Commercial debt

sec070289

I am a second year undergraduate student. I have £3000 in commercial debt, including short-term loans. I am not currently in a position to meet the minimum repayments due to difficulty in finding employment. I have submitted an application to the Hardship fund at my university. I will receive £4196 student support next year, but will also have accomodation and living expenses to cover.

Any advice would be much appreciated.

Many thanks

blue_ashleigh

My University has an advice unit where you can go to discuss financial difficulties etc. If you're genuinely unable to pay the minimum repayments your advisor may be able to write to the company and try to reduce the minimum repayment to a more manageable amount. It might be worth seeing if your uni has one and go and talk to them.

£4196 should easily cover living expenses (unless perhaps you live in London as I know they're charged more for general stuff, but then you are given a bigger loan to cover it). You will need to budget though!

Fire_Fox

Complete this in full and post up on the DFW board as they are very experienced in dealing with payday loans - you may be best off writing to all your creditors and making £1 token payments until you can get sorted:
http://www.makesenseofcards.com/soacalc.html