Student Debt Management

s0680302

Hey folks. I've been kicking around MSE for a while now, and have finally plucked up the courage to post and ask for advice. Before I fill you in, let me first say that I have had a decent look around the site, but could do with some specific advice.

Firstly, about me:
I'm a 22 year old Irish Guy who goes to Uni in Scotland. I've lived in Scotland since sept 2006, so have UK addresses backdating until then, before then I was at my parents in Ireland.

I'm struggling with Uni right now, and there's a chance that in two weeks time after my 3rd year resits that I might be out on my tail without even an Ordinary degree. I say third year, this is my second attempt at third year so have been a student for 4 years.

This presents problems with debts (which I'm getting quite worried about anyway).

Debts:
Because I'm irish, I get no student support at all. This includes student loans. All I get is my fees paid. Mum and Dad have been covering my accommodation costs and helping me with some money each month to cover food and stuff (£70 a week). I've also been working part time to help get some money on board. Usually around £200 a month during term time and over this summer about £1.2k a month. Between feb 09 and sept 09 I had no parental support as I was taking time out of uni (though still officially a matriculated student) so I ended up extending my overdrafts to help cover rent and stuff as I wasn't earning enough working.

I've had to use June's pay to pay back mum and dad for a holiday in europe for two weeks, and July's pay I had to use £650 to pay back debts to friends.

In terms of commercial debt, I have:
£1600 Overdraft with First Trust Bank (at it's limit)
£1950 Overdaft with Bank of Scotland (with about £140 left in it for the rest of the month)
£1500 Credit Card with BOS, at its limit.

I also have a €1100 student overdraft with my bank back home but I guess that doesn't count as its in the irish financial system

I know I need to get better with money even though I check my bank accounts on a regular basis.

I've worked out that since the 20/4/10 I've paid £84 in overlimit fees and £12 in late fees on my credit card.

My major problem in someways is that If I'm not a graduate (i.e., don't have a degree) FT will demand my overdraft back/insist I take a loan to pay it back (which they've already told me they will). I know HBOS give you a year, and they won't really know I've left If I don't tell em.

I checked my credit score a couple of months ago and It was around 550, currently waiting to check them again with Equifax and The call one (need to call Equi and wait for a pin from the other one).

By my budget, I reckon I'll be able to put about £700 towards my credit card next month (which I'm thinking of cutting up tbh, it's so handy but dangerous). Problem is, my mum only knows about the FT one (its the account she puts money in to) and she works in the bank that my Irish one is with, so she's expecting me to pay them down a bit this summer.

Gah.

The End
Right, well, if you've read this far, you have my gratitude. Any advice you might have would be greatfully accepted.

Many thanks,

Gerard,

P.s. apologies for any spelling mistakes - damn dyslexia!

Damita

Hi, well done for trying to get this sorted, don't worry about spelling mistake, I'm dyslexic too.

Have you got a job? part time? Well done on hopefully have £700 to put on the over draft, yes cut up the cards.

s0680302

Hey guys, any more advice would be much appreciated!

Cheers

S

IcklePickle_2

What are your outgoings like? If you complete a Statement of Affairs, format it for MSE and post it here, people can make suggestions on where you could reduce your outgoings / spendings.

It does mean you need to be honest about where your money goes... it can be helpful to look at your last few months of bank statements / online transactions to remind yourself where the money went.

If you're trying to concentrate on studying, then you'll probably not want to take on more hours at work? So reducing outgoings might help.