Advice needed for a student.

el-supremo

I dont have that much debt, but I owe £1200 in student fees, and £1100 to a HBOS credit card, and another £1700 to an interst free credit card

I want to pay off the student fees and the HBOS card

I went to the bank to see about a £2500 loan today but I would end up paying back £4100 which seems excessive in my opinion.

I should be getting about £2000 compensation soon for a car accident which I would put at least half into debt. However the woman in the bank says that this would only shorten the term of my loan repayments but I would still need to pay back £4100

What is my best option for paying off my credit card and student fees? bear in mind I may have about £1-1500 in a few months

Skint_Catt

Can you get any part-time work - or secure something full time for your summer break? You could probably pay it off if you worked hard all summer - depends what your priority is!

el-supremo

Sorry I forgot to say I work full time at the moment, I am a part time student.

I need to pay fees in the next few weeks but I dont have the cash.

Should I pay the fees with my HBOS credit card? I have £4,000 avilable on it but the interest rate is quite bad.

Then I will have about £2,500 outstanding on it, and the monthly payments will be about £90 and wont bring it down very much beacuse of the interest.

Then say I paid £1,500 of my compensation itowards it, the I would still have £1,000 on it and wouldnt be able to pay this off and would be accruing more interest upon it.

steve700

Why not pay off your HBOS card and most of your student debts with your payout?

Clear the debts while you're young

CLAPTON

you need to consider the APRs you are paying on your loans so you can compare them with alternatives. Use any money you have to pay off the debt with the highest APR first and then the next highest etc. In general student loans can be left to last because they usually have lower APRs than other loans.
How much are you currently able to pay each month, what will the interest rate on the 0% CC change to once the 0% period is finished.

el-supremo

I havent paid my fees yet. I owe £1,167 this month and I dont have the cash to pay them. Should I use my HBOS card to pay them off?

I am not worried about student loans at this point in time.

I could pay about £80-£100 per month.

If I got a bank loan the APR is much lower than the HBOS credit card, but then I am tied in to paying the full sum back, where as a credit card can be payed off any time, but the interest it accrues means it is bad having one surely?

RAS

Hi

If you are studying more than 60 credits at undergraduate level, you can claim up to £1015 from the Student Loan Company. Given the very low repayments on that, it would really be wise to do this first if you can.

http://www.studentsupportdirect.co.uk/portal/page?_pageid=1647,468683&_dad=portal&_schema=PROTOCOL

Also have you talked to your Student Finance people, as most universities have hardship Funds and you might get some help from them.

el-supremo

I am post graduate so I dont get a loan and aint entitled to any help.

I have went on expedia and I am closing down all the credit cards I have out that I have forgotten about.

After that I should hoefully get some decent interest free cards to keep swapping my money over to.