# 22 and a 2nd year college student in dire financial straights!!!



## dieselhead (4 Sep 2010)

Hi everyone,

I am a college student in desperate need of some advice, I am in alot of debt, €10,000+ is the figure. I have an AIB student loan for a car from 3 years ago which is 130pm, insurance is €67pm, CREDIT UNION student loan €136pm which I am 2 payments behind, overdraft of €650 and my credit card has just been maxed out at €350.

I do not have a job and my savings have ran out, and am still unaware if I will get the student grant. i have handed out 30+ CVs in the last month to no avail, I really am on my last gasp.

I know consolidating them would be good but like will the bank give me a larger loan even tho I still owe them €5,500??? and even if they did I still would not be able to pay them back. I was considering selling my car but the NCT is out and it needs some work done to pass but the car is'nt worth the remaining balance on the loan because last year when I lost my job I ''topped up'' my loan back up to the €6000 I had originally borrowed because I needed money to pay for my insurance, college fees etc.

My parents are not in a position to help me, my father is pretty much bankrupt and my mother is trying to keep her business afloat.

I am 22 and a 2nd year college student and as far as I know I do not qualify for any help from the social welfare.

If anyone can help I would greatly appreciate it because my head is in ribbons and I have no idea what to do or where to go from here.

Thank You


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## Billo (4 Sep 2010)

Sorry I can't really help you, only to say that you should maybe contact MABS.

You seem to be living beyond your means.  Stop taking out loans until you get a job.

Did you get out of the pub business?


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## niceoneted (4 Sep 2010)

What part of the country are you in? I have a niece going into 2nd year in UCD. She worked practically full time hours last year as a sales assistant in a shop in the Dundeum centre got all summer work and she is going to do 20 hours per week this coming year - her choice. She brought home a list of jobs at the centre last week for a friend and there were 4 pages of jobs listed for various jobs in the centre. 
Do you need the car or do you want it? It is costing you too much. It is illegal to drive it if you don't have a current NCT on it. 

I would approach the credit union about consolidating. Also mabs and start a spending diary.


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## ajapale (4 Sep 2010)

Moved from  Work, Careers, Employment Rights
to  Money makeover


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## canicemcavoy (5 Sep 2010)

I'm 39 so not exactly ancient (no jokes), but honestly, when I was in college, I didn't know a single person with a car. Is it really a requirement?


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## dieselhead (5 Sep 2010)

Im in Athlone IT and yes I need the car as I commute 50mins to college everyday. I have considered selling it and buying something cheaper but its a good reliable car that is very economical but the thing is that even I were to sell it it would cost bout 300+ to get it ready for the NCT and since the recession the value has plummeted to less than half what I paid for it so I wouldnt get enough to pay off the car loan. 

Billo yes I got out of the pub last winter was soo bad I had to cut my losses.


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## allthedoyles (5 Sep 2010)

We reckon you have two priorities :

1. Reduce spending 
2. Increase income 

Consolidation sounds great , but is not an option - well we don't know  of any financial institution that will take on anothers loans .

If it is suggested that you move your credit card loan/ freeze interest  to an interest free credit provider , then best of luck , because we have asked our CC company to freeze interest , but they are not forthcoming 

Banks are becoming less and less co-operative and are not willing to provide credit , no matter what the circumstances .

This leaves you  with 2 options :
1. Reduce spending
2. Increase income


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## UFC (5 Sep 2010)

Firstly, have a look on [broken link removed] to see if there is anything suitable for you.

Secondly, don't panic. You will be working for the rest of your life so you will be able to pay off the debt. One day it will all be paid off. Your priority now is to prevent the debt getting any bigger, and to slowly chip away at it.

Have you cut out all discretionary expenditure completely, e.g. have you given up alcohol and junk food?


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## Sue Rocks (6 Sep 2010)

I would still consider selling the car and getting something cheaper and paying off a chunk of the car loan with the difference this should help bring down your monthly repayments. Contact the credit union/bank and tell them you want to pay it over the same time frame but with less per month after you pay the lump sum.

