My university story

hells83bells

Firstly, a big congratulations if u are Reading this and you have got into Uni. Please take a few mins to read my story, Im not here to lecture but if I can help one person to avoid the situation I ended up in I have achieved what I set out to.... So here goes

In 2006 I started university to undertake a degree in law. I had the world at my feet and I was away from home for the first time, excited about what lay ahead. I never considered myself a stupid person but upon reflection I was REALLY stupid. You will prob find as I did, that credit will be thrown at u left right and center via credit cards and loans. Within my first week I had in my hand a cc with a £8,000 limit and a £1,000 overdraft. I never intended to spend on the credit card and u believed the bank " sales person" when she said " just get the card for the railcard and just don't use it unless u really want to". I fell for this one. The " emergencies" became using this for nights out, rent, presents, books etc and before I knew it I had racked up a whole lot of debt. The more I used the more I was given and to justify it the banks would say " one day u will have a fab paid job and can pay it off easily". I was stupid enough to believe this and buried my head on the sand.

The banks were right in one sense, I did get a well paid job. But with this grown job came grown up bills and mortgage. To add to this the intrest rates on my cc went through the roof.

The position now, I'm in £29,000 debt and only able to make the minimum payment on my debt with little hope of clearing it. My friends are planning to go on nice holidays, have children and get married. I can't even consider this. I have had endless sleepness nights and cry almost everyday. What makes it worse? I know I got myself into this situation. It's only now that I am getting help with this debt. Please don't follow in my footsteps and think twice. I'm not saying credit is bad and let's face it , with Uni fees being so exspensive, who can avoid it? But I'm an example of how it can spiral out of control.

Good luck, stay safe, have fun ( just not at the rate 15% apr on ur cc! Ha ha) x

beckie89

Thank you for posting so openly and honestly. It is so scary the amount of credit that is open to students. Just today, Natwest called again asking if I was sure I didn't want their student credit card, promising a £500 limit and it would be with me on Monday. Funnily enough, I still don't want it.

Can I ask if your £29,000 debt includes your student loan and fees? I worry constantly about coming out with this debt (4 year degree = about 28,000 in student loan and tuition fees). I'm half way through and doing all I can to keep my debt down but still panic about it!

hells83bells

Well done for saying no to Natwest! I can't believe with the mess this country is in banks still are hassling people to take out credit!!! Madness. My situation was slightly different back then as in I didn't have the massive tutition fee hike that happend the yr I
finished Uni. I believe the figure u quoted for debt is about average.

Where I went wrong was I set out the best intensions. I took a small student loan out ( I say small it was £6,000 but I had cheaper tution fees). However this clearly wasn't enough even with working pt and thus ended up using the wrong type of credit ie credit cards. Student loans are one of the cheapest ways to borrow available and it sounds like u have Bern very sensible. I suppose the fact people even come on here means they care about what they spend. Hope Uni goes well for u, I'm jealous, I loved my Uni days x

saverholic

Thank you for posting this. It is so easy to get into debt and just think 'oh I'll pay it off when I'm working'.

I once lived with someone who used to throw letters from the CC companies straight in the bin, she couldn't face opening them. I used to wince when I saw her do it.

I know you might have already but have you looked on the Debt-free Wannabe board. I go on there occasionally for ideas of where to cut back (gotta make those student loans stretch ) and they seem fantastic at giving suggestions of where to start tackling debts and support whilst you go about doing it. I can guarantee that there will be someone there whose been in your shoes or worse.

stephyt23

When opening my Natwest account yesterday I was talked to about credit cards though never felt forced to have one. The only reason the guy mentioned to me was that I mentioned I will move with in my boyfriend in 2 years when I graduate and go on his mortgage (obviously this big M word caused to pay extra attention). It was suggested I have a cc to get a better credit rating ready for mortgages in the future. However I have had 2 in the past and got rid of them after realising how easy it was to spend and not realise how much interest you are charged.

I've stayed away from a cc on this occasion in the hope I can increase my credit rating in a better way (I've had 2 previous catalogue accounts and now have just the 1 store card, surely all that goes in my favour anyway)

Amanda65

Have printed your story off and will be showing it ot my DD who is off to university for the first time later this month - thank you

GEEGEE8

I'm off to uni this year, and am 27 too.

I have already gone through bankruptcy, and so I thankfully can't get any credit cards apart from the £250 limit one I already have.

I can totally understand how easy it is to get into debt. A lot of mine was on credit cards when I thought I couldn't do without something..

Buying that outfit for a night out, extra special birthday/xmas gift or a few takeaways on the credit card are not worth it. It isn't free money and you have to pay it back, plus interest.

My debts will be around 6k a year I think, but I'm going to try and save enough to repay some of it, and try to get a sponsorship for my 2nd and 3rd year, apparently it's quite easy in the area I'm studying (Quantity Surveying).

Any tips from me? Let your parents keep hold of the credit card. If it's a real emergency then they can help you, otherwise you just know you will spend on it for no reason.