Money chat
Finance advisor David joins us to answer your questions on negotiating the bills in a house share, avoiding email scams, seeking money advice at university and more.
David: Hello!
wavy: Hello David.
Fostress: So David, to kick us off, can you tell us some of the most common issues when students come to talk to you about money?
David: I think the main issues tend to be problems getting student loans (like they've not got the right amount) or problems with debts - especially credit cards and especially at this time of year.
Fostress: Sure. Sounds about right.
David: In terms of debt problems, a lot of the time it's when people have over spent and we help them to work out what budget they can stick to. We see students who have been scammed as well.
Fostress: Can you explain a bit more about this?
David: We've seen students that have been invited to take a job offer and then they get a load of money in their bank account. They're then asked to transfer this on behalf of a company using a money transfer service.
wavy: Interesting...
David: Usually the money has initially been transferred to them by cheque, but then the cheque bounces. The money still goes out of their account and they find themselves in a lot of debt.
wavy: Never heard of such a thing happen before but it's worrying to think about now.
Fostress: Do you have any tips for wavy on staying safe from scams or how to recognise them?
David: Generally, in terms of recognising them, any unsolicited offer that looks too good to be true usually is. If you're ever asked to wire large sums of money to people you don't know, don't do it! Once large sums of money have been wired out of your account, you can't get them back.
wavy: I agree with that. I tend to outsmart the e-mail ones all the time. I know that my bank wouldn't ring me for account details, etc.
David: Wavy, you've got it spot on. Don't give out your info to anyone; the bank won't ask for it and neither will the police. Are there any other questions?
monsteroverthehill: I live with a group of friends in a rented house and we are always arguing over the bills when they come in. I don't use the communal broadband and didn't want it installed in the first place but when the bills get divvied up I always get asked to contribute.
Also, I dont like it very warm in the house but the others turn the heating right up and walk around in shorts and t shirts! Can I argue about my share of the bills and can they actually make me pay towards them?
David: That's a good question. Disputes among housemates about bills are surprisingly common. Legally, it depends whose name is on the bill. I would normally recommend that everyone puts their name on the bill and then they're all equally liable, but your situation is a little more tricky.
monsteroverthehill: My name's not on the bill. I came into the house after the others.
David: If your name's not on the bill then the utility company can't make you pay.
Fostress: I guess some of it is down to relationship management as well. It might be partly a matter of dealing with it through communication rather than legal rights. Have you spoken to them about your concerns?
David: You took the words out of my mouth :-)
monsteroverthehill: Yes, but they just say everything should be shared out between the four of us and that's that.
Fostress: We've got some info about TheSite.org about flat share finances that might be useful to read.
monsteroverthehill: Thanks Fostress, will look at that. What about the gas bill as my name is on that?
David: Is it just in your name?
monsteroverthehill: No, it's in all our names.
David: OK, that means you are joint and severally liable. So, the utility company can go after all of you or any of you if the bill's not paid.
monsteroverthehill: Hmmm. We give the money to one of the housemates who makes the payment. Could I argue about my share of the bill? Can they do anything as housemates if I pay less? I'm really not getting on very well with them about all this!
Fostress: Sounds like a nightmare, poor thing, it's annoying when you find yourself paying over what you think; bit of a pitfall of shared houses :-(
David: Do you know if your housemate is paying by direct debit? That's usually how you'll get the best rate, rather than paying by cheque or going into the bank, for example.
monsteroverthehill: I don't want to come over all scrooge like, it's just pissing me off that they can't be bothered to put on a jumper!! I think he just pays using the little slip on the bottom of the bill.
Fostress: Sure, that makes sense. What does your contract say about bills, do you know?
monsteroverthehill: My tenancy contract? It just says that bills are not included I think, apart from council tax.
David: We have a link on the NASMA website with some energy saving options. Take a look and then maybe see if youre already doing these things to help with the bills.
Fostress: Thing is, it's going to make your life really hard if you just refuse to pay as much isn't it, even if legally you could. It sounds like it might be a matter for negotiation, or moving in with people who have a more similar attitude to bills (I know it's easier said than done). It might be an idea to take the focus away from not wanting to pay your share and suggest ways that you can all save money - a bit of a compromise.
"If youre trying to get out of debt, it will take you a very long time if you just make the minimum payment."
