18 year old student in debt, please help!

DarkConvict

The credit record is a list of all credit you hold, although it can include service agreements.

Mobile Contracts for regular users is cheaper than PAYG. If you haven't heard of a credit report i am surprised and strongly encourage you to read this, as it will affect manage purchases in your life from credit card/loan rates, limits of credit, available mortgages, affects on insurance and many services you pay per month instead of in full. - http://www.ico.gov.uk/for_the_public/topic_specific_guides/credit.aspx

and read this too http://www.ico.gov.uk/upload/documents/library/data_protection/practical_application/credit_explained_leaflet_2005.pdf

and finally this http://www.moneysavingexpert.com/loans/credit-rating-credit-score

not trying to be your parents, but You really need to know about it now your 18. You can start getting contracts at 18, and have already defaulted a contract and are in debt. This is why compluasry finance education is been brought in, many forum members have been in your position but didnt know to stop it and address the problem. So they are here on the long road repaying there debts.

niccatw

You credit file is a list of all the credit you have (so bank accounts, loans, credit cards, phone contracts, store cards, catalogues). It basically lets the companies trying to sell you this stuff see how much of a risk you are when it comes to paying, so it will list when you've missed payments, when you have defaulted on something (normally, if you don't pay for 3 months in a row, a default is issued, I think) or if you have been issued a county court judgement (CCJ) for mot paying.

If you don't want to take out any contracts, you will probably be ok. Just make sure you are always listed on the electoral role wherever you are and if you do have any other credit, set up direct debits to meet the minimum payments and your credit rating will clear itself up in time.

ETA: Dark Convict beat me to it. And he's right, best you find out about it now, it'll stand you in great stead for any future credit you need (as apposed to want )

louise242424

Thanks guys, i wish i knew about this before, i've saved them so going to read them after as i'm going out. i really need to check to see if they have added this credit file or not

skintdragon

louise242424,

I only knew about credit reports/ ratings over the last couple of years (and I'm a bit older than you!), but not exactly sure how I found out about it. Had I known about it sooner, I probably would've conducted my student (and subsequent) days quite differently!! Oh well! You have the chance to redeem yourself, so just be weary when signing the dotted line in any situation. Hope you get your problem sorted. :A

louise242424

C.A.R.S called me about an hour ago from an 077 number which seemed to be a mobile number... anyway i couldnt really speak as i was busy but they told me i had to pay the £194 and that i could still use the gym till july when my contract ends if i pay it. they also said i have to pay through them and if i pay through fitness first they will tell me to go to C.A.R.S. I'm worried about paying through them as they seem abit dodgy and i would rather pay in person instead of online or over the phone...so not sure what to do.

Lottebear

I would go to your Student advice centre, they will be able to offer your some advice and maybe provide a hardship grant/loan to help your situation.

louise242424

Hi Lottebear, would that be connexions?

They asked me if i could pay the money today, i said no and i will try tomorrow but i don't actually have the money, like literally nothing but my mum may help but i know she doesn't really want to but it's the only option at the minute/

niccatw

Hi Louise

I found this link about Fitness First, which might be useful (if it doesn't confuse you more, as it did me!)

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/234286-fitness-first-passed-dca.html

savingwannabe

Hi your NUS card should enable you to have help from the legal dept of the student union. I dont know about connexions. Go to see them if poss on Monday. With so many people being students they should have a bit of power up their sleeve. I hope. Good luck.

vaporate

DarkConvict wrote: »

No, if you default on gym/phone/insurance contracts, the provider is lawfully allowed to stop the service and demand payment in full (to the value of the contract + arrears). You will find it in the terms and conditions you sign up to.

Denied the service even if u paid up? lol sod that. I would refuse to pay even more for deff if it were me. Sod credit report. mickey mouse anyway.

Not like you will get a mortgage, loan anyway lol