That should give you some breathing space while you try to get a job. If you continue to live beyond your means your debts will only mount up so I would advise you to take action now before your credit rating is affected for the future... missing payments is not good news


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## coin (6 Sep 2010)

dieselhead said:


> Im in Athlone IT and yes I need the car as I commute 50mins to college everyday. I have considered selling it and buying something cheaper but its a good reliable car that is very economical but the thing is that even I were to sell it it would cost bout 300+ to get it ready for the NCT and since the recession the value has plummeted to less than half what I paid for it so I wouldnt get enough to pay off the car loan.
> 
> Billo yes I got out of the pub last winter was soo bad I had to cut my losses.


 
How about selling the car and living in Athlone? Worth getting the NCT done.


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## Maynooth (7 Sep 2010)

I think you should drop out of college as you cannot afford to attend.


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## Pope John 11 (7 Sep 2010)

dieselhead said:


> Im in Athlone IT and yes I need the car as I commute 50mins to college everyday. I have considered selling it and buying something cheaper but its a good reliable car that is very economical but the thing is that even I were to sell it it would cost bout 300+ to get it ready for the NCT and since the recession the value has plummeted to less than half what I paid for it so I wouldnt get enough to pay off the car loan.
> 
> Billo yes I got out of the pub last winter was soo bad I had to cut my losses.


 
When I first went to college, 50mins from where I used to live, I used to get a bus or 'thumb' into college. I had no car. In fact no 17-25year olds had no cars then too & it was not unusal to see people hitching in & out of college. 'Ditch the car & hitch to college'. My view anyway!


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## aristotle (7 Sep 2010)

Maynooth said:


> I think you should drop out of college as you cannot afford to attend.


 
Thats too short sighted. You have to think of getting a job and a degree helps.


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## Maynooth (7 Sep 2010)

Tough. He owes money and he has no income so something has to give.

Of course people now will say he has a right to a third level education regardless. Sorry but I disagree.


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## fizzelina (7 Sep 2010)

Pope John 11 said:


> 'Ditch the car & hitch to college'. My view anyway!


 
Who even hitches anymore?? How is that safe??
And I think advice to drop out of college is misguided since the college education will surely benefit the OP's chances of earning in the future.


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## pinkyBear (7 Sep 2010)

ANy public transport to Athlone? Would you concider working as a care attendant???


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## Pope John 11 (7 Sep 2010)

fizzelina said:


> Who even hitches anymore?? How is that safe??
> And I think advice to drop out of college is misguided since the college education will surely benefit the OP's chances of earning in the future.


 
The OP has four options:


1. If you get the student grant use this, to pay off the loan. If you are in 2nd year in college, did you get the grant last year?

2. Get part-time work outside of college hours & agree a monthly sum to pay off the loan with the bank.

3. Get rid of the car to at least pay off half the loan & agree with the bank that the rest will be paid in the summer of 2011, when you can get some fulltime work.

4. Defer college for a year & look for a full time job to pay off the loan.

At the moment, the OP cannot get parttime work, hence why I chose option 2. Whoever said it was safe anyway for 17-23 or 24 year olds to drive a car. The OP could check if a bus or a neighbour is going to Athlone, hitching a lift as a last resort.

The OP bought the car when he/she was only 19, to me that is considered a luxury item at that age.


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## dmos87 (8 Sep 2010)

OP needs to put a sign up in college looking for someone to get lifts off weekly to and from college where possible. There is bound to be another person in the college who travels there daily from the same area as the OP. She could throw them 10-20 quid a week towards petrol, get her backside to college and home safely and also sell her own car to clear the debt.


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## Pope John 11 (8 Sep 2010)

dmos87 said:


> OP needs to put a sign up in college looking for someone to get lifts off weekly to and from college where possible. There is bound to be another person in the college who travels there daily from the same area as the OP. She could throw them 10-20 quid a week towards petrol, get her backside to college and home safely and also sell her own car to clear the debt.


