Hi there,
As the title suggests, I'm in a really shit place with money at the moment. I study full time in the UK and work part time but do not get any student loan whilst doing this masters.
I'm currently in a situation where I have £14 to last me until payday (three weeks away), with no food and now basically no social life. I'm not blowing my money away on anything stupid, after paying rent, bills and standing orders I am literally left with no more than a £110 disposable income each month so this is a really sticky situation for me.
I've been approved for an overdraft with Monzo as I'm getting a paid, full time placement, starting from October, and I'm considering just allowing myself around £300-£500 to use in emergencies like this one. I am absolutely terrified of doing this though, I've seen friends get into massive debt using overdrafts into the thousands and I know my mental health will not take that kind of spiral kindly right now.
I usually get paid into a Barclays current account but they refuse to let me open an arranged overdraft (even though it would be interest free for me), so I'm nervous that this will affect my credit score as I'd have another account with an overdraft, and one without.
I've never used an overdraft before, and I've never been in any form of debt, so I hope you understand that this is quite a stressful situation for me. I just basically want to know whether this is gonna come back and bite me in the future, or leave me in an even worse position.
(Apologies for any errors, English is not my first language)
Submitted September 14, 2022 at 06:51AM by justathrowaway2025 https://ift.tt/3GqgCdP
