Where to start?

w.foote

Hi everyone,

I have read a lot of great advice on this website and the forums, so thank you Martin and everyone who contributes, I've already found huge savings in various places.

However I'm a bit lost as to where to start with it all. I'll list a rough idea of my details.

This is my 6th year of 7 at university, when I graduate I'll have approximately £30k of student loan debt.

I have an RBS student account with £1800 overdraft limit, all of my transactions go in and out of that account, and I'm usually using the overdraft, and when my loan check comes in it usually gets me back to £0.

I also have an RBS visa card, I've no idea what interest rates I have on it, but the balance is usually £0, but right now after christmas I'm at £700 or so.

I've had bank charges on both accounts, I sent a half-hearted letter off once asking for a few of the charges back and was refused, but yesterday I asked for my statements for the past 6 years with the intention of asking again for all of it (probably £300-£400). I've also applied for a free CreditExpert credit check thanks to the link on this site, so I don't know what that looks like yet, but I was recently asked to put down a £100 deposit for a new mobile phone contract.

I don't have a term time job, but from May until December this year I'll earn £1k take home pay a month in a student placement.

I also own a car which I do need, and costs me around £1k a year when I include insurance, tax, petrol, mot etc.

So... my questions...

1. I'm in the process of asking for my bank charges back, and like I said in May I'll start earning enough money to be comfortable again. Any advice on dealing with RBS in particular, and what can and can't I ask for back?

2. Should I be considering a balance transfer to a 0% no fee style credit card to look after the £700? At worst I had the card up to a balance of £2200 but paid it off within a few months.

3. What should I do with the excess money which come from my new job? I believe in the idea that £1000 is worth more to me now than £10000 in 10 years time, so I may spend some of it, and by the time I leave university I'll probably have spent all of it, but what can I do in the meantime?

4. With any luck I'll graduate and get a job with a starting salary of approx £20k, but with over £30k in student loan debt, and obviously I want to get on the property ladder asap. What can I do now in preparation for getting a mortgage as soon as possible? I won't have any parental backing.

Thanks,

Will