 
Exactly what the OP needs to hear, but does not want to hear.

Unfortunately everyone in Ireland, from the age of 17 upwards now think its their devine right to have a car. You see it in the schools nowdays, something I used to dream about, as I watched Ferris Buellers Day Off.


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## dmos87 (8 Sep 2010)

I know plenty of people that did this in college and I did also with 2 friends. Its not abnormal. OP wants her cake and to eat it too i.e. be debt-free but driving a car with no job. It clearly doesn't work. 

She needs to do what she can now to get rid of her mounting debt to have a good chance later in life. It will be a good lesson for her, as I myself know from personal experience.


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## pinkyBear (8 Sep 2010)

A problem with selling her car is, is there a market for second hand cars??? OP may have to sell it at a very reduced price, and is still left with a loan!

Leaving collage is not really an option as there is so little work out there.. 
What would I do, I would get lifts with other prople that go near to the collage, even if that means being in Collage for most of the day.. 

If the OP lives in a rural area, would there be farming work you could do?? Anything to bring in a few pounds.

Also look at day to day expenses, if you get a lift to work you dont have petrol, can you bring a lunch to collage?


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## dmos87 (8 Sep 2010)

pinkyBear said:


> A problem with selling her car is, is there a market for second hand cars??? OP may have to sell it at a very reduced price, and is still left with a loan!


 

If she sells the car now, she will get more for it than 6 months down the line when she is struggling even more and the car is considered another year older. Even the OP must have thought about selling the car - Its the only commodity they have that can make a dent on the debt.


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## pinkyBear (8 Sep 2010)

Hi deiselm,

I just did a search of all your posts, what I find interesting is you managed to buy a

32'' Philips LCD
http://www.askaboutmoney.com/showthread.php?t=125251

Organise a trip to canada / which needed to be cancelled...
http://www.askaboutmoney.com/showthread.php?t=115336

You seriously need to assess spending habits...


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## Maynooth (8 Sep 2010)

A student grant is not there to pay off previous lifestyle debt.


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## dieselhead (8 Sep 2010)

Pinkybear,

I had to run my fathers pub for over a year as he was sick, I was working way too many hours and trying to balance collage so I think I deserved to buy a TV and i actually ended up only buying an Acoustic solutions TV for €350!!!


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## dieselhead (8 Sep 2010)

I got some good news yesterday, I have a interview for a part-time job in Argos on Thurs. Anyone know what questions they might ask??? or what if the ask me why I would like to work in Argos?

I really need this job so any tips/help would be brilliant!!!


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## gianni (9 Sep 2010)

dieselhead said:


> I got some good news yesterday, I have a interview for a part-time job in Argos on Thurs. Anyone know what questions they might ask??? or what if the ask me why I would like to work in Argos?
> 
> I really need this job so any tips/help would be brilliant!!!



Depends on the job. But a good piece of advice I was once given is to never forget to let the employer know that you _want _the job. 

A lot of effort is usually taken by candidates to show that they are qualified/capable of doing the job but showing the prospective employer that you _want _the job is often enough to set you apart from all the other qualified/capable candidates.

Good luck.


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## Complainer (9 Sep 2010)

dieselhead said:


> Pinkybear,
> 
> I had to run my fathers pub for over a year as he was sick, I was working way too many hours and trying to balance collage so I think I deserved to buy a TV and i actually ended up only buying an Acoustic solutions TV for €350!!!


1) You need to differentiate between what you deserve, and what you can afford.
2) You need to get over yourself if you feel that an "Acoustic solutions TV for €350!" is somehow slumming it.


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## pinkyBear (9 Sep 2010)

> Pinkybear,
> 
> I had to run my fathers pub for over a year as he was sick, I was working way too many hours and trying to balance collage so I think I deserved to buy a TV and i actually ended up only buying an Acoustic solutions TV for €350!!!


