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Money troubles
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Don't know if this is the right forum but here goes ...
Basically i'ma bit stuck at the moment. Due to some rather stupid spending and a total lack of organisation/common sense I owe my uni a bit of money ... about 350 pounds.
Now basically I just can't afford to pay this at the moment because I'm ridiculously broke. I applied for my student loan late for various reasons but in about 5 weeks i should get two installments together, about 2,000.
My mum opened some of my post and found out about all these debts and has gone off on one. Basically I totally refuse to borrow money from her or let her help me out mainly due to the fact that I like to be independent and am (usually) more than capable of taking care of myself and don't need to be bailed out by mummy like some spoilt rich kid and partly because if i did she would hold it over my head for a long time.
Anyway the old dear's been phoning uni to try and find out what i've got myself into and has been sending me rather angry e-mails because i hhaven't been picking up the phone. I need to sort this quick.
Was considering getting a credit card and using it to pay off the debt then tearing it up and never using it again. I've got the loan coming in so i'll be able to pay it back pretty soon.
Anyone think this is a bad way to sort this? I've never trusted myself with a credit card because I have little/no self control but surely if i just use it for this and then get rid of it i'll be fine?
Any advice? Good plan or bad plan?
Basically i'ma bit stuck at the moment. Due to some rather stupid spending and a total lack of organisation/common sense I owe my uni a bit of money ... about 350 pounds.
Now basically I just can't afford to pay this at the moment because I'm ridiculously broke. I applied for my student loan late for various reasons but in about 5 weeks i should get two installments together, about 2,000.
My mum opened some of my post and found out about all these debts and has gone off on one. Basically I totally refuse to borrow money from her or let her help me out mainly due to the fact that I like to be independent and am (usually) more than capable of taking care of myself and don't need to be bailed out by mummy like some spoilt rich kid and partly because if i did she would hold it over my head for a long time.
Anyway the old dear's been phoning uni to try and find out what i've got myself into and has been sending me rather angry e-mails because i hhaven't been picking up the phone. I need to sort this quick.
Was considering getting a credit card and using it to pay off the debt then tearing it up and never using it again. I've got the loan coming in so i'll be able to pay it back pretty soon.
Anyone think this is a bad way to sort this? I've never trusted myself with a credit card because I have little/no self control but surely if i just use it for this and then get rid of it i'll be fine?
Any advice? Good plan or bad plan?
Post edited by JustV on
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Comments
Umm ... actually no. You'd have thought I would have done that first wouldn't you? Ok i feel pretty stupid i'll give them a call tomorrow. Cheers for the dose of common sense.
Guess you northerners are brighter than you sound eh?
I'm sorry I couldn't help myself :razz:
Seriously thanks for the advice
Once you have a credit card, the likeliness of you actually cutting it up is slim to none - it'd be there in your pocket loaded, and you'd use it. And by doing so landing yourself deeper into debt.
My advice is to swallow your pride and let your mum help.
Ilora x
:yes: Does she expect you to pay it back or not?
If they aren't understanding about it then I'd recommend taking money from your mum rather than credit card company. You can pay your mum back as quickly as you would pay off the loan, and then no more need be said about it. There's no shame in it at all, I know what option I'd choose... :thumb:
Sadly its not so simple, mum and I don't get on and ... well its complicated but that's a route i'll avoid at all costs.
Going to give uni a call in a bit. Appreciate all the advice
Now, I don't know about your uni but my one added amounts to my debt every week (or month) can't really remember, and it was like a complete mess. I didn't want my parents to know, and in the end my mate offered me a hand to pay it off. Ill just say that you should really try and pay it off asap if your uni is anything like mine adding more money on the debt you already owe.
I have to say that my spending sprees stopped after that incident and im kinda better with my money spending.
stop burying your head in the sand and go into your uni and explain the situation with regards to your loan - you should've done this from the start really; they can't help you unless you explain what's going on. they're there to help so i'm sure they'll be willing to wait a few more weeks if you can guarantee they'll get their money.
Jon - take this as a lesson and next time, pay all you need to pay as soon as you get your loan, before spending it all.
read his post again, he hasn't had his last loan payment through yet.
so i wouldn't say he'd been spending stupidly.
if you don't build up a credit rating and then suddenly need to borrow a large amount of money, it's more difficult.