Going to university with debt

rapunzelsn

Hello,

I hope this is in the most appropriate thread as I am rather new.

Im after some advice, heres my situation:

I have 1600 debt to very, and 800 overdraft which i have maxed. I currently work full time, earning 900 a month, and I have been making minimum payments on my very account to try and bring it down - this however has been between 100 and 250 each month for the last year.

My problem is, I will be moving to London in September to go to university. I will be a student nurse on very very minimal money. The bursary I recieve just about covers my rent, and the student loan i recieve will allow me 40 pw to live on (including food, transport, socialising). I plan on working when possible, although the money is not garenteed.

I am concerned about how I am going to afford payments to very as they are extremely persistent with payments and have harrassed me before. I am more than willing to pay this debt, but is there anyway I can approach very to pay a minimum of say 20 per month?

thank you to anyone who replies!


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Hillbilly1

My gut instinct is £40 a week is not going to cover debt repayment.

Even a bus pass is £15 a week in London. Have you any idea where placements will be?

What is your current job and how likely is it you will get work? even temping in London can get £10-15p/h!

ShootForTheMoon

I'm sure it's worth a try - give them a call and explain your situation - you never know!!

What is your situation like at the moment? Is there any way you can cut back on your outgoings and chuck as much spare cash at the debt as possible??

I haven't had any experience with Very myself - but I'm sure there are plenty of lovely people on here who can give you some more specific advice!!

Keep your head up - don't worry about it and enjoy uni!! You'll have a ball!!

x

shop-to-drop

How about you deferred your course for a year and spend the year clearing debts and building up a small savings pot? You will most likely do much better on the course without the debt stresses.

rapunzelsn

Deferring isn't an option for me, iv waited to go to university for so long and iv got a place at a top uni doing my dream course. Placements will be in London, hopefully within walking distance of accommodation.

If i were to take a year out, I would still have to run a car to get to work and pay rent and bills, and i have hardly any money spare at the end of that. I am currently a HCA, when i leave my full time job and move I have an agency with lots of work in London, so I can work.. but during placements I can't due to the hours worked. I plan on applying to be a student ambassador which is also good money.

Does anyone have any experience with very? I may write a letter and explain?

Voyager2002

It is quite simple: creditors can only have any money that is available to you once you have covered the necessities of living, and the law confirms this principle. As others have said, pay off as much as you can over the summer, but once you are about to start university you need to contact Very. I suggest you do this in writing rather than by telephone: explain that you have had a change of circumstances; set out your income and outgoings; tell them how much is available to you and offer to make regular payments at a level you can afford (I think that five pounds a month is realistic on the basis of the figures you have posted). Make it clear to them that if they are unable to accept the figure you propose they are welcome to take you to court. (A court would give them more like one pound a month, and would freeze the interest.) However, do make it clear to them that once your financial situation improves you will increase the payments until the debt has been cleared.

neverdespairgirl

rapunzelsn wrote: »

Deferring isn't an option for me, iv waited to go to university for so long and iv got a place at a top uni doing my dream course. Placements will be in London, hopefully within walking distance of accommodation.

Congratulations on getting the place you want. Have you checked where your student accommodation will be? I don't know if you know London well, but it is a really, really big place, and even places in central London are not always walking distance!

Can you work extra hours between now and September, perhaps?

stevemLS

A judgment debt that remains unpaid attracts interest at the judgment rate, normally 8%, providing the creditor remembers to ask for it (which they invariably do)

rapunzelsn

neverdespairgirl wrote: »

Congratulations on getting the place you want. Have you checked where your student accommodation will be? I don't know if you know London well, but it is a really, really big place, and even places in central London are not always walking distance!

Can you work extra hours between now and September, perhaps?

Thank you, yes i know exactly where I will be living and the university I am training with are largely with 2 -3 hospitals in the area, all within walking distance. I know London very very well!

Thank you so much Voyager2002, this is great advice. Do you recommend writing now (with notice that my circumstances will change) or when I move (when they have changed)?

Thanks for the replies xx

jayss

Have you anything you can sell? Or rather can you ebay/carboot/cash converters/whatever pretty much everything you wont need for uni?

Best of luck.

Cycrow

you could just move the debt around abit, as a student you should be able to get a student account with interest free overdraft. Then use that to clear your other debts.

Then you can start to reduce the overdraft as and when you have extra money available

i went to uni with debt, i would have prefered not to have it, but i just about managed.

i eventually cleared it by working over the summers and putting all the money into the debts