Still a student - but aiming to clear debts!

couldxbe

Hi

Thought I'd introduce myself here - I'm a 22 year old student studying for a PhD. I've just moved from London (where my troubles began) back up North. To give a bit of background:

When I applied to university, I assumed I'd get help/support from the government. So I went to a very good London university, and did well so I don't regret it. My parents initially supported me but unfortunately while I was at university they went bankrupt and lost everything so I was on my own. The SLC don't consider bankruptcy etc, so they just considered my parents earnings when assessing me, and as a result I really struggled.

I supported myself in first year through overdrafts/credit cards, and since second year I've been mostly okay as I found part time work. I admit, I spent more than I should have, and if i'd have tried hard enough I probably could have paid everything back by now.

Now I've moved back home to do further study (though not living at home as my parents are renting a house with not enough bedrooms), I'm hoping to get my life sorted so that I can start to plan for the future.

I'm going to post a full SOA after I've sorted out my budgets. I'm paying off old bills from the previous property (electricity, council tax for the month or so I wasn't a student, moving costs, end of Sky subscription).

My aim is to be completely debt free when I graduate (for the second time :eek:). I have around 5K of debt and I'm going to pay it back by 2015.

Wish me luck!

couldxbe

I'm not sure whether anyone is reading this, but I'm looking for advice. My debt stands at roughly 6K, and and the majority of this is in the form of interest free overdrafts (2.5K OD1, 1K OD2). The rest is split between 3 credit cards, and a Personal Loan for a TV (paid in monthly installments of around £10).

The three cards are CC1 (£1000), CC2 (£850) and CC3 (£200). Both CC2 and CC3 have ridiculously high interest rates, and so they will be my priority at the beginning.

I was wondering whether a balance transfer was a sensible option? I'd be looking to offset CC2 as I'm hoping to pay off CC3 in full in September. I'm unsure whether I'd qualify though, as my income is non-standard (tax free grant given from the University).

Anyways, still a long way to go. I'd sell stuff on eBay but I don't have that many possessions (which is upsetting considering how much debt I'm in )

little_sweetie

Hello!

I'm surprised that no one else has yet responded to your post as you are certainly not alone in your situation. It must be very hard for you I don't really know much about juggling credit card debt but there is a thread on here regarding stoozing (changing CC's to avoid paying interest) which might be helpful. Just look to the right of the screen in 'Forum Jump' and the thread should be near the top. There must be loads of people on there to support and offer advice. There are also loads of topics regarding eating cheaply & budgeting. Good luck and keep smiling x

couldxbe

little_sweetie wrote: »

Hello!

I'm surprised that no one else has yet responded to your post as you are certainly not alone in your situation. It must be very hard for you I don't really know much about juggling credit card debt but there is a thread on here regarding stoozing (changing CC's to avoid paying interest) which might be helpful. Just look to the right of the screen in 'Forum Jump' and the thread should be near the top. There must be loads of people on there to support and offer advice. There are also loads of topics regarding eating cheaply & budgeting. Good luck and keep smiling x

Thanks very much for the response!

It's hard, but it's my own fault really. I tried to keep up with my friends' lifestyles and couldn't. My friend today just got bought a car from her parents and it made me feel a bit upset, but at the end of the day my parents did their best and whatever I'm going through now, they've had worse.

Just wish I'd known this 3+ years ago!

Okay so, editing to do my do list for tomorrow. Giving myself a budget of £3 for lunch, then have to do a shop to get my weekly food in.

1. Take down gas meter number and ring Eon (apparently they need it to set up an account)
2. Go to the council to give them my tenancy forms (this is needed so that I don't have to pay any council tax - yay full time student!)

They're the most pressing things. I also have loads of uni work but planning to do 9-6 to get this sorted.

Just completed reviews of three university applications (I'm only paid in amazon vouchers, £1 per review but still, money is money and I was previously doing it free..). Had a look around the internet and some people charge £80+ for an 'express review' so may look at doing this more professionally... we'll see anyway.

Also signed up for a quidco account, so even if I do (unfortunately) have to buy something should at least get something back from it. Applied for a job on Friday (20 p/h, a few hours per week) so hopefully I'll hear back from them tomorrow...

Night everyone xx

little_sweetie

You seem to be in just the right frame of mind to sort yourself out. Well done, I say The best advice I can give you (which has taken me years to realise myself!) is not to worry about trying to keep up with your mates just do your own thing. Some people have wealthy parents (or foolish...that car could be on finance...) and others don't. Your parents obviously love you which is all that matters.

That's great news about the paid reviews and fingers crossed for the job too. Keep up the good work :T x