Student needs a loan

[strangegrape]

I've been extremely irresponsible and failed to pay for my accomodation whilst at university. Now I owe almost three thousand pounds. I now have a job and I want to get some kind of loan to pay off this debt. However, my mother has a very bad credit rating and I haven't been living in the same house for over three years (my new student home is my eleventh residence - and I'm only nineteen). I'm sure this has passed off onto me in some kind of credit rating, because I was refused a student account with the bank that I've been with since I was sixteen. I can however say that I have been in the same house for three years, because my mom has just moved into a home that we lived in two or three years back. My income is �4600. I reckon I can pay back �150-�200 a month. Where should I go or what should I do to get the finances available to pay off my debt, and if I put down on my loan application that it's for debt consolidation, is this a bad thing? Any help would be extremely gratefully received. Thank you, Phil

[Loosehead]

You do not need a loan, offer the creditor the �200 per month, they will very likely accept it especially if you explain that it's that or nothing as you cannot get a loan.

[msemma]

Go to your university student assistance centre - they may have an emergency fund to help you cover the cost, or be able to help you in other ways.

[strangegrape]

Loosehead - my lease with the current accomodation expires at the end of June. Would the payment per month as you recommend still be alright?
Msemma - I have an hardship fund application form, but am quite worried about it. For example, you have to state why you are in financial difficulty. At the beginning of the year I used some of my loan to pay for car damage that had occured previously, plus I helped my mom out whilst she was out of work due to an operation. Other than this though, I have spent my money stupidly (going out, smoking etc). Plus I only got a job around two months ago. Will they give me anything? Btw, I am very committed to realising my mistakes and putting them right properly (earning money etc).
Thanks for your answers so far, any more help appreciated.

[buildersmate]

It isn't for Loosehead (or me for that matter) to decide whether it is alright - its for your debtor. However my take on your situation was the same as Loosehead's - what's the point of borrowing money from one source to pay off another - especially as you'll be paying interest on the loan and you might 'get away' with paying off your debt over a period of time without paying any interest. I guess the issue is whether you can extend the lease period (as you appear to want to?) whilst in debt for part of the past period's rent, but yet are demonstrating you are paying off these arrears at �200 per month as well as financing the current rent. From the debtors point of view, knowing you are still in the accommodation could be an advantage - they know where to find you. Go with Loosehead's idea.

[Loosehead]

It's up to them butl if you keep paying until it's paid even after you leave then that does show willing and may help when it comes to potential credit blacklisting.

[strangegrape]

Thankyou very much for your help and I shall contact my creditors tomorrow to see if such arrangements can be made. Thanks for your help. Phil