need help! :/ student in debt

stephaniek6838

hi all, ive just started a full time course at college studying foundation studies in art and design. im 21 and have applied for an adult learning grant, i am currently working around 10hours a week in a card shop. i had been working fulltime for the last 4 years, i was layed off so decideed to go to college.
the problem is i have £3000 worth of debts £1500 loan the rest on credit cards. i was wondering if there was any way of combining them and paying less each month? i can just about scrape together each month what i owe out which leaves me with about £10 a week.
any other suggestions?

thankyou steph

pinkshoes

You might be better posting this on the DFW (debt free wanabe) board

Bamber19

Speak to the people you have these debts with and ask about making the repayments lower or if possible negotiate a payment break.

missk_ensington

If possible apply for a new credit card and then transfer the balance. The cancel the old card. This way you'll only be paying off what you owe, and not the interest.

Also, you should have a 0% Overdraft as a student. If you got that you could repay all your cards and at leats it'll be 0%.

If you apply for a card be careful what you put on application. If you put student they prob wont give you one.

stephaniek6838

hi, so i could get an overdraft for £1500? and pay my cards off with that? then pay that back next year?

thanks steph x

[Deleted User]

Usually a bank will want you to pay your student loan into a student account. If you are a foundation art and design student, you are probably not getting the student loan. You can talk to a personal banker/bank manager and they may allow you to have a student account, but it's not necessarily going to be easy.

You may find it easier to negotiate lower repayments with your creditors. If you are at Uni the SU should have debt advisers who can help you prepare a financial statement and negotiate with creditors.
Good luck