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Student Debt Advice for a friend

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  • diddlydum
    diddlydum Posts: 209 Forumite
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    Just in case anyone else is reading who don't have such accommodating parents:

    Firstly, if you're in severe financial trouble, go and speak to your student union. There's a fund available called the Access to Learning Fund which can give out grants or loans to people in severe financial hardship. You'll usually have to have taken budgeting and debt advice from your SU advice centre before ALF will pay out.

    Secondly, your SU can help negotiate reduced payments on your credit cards to help tide you through. A lot of SU advice centres are linked with Advice UK (the umbrella body that covers places like CABx) or NASMA (the association of student money advisers) so they have a lot of clout with creditors. And SU advice services are free.
    Build a man a fire and he will be warm for a day.

    Set a man on fire and he will be warm for the rest of his life.

    -Terry Pratchett.
  • Stubert
    Stubert Posts: 733 Forumite
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    Lending a thousand pounds to a heavily indebted friend? You guys are nuts!
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
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    Stubert wrote: »
    Lending a thousand pounds to a heavily indebted friend? You guys are nuts!

    Assuming the "friend" actually exists!
  • whitewing
    whitewing Posts: 11,852 Forumite
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    Yes, I agree. To anyone reading in a similar situation, lending money to you friend (or family) won't always help them take responsibility for their mistakes or get them to take a long, hard look at their situation.

    I have just stupidly lent my brother £3.5K as he has soppy brown eyes and a tough situation, and I really wish I hadn't now. I'll get it back eventually, but he won't go and chat to the people he needs to.

    Be kind, be sympathetic but it's better to not get financially involved yourself.
    :heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.
  • shadowdragon
    shadowdragon Posts: 1,686 Forumite
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    Oldernotwiser wrote: »
    Consolidating debt to try to get out of trouble is the very worst thing to do - ask on the DFW and Bankruptcy Boards how many people have dug themselves in deep by this route.

    Encourage him to get a job or else these debts are just going to spiral.

    Raises Hand :eek:

    been there done that bad situation that spirals out of control, and left me declaring bankruptcy when I got ill and couldnt work.
    "Well, that sounds like a pretty good deal. But I think I got a better one. How about I give you the finger, and you give me my phone call"
    "There is no spoon    "
    ~~MSE BSC member #172~~
  • Oldernotwiser
    Oldernotwiser Posts: 37,425 Forumite
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    shadowdragon wrote: »
    Raises Hand :eek:

    been there done that bad situation that spirals out of control, and left me declaring bankruptcy when I got ill and couldnt work.

    Apart from the bankruptcy, we've all done it.
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