debt advice

jayboi2005

ok im 19 im in full tiem uni and i have managed to clock a fair bit of debt up, i lived with my gran for years so thought i was safe and secure and able to pay off what i was taking on :rotfl:

but back in march my gran passed away, which has left me attempting to try and run a whole house on just under £500 a month

however i also have the following debts

HSBC £250.00 (credit card)
Capital One £1,200.00 (credit card)
Lloyds £500.00 (overdraft)
Bank of Scotland £5000.00 (car finance)

i cant afford to pay most of these debts as it stands because i cant seem to get them to lower the payments all thats happening is im being charged more and more.

i have been in contact with the CAB who dont prove to be of much use :-( so i decided i would contact a debt management company. after speaking to them it sounded a good plan! however! it clicked when they were speaking, they were charging me £30.00 a month for what? NOTHING! all they basically do is force the creditors to stop applying interest. why cant i do this?

any ideas and help on what to do?

ExNicotineQueen

As you are a full-time uni student, as a short term option and one you will have to be very strict with but it may buy you some much needed time is to open up a new student current account and apply for the max overdraft. I know with Halifax they allow up to £3k. This would be interest free until you graduate. This at least means you could clear your card debts and with the £500 you get, sort out a proper budget and be able to meet your monthly payments on the Bank of Scotland loan.

RAS

Hi

Firstly, are you paying council tax?

Can you get a fellow student in to pay towards the housing and utility costs. This is tax-free.

Can you take a part-time job?

Have you spoken to the welfare advisor in the Students Union and or at the University about hardship funds?

LoulaBelle

Can you take in a lodger (or 2) depending on how many bedrooms to help bring in some extra cash?

dancingfairy

Just wondering what the situation is with the house. Is it now yours? are you renting from a family member?

BigNige

when I was at uni, I received hardship funds from the Student Union. They were fantastic.
I also took a part-time job, working in the student bar for a couple of times per week. That way I got paid and didn't feel like I was away from student life.
You should definitely think about getting a lodger

Also, speak to CCCS (https://www.cccs.co.uk) or Payplan (http://www.payplan.com/)
These debt management companies don't charge anything at all

Hope that helps