Financial Help...

Morning all. I'm hoping a few people on here have experience of what I'm going through atm.
Basically, my landlord for next year is one of my friends parents. They have bought a large house for 8 of us to live in. They had problems with the purchase and so didn't tell us how much they would be charging us until approx 4wks ago. Then they dropped the bombshell that the deposit would be £325 as would each months rent. They want the deposit and first months rent (£650) before we move in in 2 weeks. I also have to pay the uni £350.
Ever since they told us this I have been going into my two banks, NatWest and Halifax to try and get the money. Unfortunately because I'm a student Halifax immediately said "NO" to everything straight off. NatWest refused me this morning because of a low credit rating eg. I have no regular income as a student. They won't give me a penny.
Now I have to somehow guarantee the money by today or my landlord will find someone else for the house and with the shortage of housing down here I'll be living on campus for the next two years
From the 1st July I will be working on campus earning approx £250pw AFTER tax so paying back money over the summer is not a prob. However, my question is, where can I get it in the first place??
I could:
a) sell my motorbike, it's worth approx £1200 except atm its MOT is nearly up and the chain and sprockets need replacing to get the MOT, needing approx £150-£200 to do this. I'd be lucky to get £800 atm. It will also take several weeks to get the money through.
b) beg my landlord to let me move into the house having given them £0. I can tell you now this won't work.
c) find a local loan shark....
d) kill myself...JUST KIDDING!!!!
So what can I do?? Any quick fix suggestions??

I left uni 5 years ago, and am still struggling with the amount of (personal, not student loan) debt I got into, so all I can say is if you can avoid using credit to do anything, then do.

You always promise yourself that you'll pay it off as soon as you're earning, but the temptation is always there to keep living off the credit.

I can't be much help other than that.

Originally Posted by TheDangerousQuietOne

Morning all. I'm hoping a few people on here have experience of what I'm going through atm.
Basically, my landlord for next year is one of my friends parents. They have bought a large house for 8 of us to live in. They had problems with the purchase and so didn't tell us how much they would be charging us until approx 4wks ago. Then they dropped the bombshell that the deposit would be £325 as would each months rent. They want the deposit and first months rent (£650) before we move in in 2 weeks. I also have to pay the uni £350.
Ever since they told us this I have been going into my two banks, NatWest and Halifax to try and get the money. Unfortunately because I'm a student Halifax immediately said "NO" to everything straight off. NatWest refused me this morning because of a low credit rating eg. I have no regular income as a student. They won't give me a penny.
Now I have to somehow guarantee the money by today or my landlord will find someone else for the house and with the shortage of housing down here I'll be living on campus for the next two years
From the 1st July I will be working on campus earning approx £250pw AFTER tax so paying back money over the summer is not a prob. However, my question is, where can I get it in the first place??
I could:
a) sell my motorbike, it's worth approx £1200 except atm its MOT is nearly up and the chain and sprockets need replacing to get the MOT, needing approx £150-£200 to do this. I'd be lucky to get £800 atm. It will also take several weeks to get the money through.
b) beg my landlord to let me move into the house having given them £0. I can tell you now this won't work.
c) find a local loan shark....
d) kill myself...JUST KIDDING!!!!
So what can I do?? Any quick fix suggestions??

Can you not get a short term loan with your parents or someone who trusts you acting as guarantor?

How comparable are rents down that way? £325 * 8 = £2600 so either that's one hell of a mortgage they've got or they're making a nice fat wedge of the back of their son's friends.

If the rent is out of order then I'd start looking around and start making noises along the lines of, "sorry, I'll have to go elsewhere then". Don't start thinking they're doing you a favour or anything, one way or another they're going to get nicely wealthy off your back. If they can't fill your room for a month, that's already lost them £325 so it's probably in their interest to give a bit of leeway and get you in.

Oh, also remember that deposit money has to be held by a third party now (to stop landlords pulling the "ooh, look, fluff on the carpet, that'll come out your deposit" trick). I'll dig around and find Teh Law someplace.

How much of your overdraft have you used from your Natwest account? If it's a student one you can get up to £2000 interest free overdraft depending what year you're in. Because it goes up each year, you may not have maxed it out yet - hopefully.
Have a look here: http://www.natwest.com/personal02a.a...DENT_OVERDRAFT

My natwest is a normal account, my halifax is the sudent account. Neither will extend my overdraft.

My parents can't help me out any more, they are as skint as I am.

Will call them today and see what they can do, cus if I pull out of the house then so will one of my friends, leaving them £650 a month out. One thing that does really annoy me is that their daughter is not paying rent so effectively we are subsidising her portion of the rent.

Oh and its a 12 month contract so will cost me £3900 over the year///

Originally Posted by TheDangerousQuietOne

Oh and its a 12 month contract so will cost me £3900 over the year///

omg that's loads. where are you at uni?

As others have said, for an 8 person house that rent seems very high...