 
Hi there deislem, I gathered that from your posts, I come from a simular background (a pub) and I too was in a simular position and had to run the family bar for a year, and I am sure that like me - "you were paid loads!!!!!! i.e. nothing!!"

Complainer is right, you need to differenciate what is deserved, and needed.. I work very hard, on top of that I manage a home and family, I deserve a holiday! I dont have the money, so I need to make do...


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## Billo (9 Sep 2010)

dieselhead said:


> Pinkybear,
> 
> I had to run my fathers pub for over a year as he was sick, I was working way too many hours and trying to balance collage so I think I deserved to buy a TV and i actually ended up only buying an Acoustic solutions TV for €350!!!



So it was your father's pub, and not your own, or were they two different pubs ?

http://www.askaboutmoney.com/showthread.php?p=888752#post888752


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## pinkyBear (9 Sep 2010)

> So it was your father's pub, and not your own, or were they two different pubs ?


 I'm not sure if that really matters, the OP may have wanted to be discrete, I have run a family pub like the OP. 

To me the main issue here is the OP's spending habits, there is no denying that this person works very hard and has managed to balance studying with helping his dad. 

The problem is the OP took out loans at a very young age to buy a car, holiday etc and is now not able to pay the loans. 
To be honest quitting collage altogether is really hard, because the OP may not be able to find work... 

However OP would you look into transfering into a night course, or atleast speak to someone in collage who can help - you'd be surprised at how willing to help lecturers or councillers can be...


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## Ladybirdclev (31 Mar 2011)

check with college do they have an assistant fund. its normally based on your expenses but it could help you


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## Lamorna (25 Apr 2011)

That's an old post. I wonder how it all ended up.

I had to give up uni when I was 20. My parents did not help me financially, I was not eligible to a grant (not even to housing benefits, because the room I was renting had an area of less than 7 square meters), and my various p/t jobs (tutoring, cleaning, looking with people with dementia, handing out leaflets in the street, doing surveys, serving drinks at corporate events etc.) did not pay enough to meet the bills.
I wish I had been able to borrow enough money to finish the year. I would have taken (and passed) 2 BAs and I had a good chance to get a scholarship to study further for 4 years, paid £1.5K (in today's money) net pm! It would only have taken around £5K (in today's money) but banks do not lend to students in my country.

I quite agree that owning a car at 22 is a bit ridiculous. I don't even have a driving licence. At work, I've often been looked down on by car-owners. In the UK, these tend to live with their Mummy and their Daddy (who often paid for driving lessons, bought the car and help with motoring costs); in France, it tended to be people who lived in council housing.

Last week, one of my 40-something colleague was fantasising about what he'd do if he received £18K: his immediate thought was 'use it to pay off some of my mortgage'. The 20-year old sitting next to him replied: 'I'd use the money to buy another car'. She already has 2 (both bought by her Daddy): 1 with a roof which can be removed, for the summer, and another for the winter. She lives a mere 30 minute walk from work.


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## Mongola (25 Apr 2011)

dieselhead said:


> Pinkybear,
> 
> I had to run my fathers pub for over a year as he was sick, I was working way too many hours and trying to balance collage so I think I deserved to buy a TV and i actually ended up only buying an Acoustic solutions TV for €350!!!


 

ahhhh! Reading this is quite annoying as it shows how this generation feels entitled!!! At 27, I am part of "that" generation but I saying something like that woul dnot cross my mind! I think it is quite shocking!!!!!  There are a very limited number of people on this Earth who deserves something, I don t think you are part of that lot!
There is a huge difference between NEEDS and WANTS!

As said before, you can not have your cake and eat it. 
How can one be in college, no job (full time) have a car and the expenses attached to it? This is simply crazy! I do hope you live at home at the moment and does not have to pay rent. 

I think the car needs to go...one way or another. It goes without saying that you need to sell it privately. 

I do hope your job interview in went well!


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