Student in debt wanting help

marinebiostudent

Hi all,

I'm a second year university student and I'm starting to struggle with debt. I started my course with about £3000 credit and overdraft debt. This is now around £5000. I have applied to different banks/credit cards/loans and keep getting turned down. I do have a part time job earning about £140 a week. I really want to consildate my debt and make it easier to manage. Any suggestions would be gratefully received. Many thanks M.

jonesMUFCforever

I think in your position no-one will lend you money to consolidate.
Make the most of your student overdraft and concentrate first on paying off the highest rate credit cards and work your way down.
Too many applications for credit in a short space of time will seriously damage your credit rating.
Also have you applied for a student loan?There is no mention of this in your original posting.
Try to work out why the debt is increasing eg is it cheaper to live out of halls in a shared rented house or shop at Lidl rather than Tesco.
It may not make a great deal of difference in the short term but will work in the longer.

moneygum

Hi marinebiostudent - I wonder what you are doing at uni

Anyway I agree with ejones I think you will find it hard to get a consolidation loan but if you can then I would advise as it can really help you get back on track.

Stay calm and enjoy the rest of your time at uni. By the time you leave and get a full time job it will be much easier to pay off and you could probably get the consolidation loan at that point.

On the plus side this isn't what I would call a 'large' student debt.

moonrakerz

moneygum wrote: »

you will find it hard to get a consolidation loan but if you can then I would advise as it can really help you get back on track.

I would have to disagree there, don't consolidate ! All these loans are is a method to tie you up to a particular company for years.

Of course "your monthly payments will be less", but you will be paying for years and end up paying more in the long run. The temptation is always there that you can afford to buy something else each month now that you are paying a bit less each month. You are then trapped even deeper with the consolidation company.

DON'T believe Carole Vorderman !!!!!!!!!!!!!!!!!!!!!!!!!!!!!

marinebiostudent

I wasn't planning on getting a consolidation loan as such, just a loan from a bank (or similar) to pay off my current debt and make it easier to manage. I do have student loan debt as well and this is not included in the £5000 as I don't really see that as debt as yet! LOL! I was certainly not thinking of going to see Carol Vorderman asI I know that those types of loans are not cost effective. I am a mature student (30) and live with my girlfriend in rented accomodation. Hope that helps with any further suggestions... thanks so far guys!

techno_geek

Which bank are you with? You might do well to get another student account (for the overdraft) and use that to help pay off your expensive debts, then you can concentrate on clearing your 0% overdrafts.

I'm a first year, and have several student accounts (I know, I know... save your criticisms and "illegal" comments please) because I'm working on the assumption that I will be living out of my overdraft by the end of my second year... and I'm on a 4-year course!

It's all budgeted carefully, so there's no real risk of me spending and spending, just that the overdrafts are there to help me when I need it.
(I'll pay most of them off each summer, but build up the debt again during term-time.)

CLAPTON

techno_geek wrote: »

Which bank are you with? You might do well to get another student account (for the overdraft) and use that to help pay off your expensive debts, then you can concentrate on clearing your 0% overdrafts.

I'm a first year, and have several student accounts (I know, I know... save your criticisms and "illegal" comments please) because I'm working on the assumption that I will be living out of my overdraft by the end of my second year... and I'm on a 4-year course!

It's all budgeted carefully, so there's no real risk of me spending and spending, just that the overdrafts are there to help me when I need it.
(I'll pay most of them off each summer, but build up the debt again during term-time.)

actually you are not the first student to have several 'student a/cs' with free overdrafts.
however, several banks have been known to take exception to this and recalled their OD facility at short notice.. so take care.

greyteam1959

Here we go again loans loans loans.......
C'mon guys live within your means......
Cut down on your expenditure and leave the loans alone (!!)

jinkssick

forget a loan. just pay off the highest credit card. itll be good if you could move everything as a balance transfer to a card that you have. so you can pay it off in the trial period and nothing goes to ''them''.

tripled

If you are really stuggling, you may be able to get a grant from the university's hardiship fund, but I think they only help if you can't afford to pay essentials like food and rent.