David: As Fostress says, it's not so much a legal problem as a relationship one. It's an issue that often comes up in shared houses, have you talked to friends in other shared houses to see how they manage?
monsteroverthehill: Yeah I know. I've been looking since September but there aren't many spare rooms about. Does it make me sound like a total loser to say I dont really have any proper friends at uni? That's been half the problem probably.
Fostress: It sounds like part of this is a principle issue, which is fair enough, but David might have some suggestions for places where you can get help with finance to help with the bills? And, it doesn't make you sound like a loser at all! Uni can be a really lonely place.
wavy: Yeah, not at all, a lot of people (including me) were/are in your situation. Have you just recently started uni?
monsteroverthehill: It doesn't feel like a lot of people are. I just bought into the whole best time of your life thing a bit too much. I started this September.
David: If you're struggling financially, then your university will have a hardship fund called the access to learning fund that can sometimes help if you can't make ends meet. You may also want to look into societies in your student union as a way to potentially meet some like-minded people. My union, for instance, has 190 societies.
wavy: I didn't start making friends properly until after Christmas in uni. People do get to know each other slowly, and get more used to each other as the course lengthens. Sorry if this isn't money-related but thought I'd get it out there :-)
David: Spot on wavy :-)
Fostress: It's really easy to judge your insides by other people's outsides and think everyone else is having a really good time when they are probably struggling too! And remember, uni is a long time and you haven't been there long yet.
Lots of us dont meet people we feel really close to for a while. It might be worth having a look at our discussion boards if you haven't seen them already, there are plenty of like minded people on there.
wavy: Have you taken out a student loan? And are you entitled to a student grant? I'm lucky never to have paid a student loan, but got a grant due to my parents earning less than a certain amount which helped a bit, I think it was £300 a term or something like that, but I lived at home when I studied.
monsteroverthehill: I only got the minimum loan because of my mum's income but she can't actually afford to help me much. I don't think I'll be eligible for any help from any grants because of her income.
David: Did you go through means assessment?
monsteroverthehill: No, there wasn't much point.
wavy: Your uni should have a finance office, I'd go and talk to the representative to see what you're entitled to. If you don't ask, you don't get.
David: The income thresholds are a lot higher than people expect them to be. I'm just checking what they are for you.
monsteroverthehill: It's all just gone a bit wrong because I was meant to find a job and I can't get one anywhere.
David: Even if the parental income is £50k a year, you'd be entitled to some student grant in addition to the loan.
Fostress: Do you know where your finance office is monster?
monsteroverthehill: Yes I do. I'll go and talk to them, thanks guys.
David: It's always worth going through the means assessment.
Fostress: And remember, the first term is always a hard one as wavy says. You might find it useful to look at this article on Christmas jobs . It tells you some of those people who are recruiting over Christmas. If you make a good impression, they might keep you on after :)
wavy: My first year was hard in the first couple of months because it was all new for me, had to take a long time to adapt to the surroundings.
David: If you're uni is a member of NASMA (which most are), then you'll be able to find information about your student finance advisors through this link. Sorry, I meant to say if the advisor themselves is a member of NASMA.
monsteroverthehill: David, how did you become a student advisor? Could I volunteer as a student advisor?
David: Some universities and unions take volunteers and some don't. Your student union will be able to tell you more about volunteering opportunities generally. There are lots of opportunities to volunteer in the field of advice outside of uni as well.
Fostress: This is the link to the volunteering database - http://www.do-it.org.uk/ - and there's a bit of info on this article about working and volunteering at uni more generally.
David: To answer the first part of your question...I did a law degree and ended up working for Citizens Advice Bureau as a benefits advisor and progressed from there.
monsteroverthehill: It sounds very interesting. I don't really know what I want to do as a career yet.
David: I still don't either! :P
Ella Bella: Me neither!
Fostress: Plenty of time to decide. David, you mentioned at the beginning of the chat that credit card debt can be a really big issue for students. Do you have any tips for avoiding it or getting out of the red when you're in it?
David: It's easy to get sucked into using credit cards or store cards, especially at Christmas. If you're not in debt, think before using a card whether you need what you're buying and whether you can afford the payments, and getting it as cheap as you can.
If you're trying to get out of the red, it will take you a very long time if you just make the minimum payment. Credit cards aren't all bad though. If you buy something for more than £100 then the credit card company is also liable if things go wrong.
Fostress: Just found these articles on credit cards and store cards too.
wavy: Thank you David.
David: Thanks, I hope you found it useful. Don't forget that you can ask student advisors or advisors at the Citizens Advice Bureau any question without feeling stupid. You're not alone and we've heard it all before! Cheerio.
