Help, starting Uni with debt

olliejames87

Hello i am new!

Basically i owe various debts. From Halifax all the way to littlewoods. My debt is around £3,000 and its just driving me crazy.

I recently got accepted into uni as a mature student, and really want to get my debt sorted. I have my grants and loans from Student Finance but they are for living costs and tuition loans.

I want to write to each debtor and explain i cant pay much. I really dont know how to word it, could anyone help me?

Ollie

Tixy

Hi ollie and welcome

Have you completed a detailed financial statement to see how much money you will have and to check you can afford to go to Uni - http://www.makesenseofcards.com/soacalc.html I would do this to work out exactly how much (or how little you can afford to pay each creditor each month).

Do you intend to have a parttime job whilst you study? If you get a part time job you should be able to earn enough to clear these debts whilst using your grants/loans etc to live on.

Here is a template letter which you could modify to your situation http://forums.moneysavingexpert.com/showpost.html?p=21937969&postcount=54

Just to make sure you aer aware - if you do not meet the minimum payments for a long period you will be affecting your credit rating for years to come. If you creditors agree to accept reduced payments you are likely to get defaults on the accounts which will remain on your credit report for 6years.

olliejames87 wrote: »

I want to write to each debtor and explain i cant pay much.
Ollie

Just to let you know you are the debtor - its the creditors you want to write to (not trying to be pedantic but don't want you to write the wrong thing in your letter)

olliejames87

Tixy,

Thanks for the reply.

I intend to find a job, so whatever earnings i get from that will go towards debts.