Student in serious need of help!

cbsoton87

Hi, I'm a new member to the forum, so apologies if I'm not following procedure...

Ok, so here's my problem, I really need some advice, so fire away!!

I have been a student for the past three years, and am currently still studying full time. I made the mistake of having all bills in my name, and unfortunately I was not wise when it came to credit scoring.

During my first year of uni, I maxed out two NatWest overdrafts: one Student interest free overdraft of £1250 and another of £900 which I paid interest on. I then maxed out a student credit card (again with Natwest) for £500...

Now, I had put my Halls of Residence address on file for Natwest, and rather foolishly, when I moved in my second year of uni, I did not update the records. As my statements stopped coming, I stopped paying. This is rather blunt and I know how foolish it seems now. Anyways, I thought I had gotten away scot-free!

During the summer of my second year of uni, I worked full time and received three wage slips - enough to apply for a £1000 limit high interest barclaycard!! Error. However, I applied for this to pay off my Halls of Residence fees as I was behind and at risk of continuing my degree if I did not pay... So this was paid and I started making monthly minimum payments.

You can see what happened next... When I moved in third year, I did not update my address details and again, I thought I had hidden away from my debts.

To cut a long story short... I have to pay back all money owe to Natwest which amounts to almost £3000 with charges. I have two overdrafts with Lloyds TSB - these were produced mainly by bank charges. I tried to claim back, using the advice and template letters on this site but to no avail.

The NatWest student credit card is still owed, but I can't seem to get hold of them as it has been passed on to so many different credit agencies.

Due to having utitlites in my name, I have had the misfortune of nasty housemates who do not pay, so I have had many late payments on these, including visits to reclaim money.

I cannot get hold of Barclaycard as my account is with a debt collection agency. Is there anyway of tracing them? I cut all my cards up years ago, so I don't know account numbers etc..

I had one more credit card with Capital One. I paid off a settlement figure, so that debt has now gone, tho it is still showing in my credit report online.

This is all very rushed, as I am growing rather stressed by it all. I am trying to tackle my debt in a mature way.. but I have caused such a hassle through stupidity that I'm not sure I can cope with it all.

Next month I am due to move in with my partner. I will make sure not to be affiliated with him, as I would hate to ruin his credit rating. I now want to focus upon becoming debt free and re-building my credit rating. How do I start if I cannot chase those I have debts with?

Thank you to anyone who reads this, and especially those who respond.

DarkConvict

For the utility bills if you have housemate address you could start CCJs against them to get them to cough up the money owed.
This is why bills should be named by everyone, although when i rented i didn't do that but i had no problems, even got paid extra at the end due to been in credit so refunded the excess to him.

In most instances we recommend to post up an SOA but as you have struggle to figure out your debts i would ring national debtline and CCCS and get advice from them first - https://forums.moneysavingexpert.com/discussion/2077631

As you have found out, you cannot run away from debts, they do and will find you. If you credit check yourself with a recent address the debt collectors will generally come calling and find you.

cbsoton87

Thank you for your prompt reply.

Yes I have updated all my address details on Experian. In this instance, I want my creditors to find me.

Do you think it is worth writing/phoning to explain that I am now eager to pay off and be on good terms? Or is that too naive, are they not bothered about anything but me paying up?

mum2one

Before you even contact any of the creditors as the other poster, put up a SOA - statement of affairs - basically everything you have coming in, then everything going out, post that online and people will help with suggestions about cutting bills.

Then contact the agency CCCS (the link above), otherwise if you got hold of the creditors yourself, ur end up agreeing to their terms and then the next one will say you agreed £200 for x company, we want £300, don't do anything till u have professional advice.
x
Good luck with it all xx

DarkConvict

Dont ring only write, they will bully you on the phone into agreeing to pay more than you can afford. It is best to deal with what you can based on your income.

cbsoton87

Yes I have experienced a lot of bully over phone, especially from lloyds!

Ok, as requested, here are my incoming and outgoings:

Income= £611 per month from part time job. No financial help from parents, as I'm dependant from them.

Outgoings=

Rent- £260 per month
sky(housemates decision not mine, as it's a luxury) £11 per month
gas -£30 per month
elec -£30 per month
water- £40 per quarte
phone bill - 21.50 per month
bt landline - £11.50 per month

Debts=
£35 per month repayment plan to lloyds on a reducing overdraft scheme.

I currently do not pay to any other of my debts as I cannot clear them off. My previous student loan installments have always gone towards rent arrears and trying to pay off debts. For example, I received just under s thousand pounds last month, with which £713 paid off a settlement figure to Capital One. Tho I just looked at my experian credit report and it says that whilst I paid that £713, I still owe £237.... So I'm confused on that one.

Is this enough info so far??

Thanks again for all the replies

cbsoton87

Sorry, meant to say that I don't pay towards any other creditors at present because I cannot get hold of them. Well, I can, but not easily as they've been passed around so much. I don't have account numbers as I cut up credit cards long ago.

Excuse the poor spelling and grammar, am very tired and stressed

cbsoton87

Current debt =

£2350 to natwest for two overdrafts
£390 to natwest credit card
£1090 to barclaycard
£350 to quickquid
££1700 to lloyds in form of overdrafts, but these accounts are still active
£760 to southern electric from second year of uni
£650 to southern water from second year at uni

Nargleblast

Hello CBS and welcome. If you look at the top of the threads list you will find a sticky for First time users, SOA calculator. Using this you can post your Statement of Affairs in an easily-understood format which may include things you might have forgotten. People on here will then be able to offer advice on how to cut costs and maybe how to tackle the debts. For now, though, I suggest you get yourself to bed as it is late, and being tired and stressed out doesn't make it easy! Tomorrow, when you are feeling a bit fresher, have a go at the SOA and we'll try and help. Try not to stress too much - it took a while for you to get in this mess, so a day or two spent sorting out all your figures won't hurt! There will be a way to sort out your debts, it's just a question of a bit of time and effort to find the right one, and you will be debtfree one day, I am sure. Just keep posting and we'll do what we can to help.

DarkConvict

You really need to use the tools to fill out and generate your SOA, it clearly lists everything in a matter people understand it, you get better advice from people if they know what they are looking at - http://www.makesenseofcards.com/soacalc.html in MSE format.

debtdesperado

Agree with all the above and just to say, I did something similar - I don't think you are the first student to think that if you don't see the bills, you don't owe the money (it's no different to a toddler thinking that if they cover their face for peekaboo, you can't see them... :-). It began when my friend said that she hadn't paid her minimum payment for her barclaycard, and nothing had happened... I remember my reaction at the time was what a good idea to save some money! (I cringe now!)

I did sort it out in the end although it took a while. So just to say, you will get it sorted and well done for facing up to it. With regards to utilities, make sure you are up to date with council tax as that is a really nasty one and councils never stop chasing it.

If the figures for what flatmates owe you are significant and you know where they are it might be worth sending a formal sounding letter appealing to their better natures (even to their parents?) saying that you are in financial trouble, and the amount that they owe to you - even if only one or two of them respond, that is better than nothing. Otherwise, you could always give their address as 'your' address for when the bailiffs come calling? (too mean? perhaps!)

Best of luck with it all.