Money chat
Finance advisor David joins us to answer your questions on negotiating the bills in a house share, avoiding email scams, seeking money advice at university and more.
David: Hello!
wavy: Hello David.
Fostress: So David, to kick us off, can you tell us some of the most common issues when students come to talk to you about money?
David: I think the main issues tend to be problems getting student loans (like they've not got the right amount) or problems with debts - especially credit cards and especially at this time of year.
Fostress: Sure. Sounds about right.
David: In terms of debt problems, a lot of the time it's when people have over spent and we help them to work out what budget they can stick to. We see students who have been scammed as well.
Fostress: Can you explain a bit more about this?
David: We've seen students that have been invited to take a job offer and then they get a load of money in their bank account. They're then asked to transfer this on behalf of a company using a money transfer service.
wavy: Interesting...
David: Usually the money has initially been transferred to them by cheque, but then the cheque bounces. The money still goes out of their account and they find themselves in a lot of debt.
wavy: Never heard of such a thing happen before but it's worrying to think about now.
Fostress: Do you have any tips for wavy on staying safe from scams or how to recognise them?
David: Generally, in terms of recognising them, any unsolicited offer that looks too good to be true usually is. If you're ever asked to wire large sums of money to people you don't know, don't do it! Once large sums of money have been wired out of your account, you can't get them back.
wavy: I agree with that. I tend to outsmart the e-mail ones all the time. I know that my bank wouldn't ring me for account details, etc.
David: Wavy, you've got it spot on. Don't give out your info to anyone; the bank won't ask for it and neither will the police. Are there any other questions?
monsteroverthehill: I live with a group of friends in a rented house and we are always arguing over the bills when they come in. I don't use the communal broadband and didn't want it installed in the first place but when the bills get divvied up I always get asked to contribute.
Also, I dont like it very warm in the house but the others turn the heating right up and walk around in shorts and t shirts! Can I argue about my share of the bills and can they actually make me pay towards them?
David: That's a good question. Disputes among housemates about bills are surprisingly common. Legally, it depends whose name is on the bill. I would normally recommend that everyone puts their name on the bill and then they're all equally liable, but your situation is a little more tricky.
monsteroverthehill: My name's not on the bill. I came into the house after the others.
David: If your name's not on the bill then the utility company can't make you pay.
Fostress: I guess some of it is down to relationship management as well. It might be partly a matter of dealing with it through communication rather than legal rights. Have you spoken to them about your concerns?
David: You took the words out of my mouth :-)
monsteroverthehill: Yes, but they just say everything should be shared out between the four of us and that's that.
Fostress: We've got some info about TheSite.org about flat share finances that might be useful to read.
monsteroverthehill: Thanks Fostress, will look at that. What about the gas bill as my name is on that?
David: Is it just in your name?
monsteroverthehill: No, it's in all our names.
David: OK, that means you are joint and severally liable. So, the utility company can go after all of you or any of you if the bill's not paid.
monsteroverthehill: Hmmm. We give the money to one of the housemates who makes the payment. Could I argue about my share of the bill? Can they do anything as housemates if I pay less? I'm really not getting on very well with them about all this!
Fostress: Sounds like a nightmare, poor thing, it's annoying when you find yourself paying over what you think; bit of a pitfall of shared houses :-(
David: Do you know if your housemate is paying by direct debit? That's usually how you'll get the best rate, rather than paying by cheque or going into the bank, for example.
monsteroverthehill: I don't want to come over all scrooge like, it's just pissing me off that they can't be bothered to put on a jumper!! I think he just pays using the little slip on the bottom of the bill.
Fostress: Sure, that makes sense. What does your contract say about bills, do you know?
monsteroverthehill: My tenancy contract? It just says that bills are not included I think, apart from council tax.
David: We have a link on the NASMA website with some energy saving options. Take a look and then maybe see if youre already doing these things to help with the bills.
Fostress: Thing is, it's going to make your life really hard if you just refuse to pay as much isn't it, even if legally you could. It sounds like it might be a matter for negotiation, or moving in with people who have a more similar attitude to bills (I know it's easier said than done). It might be an idea to take the focus away from not wanting to pay your share and suggest ways that you can all save money - a bit of a compromise.
David: As Fostress says, it's not so much a legal problem as a relationship one. It's an issue that often comes up in shared houses, have you talked to friends in other shared houses to see how they manage?
monsteroverthehill: Yeah I know. I've been looking since September but there aren't many spare rooms about. Does it make me sound like a total loser to say I dont really have any proper friends at uni? That's been half the problem probably.
