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    Hi guys,

    I would really appreciate some advice. I attend a local university and lived at home during my first year, attending a first-class mark at the end of it. In my second year, I decided to move away from home to get 'the full experience'. I received £2900 from the SLC, and my total accomodation costs were £3000, so I paid by instalments. I have found it difficult to get a job due to no previous experience and am in Hull, one of the worsst areas affected by the recession apparantly.

    I left my course in February, due to financial reasons, but then decided to return in September 2009. This is in the process of being approved by the university authorities, but this is just standard procedure. Since then, I have been living on credit cards. I am currently in £3000 worth of debt. My parents give me £200 per month, but want £50.00 in rent during the summer months. The hardship fund at my university has now closed and as I am intercalating, I am not eligible to receive it in any case. I have thought about dropping out of my studies.

    I have £0.22 in my bank account and £1.00 left on a credit card. I have about £44 in a savings account.

    Any advice would be much appreciated.

    Many thanks
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    isnt £2900 the amout of student loan you get if you live at home.

    the minimum student loan you can get for living away is somewhere in the region of £3400 isnt it? (at least thats what my girlfriend gets using the non means tested, and is therefore the minimum) so it sounds like you may have filled out the student loan forms wrong.

    Also no offence but massive facepalm for the credit cards, esspecially when as a student you can get INTEREST FREE overdraft on student bank accounts, some up to about £1500 (and when i decided at the end of August to defere my studies for a year they told me to keep the student account open because no one would check).


    sounds like you did very very little research into money matters and just dived in head first, shame on the bank for giving you credit card as a student and not advising you on a student account though.

    i would DEFINATLY check on what happened with the student loan though, becuase im sure £2900 is what you get if you live at home with your parents
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    So are you not officially a student yet? If your not you could go for job seekers allowance or something like that. Im sure if you told your parents that money is VERY bad at the moment and your even considering not going back to university they might help you out a little more?
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    i would DEFINATLY check on what happened with the student loan though, becuase im sure £2900 is what you get if you live at home with your parents
    I have just checked this. I received £1300 in September and the same in January. Last year, the final payment was the biggest. This is not listed - and therefore I did not receive it - because I had already decided to intercalate from my studies at that point for financial reasons. Perhaps I would have been in a better position if I had carried on to the end of the year.
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    Could you try opening a proper student bank account, going into as much into your interest-free overdraft as possible and using that money to pay off your credit card debts?
    I think you need to come clean with your parents about all the debt, they'll be able to advise you and might ease up about you paying rent.
    Are you eligible for the grant or any bursaries you uni offers? If you are, make sure you claim them.
    Also, as someone else said, if you're not officially employed or a student then you can sign on and get benefits, probably about £55 a week but anything helps.
    It's worth calling a debt helpline who will be able to advise you, often it's possible to write to your debtors and see if they can reduce the debt and settle a payment plan that you can actually manage.
    Take care of yourself.
 
 
 
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