I have bad credit but waant to go to university, how do i manage, what are my options

amy_bond

Hi im new to this... so be gentle:j
Im goin to colege this september (2009) i have debt off around 4000pound, silly debt credit cards, store cards, overdrafts with 3 different banks. I was young and naive at the time, a baby at 18. Now currently 21:T I currently pay churchwood finance, a debt consoldation company 100 a month, but they take 30pound out of that for them selfs! i want to be able to go to uni after my 2 years in college to carry on with my nursing career. How do i go about applying for loans to pay for my uni fees, if i cant even get a 100pound overdraft with my current bank!! (im currenty not in the red with this bank, and never have been) please help me, what are my options. I would be very grateful, thank you :beer: amy x

Tixy

Hi Amy and Welcome

Firstly the best piece of advice is to stop using churchwood and giving away £30 per month. One of the free debt organisations (such as CCCS or Payplan) will do the same for you (and are often more likely to get interest frozen) than Churchwood. There is never a good reason to use a fee charging DMP company.

That extra £30 towards your debts will make a substantial difference to your debt free date.

Usually with any DMP you agree not to take on any more credit but I'm not sure if student loans would be allowed to be excluded from this rule. However in 2years you may be in a better financial position. Do you have a parttime job at the moment and will you still be able to keep it once you start college?

cirrusmp

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edinburgher

Current unsecured debts won't affect your ability to get a government student loan/additional grants where applicable and your DMP won't be able to stop you from taking them out as they're paid back on an income contingent basis and aren't 'real' debt in the traditional sense (I'd read MSE Martin's articles on them, it's worth a look).

A couple of things to consider though:

Student loans will increase your earnings and this means that you'll have to pay more towards your DMP (I'm fairly sure that they're not excluded). Calculate what you're likely to get and speak to one of the free debt management companies to see their opinions on this.

Credit isn't the be all and end all of life - do you feel confident that your finances are under control enough these days that you won't waste the student loans and just start mounting up debts again?

amy_bond

Heya everyone, thank you for all your replys:j
I will look at CCCS and payplan! Have they got websites?? and let u no what they can offer me:)

Im working full time, 40hours a week, and plan to keep this up whilst in colege, and when i start uni, il be working the weekend. as you and others no, thoses household bills, and rent dont get paid for us, lol! we wish:mad:.

Colege will only be 2 evenings a week for, 2, 3 hours. so it wont be that bad...say no more, il be overloaded with paper work, before i can blink!:rotfl:
I do feel confident that my finances are under control, as i think well im paying churchwood, and aslong as thats paid, its slips my mind that i actualy owe any debt, if tha makes sence?!

keep the advice coming...: :beer:

Horace

Hi Amy

There is a sticky at the top of the DFW board for CCCS and you can even ask a CCCS advisor a question.

Good luck and hope all goes well with your course.

edinburgher

its slips my mind that i actualy owe any debt, if tha makes sence?!

I know what you mean. It's how all those adverts on TV work with their lines of 'one smaller payment will solve all your woes!' It's just a shame that they feel the need to take 20% of your payments to do what CCCS and Payplan will do for free.

amy_bond

Heya...i rang that CCCS but they wouldnt put me on to a payment plan, as i didnt quilfy apparently! i have to lower my out goings:( sky, family loans etc, hair dressers....! i said that just wasnt possible or realistic, and said no point in writing it down, if i wasnt goin to put it in to practic! when i get 5, im going to sit down and work out all my finaces, and c what i can lower and what i definaalty cant!! i will keep u posted:) thaks ever so much for you time, and help:D
Amy

dannynixon

Why not post up your SOA on here?