Fostress: It sounds like part of this is a principle issue, which is fair enough, but David might have some suggestions for places where you can get help with finance to help with the bills? And, it doesn't make you sound like a loser at all! Uni can be a really lonely place.
wavy: Yeah, not at all, a lot of people (including me) were/are in your situation. Have you just recently started uni?
monsteroverthehill: It doesn't feel like a lot of people are. I just bought into the whole best time of your life thing a bit too much. I started this September.
David: If you're struggling financially, then your university will have a hardship fund called the access to learning fund that can sometimes help if you can't make ends meet. You may also want to look into societies in your student union as a way to potentially meet some like-minded people. My union, for instance, has 190 societies.
wavy: I didn't start making friends properly until after Christmas in uni. People do get to know each other slowly, and get more used to each other as the course lengthens. Sorry if this isn't money-related but thought I'd get it out there :-)
David: Spot on wavy :-)
Fostress: It's really easy to judge your insides by other people's outsides and think everyone else is having a really good time when they are probably struggling too! And remember, uni is a long time and you haven't been there long yet.
Lots of us dont meet people we feel really close to for a while. It might be worth having a look at our discussion boards if you haven't seen them already, there are plenty of like minded people on there.
wavy: Have you taken out a student loan? And are you entitled to a student grant? I'm lucky never to have paid a student loan, but got a grant due to my parents earning less than a certain amount which helped a bit, I think it was £300 a term or something like that, but I lived at home when I studied.
monsteroverthehill: I only got the minimum loan because of my mum's income but she can't actually afford to help me much. I don't think I'll be eligible for any help from any grants because of her income.
David: Did you go through means assessment?
monsteroverthehill: No, there wasn't much point.
wavy: Your uni should have a finance office, I'd go and talk to the representative to see what you're entitled to. If you don't ask, you don't get.
David: The income thresholds are a lot higher than people expect them to be. I'm just checking what they are for you.
monsteroverthehill: It's all just gone a bit wrong because I was meant to find a job and I can't get one anywhere.
David: Even if the parental income is £50k a year, you'd be entitled to some student grant in addition to the loan.
Fostress: Do you know where your finance office is monster?
monsteroverthehill: Yes I do. I'll go and talk to them, thanks guys.
David: It's always worth going through the means assessment.
Fostress: And remember, the first term is always a hard one as wavy says. You might find it useful to look at this article on Christmas jobs . It tells you some of those people who are recruiting over Christmas. If you make a good impression, they might keep you on after :)
wavy: My first year was hard in the first couple of months because it was all new for me, had to take a long time to adapt to the surroundings.
David: If you're uni is a member of NASMA (which most are), then you'll be able to find information about your student finance advisors through this link. Sorry, I meant to say if the advisor themselves is a member of NASMA.
monsteroverthehill: David, how did you become a student advisor? Could I volunteer as a student advisor?
David: Some universities and unions take volunteers and some don't. Your student union will be able to tell you more about volunteering opportunities generally. There are lots of opportunities to volunteer in the field of advice outside of uni as well.
Fostress: This is the link to the volunteering database - http://www.do-it.org.uk/ - and there's a bit of info on this article about working and volunteering at uni more generally.
David: To answer the first part of your question...I did a law degree and ended up working for Citizens Advice Bureau as a benefits advisor and progressed from there.
monsteroverthehill: It sounds very interesting. I don't really know what I want to do as a career yet.
David: I still don't either! :P
Ella Bella: Me neither!
Fostress: Plenty of time to decide. David, you mentioned at the beginning of the chat that credit card debt can be a really big issue for students. Do you have any tips for avoiding it or getting out of the red when you're in it?
David: It's easy to get sucked into using credit cards or store cards, especially at Christmas. If you're not in debt, think before using a card whether you need what you're buying and whether you can afford the payments, and getting it as cheap as you can.
If you're trying to get out of the red, it will take you a very long time if you just make the minimum payment. Credit cards aren't all bad though. If you buy something for more than £100 then the credit card company is also liable if things go wrong.
Fostress: Just found these articles on credit cards and store cards too.
wavy: Thank you David.
David: Thanks, I hope you found it useful. Don't forget that you can ask student advisors or advisors at the Citizens Advice Bureau any question without feeling stupid. You're not alone and we've heard it all before! Cheerio.