) They find someone to take my place, which isn't guaranteed
Neither of these apply to me, and so I'm now stuck with an accommodation that I KNOW for a fact I won't be able to pay for.
And to rub salt into my already-gaping wound: the university just offered me accommodation which is nearly half the price and has its first instalment of only £2000 all the way in October, which sounds like a dream right now.
What can I do about this? I haven't gone completely through with accepting the accommodation (they still want me to send a passport photo and a letter of acceptance from the university). What'd happen if I just didn't pay and went with the other room instead?
Any help at all would be appreciated