Student desperate to consolidate...

eyoung87

I am a student about to go into my fourth and final year at university. Within my time at uni, I have managed to accumulate varying amounts of debt using 3 separate overdrafts, one of which is a student account. I have been unable to get a job over the summer so have no money coming in until September. I want to consolidate all of my debts so the interest stops racking up on my accounts and to free up my student overdraft. I would ideally like to transfer it all over to a credit card as cheaply as possible, and want at least a year 0% interest. I have pretty bad credit history and I've heard if I get turned down for one credit card, it becomes progressively more difficult to convince subsequent credit card companies to lend me their services! I have no idea where to start or what to look out for, and I think most credit card companies want a minimum income - does my student loan count as an income?! I would love some advice on what to do. Thanks, Emma.

Tixy

No real chance of being able to transfer your overdrafts to a 0% card. Very few cards allow you to make transfers in to your current account. The very few that do will only accept people with a pretty near perfect credit and will not accept a student loan as income.

How much do you owe in total?

How much of that is on 0%? will you get a larger limit on the student overdraft next year?
What other overdraft balances do you have and what rate of interest are you being charged? how close to the existing overdraft limits are you?

You say you haven't got a job yet for the summer - presumably you are still looking for one?

What are you planning to live on financially during the summer?

pauletruth

no job
3 overdrafts
bad credit history
want zero interest on the loan and interest free for a year.

come on if you cant work out that you have no chance then your wasting time at the uni.

Thrugelmir

Take a year out? And tackle your finances.

ViolentFridays

Other people on here know a lot more about finances than I do but I wouldn't even apply for another credit account.

I was in your position two or three times - maxed out credit cards and overdraft, but I had a job, even though my wage was all been eaten up by repayments. Getting a job is your only option. I suggest you try pubs, they are always needing extra staff but don't often advertise. I had a job in two pubs at one point. From my experience if you are willing to do the later shifts, until around midnight then you will get a lot of shifts because others have families, etc and don't want to do them. The tips also help to pay off debts quicker.

Paul_the_Painter

You've not been able to get a job over the summer? You can't have tried very hard and/or given up early. It's only the 9th of June.
Doubt any bank will want to help you.

Cycrow

why do you want to clean your student overdraft, isn't it interest free ?
so it would be better to have money in the overdraft than on a credit card.

you have plenty of time still before september to try and find a job