Got no money, need to pay deposit. How?
June 5, 2007 7:41 AM Subscribe
How can a student with crap credit borrow £1,000 for a flat deposit?
posted by reklaw to Work & Money (16 answers total)
So I've got myself into a bit of a mess. I'm moving out in a month (I have no choice in this), but don't have enough money to pay the new deposit without getting back the deposit from the flat I'm in now.
Effectively, there'll be an overlap of a few weeks to a month or more (who knows with landlords) where I'm £1,000 down, waiting for a cheque to turn up, and paying loadsamoney on living in a hostel or something in the meantime.
I'm not in particularly dire financial straits or anything (haven't been for a while now), but I just can't stretch to sinking £2,000+ into having two deposits with two different landlords at once.
So far, I have tried:
1. The parents. Unfortunately my dad is unemployed and my mum is in the middle of selling her house to pay off her debts. Similar poverty on girlfriend's side of the family.
2. Getting my overdraft extended. The bank told me to get lost thanks to my apparently low credit rating. Pulling my credit report showed up nothing out of the ordinary - I've got few accounts and no strikes against me on anything. I can only assume the problem is that I'm too young/don't apply for enough stuff/aren't "credit active" enough.
3. Signing up with a new bank to get their higher overdraft. Apparently you can't do that without paying back the first one, thanks to "responsible lending practices", even though all this is interest-free student stuff. Great!
4. Getting a loan or another credit card. See above on bad credit rating.
Things that won't work: Getting a cheaper flat, as this is already the cheapest around (moving in costs one month's deposit plus one month's rent plus any fees plus the cost of carting all my stuff about). Trying to get the deposit back faster - landlord is constantly abroad and generally useless. Begging on the street - Manchester seems to have more than its fair share of beggars already. Getting a job - I work part-time, but even going full-time wouldn't raise the money quick enough.
Any other suggestions before I go pay a visit to our friends at Payday Loan Sharkery 4U?
[This is in England, as ever].