Student that needs help, I'm slightly scared!

Crispy_Ambulance

Contact your students union advice centre - they should have advice workers who are very well trained and experienced at advising students with financial problems. Unlike CCCS etc they will also be up to speed on whatever financial support is available at your university.

richardsimkiss

i was in a similar situation in my first year at university... though i was able to work and was working 25 hours a week, though after living costs (food + drink [not going out drinking may i add] ) i was paying very little back and in still missing payments and incurring more charges. I went into my debt through a mixture of stupidity, mistakes and bad luck.

In my case I didn't actually seek any financial advice but went through it alone using my own knowledge, I felt i had identified my problems and managed to plan ahead... I basically just did the obvious, i went into the bank and increased my overdraft limit as high as I could (they gave me an extra £400) i used this to bring myself within the credit limits on my accounts.

I THEN applied for a welfare grant, it was a lot of paperwork (not sure if this is the case at all universities), i was given an additional £300 of student loan (to be repaid) and given £550 by the university (which i don't need to pay back).

I'm guessing your student account may be at the largest limit they'll give you (if not, why not??? they're interest free!!) so this may not be an option. But definately get some help from the uni, they'll literally lay down the information in front of you of what routes are open to you...

take the first big step and you'll soon find the phone's ringing much less, you'll feel better in yourself, and the debt will soon feel lighter. All the best and I wish you a speedy recovery with your legs.

Rich.

superscotsman

Go talk to the citizen's advice bureau, they can put you in touch with debt councillors - if they don't have any there themselves.
Above all, don't worry. If you are having trouble with nuisance calls, change your number.
You could also look at the possibility of declaring yourself bankrupt. (It's nothing. My father-in-law was bankrupted twice and he never missed a meal.) Talk with a debt councillor about this possibility, before plunging in.
With this system of student loans, a lot of students get large sums of money in their hands very quickly, and are not able to handle it. And there are loads of sharks out there, including the loan companies and the university accommodation departments who are bilking students right left and centre. When these people die, they'll go to hell.

cheapstudent

Hello everyone,

Thanks for all your advice. I've sat down and calculated by debt in total and it's closer to £9000. I can't believe I've been soo stupid!

I'll contact CCCS tomorrow and hope they can help me. I'd rather not declare myself bankrupt as I plan on being a company director in the next few year, hopefully this has taught me to look after my money much better and I'll be a good director.

Hopefully CCCS can help me in someway, as soon as I get a job I should be fine, at least I hope!

Thanks!