debt free wannabe student HELP!!!

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

Sea78

HI

Welcome to the board! Take a look at the sticky post at the top of this board for new posters and have a go at a Statement of Affairs - we could see if we could help with any suggestions. Are you paying interest on your credit cards? You might be able to take advantage of student 0% deals now.

Sea xxx

slowlyfading

:hello: and welcome to the board! Well done on posting - I suggest you looked at the sticky for new posters and post an SOA (as Sea78 has already suggested). That way, we can all see how we can help you
btw, I'm a student too, in my final year!
sf x

stephaniek6838

hi, and thankyou for replying im paying interest on one credit card (egg) but not on the other one yet, until next year (that ones mint)
what is the statement of affairs?
thanks again

slowlyfading

if you look at the sticky at the top of the board, there's a thread for all new posters and it contains how to do a SOA (statement of affairs) there
sf x

stephaniek6838

not sure if this is where i do it but here goes!

my wages at moment £120 month
adult learning grant £120 month

outgoings
egg cc balance £600 12% apr - paying minimum payment
mint cc balance £1500 no interest as yet - paying minimum payment
loan £1350 hsbc bank paying £106 a month
overdraft hsbc bank £300

thanks again you guys :]

slowlyfading

what are the minimum payments on the egg and mint credit cards? Also, what's the AR on your loan, and have you got any interest on your overdraft? Also, food, basic living, stuff like that needs to be on there as well x

stephaniek6838

my wages at moment £120 month
adult learning grant £120 month

outgoings
egg cc balance £600 12% apr - paying minimum payment (around £15)
mint cc balance £1500 no interest as yet - paying minimum payment (£34)
loan £1350 hsbc bank paying £106 a month
overdraft hsbc bank £300 (interset i pay is around £0.80 a month)
£11 a week bus fares
live with parents so no food costs etc

when do u apply for student loans? any way i could pay this off with that????

thanks :]

slowlyfading

My calculations are that you have £74 left over each month. Now, do you actually have that left over? I suggest you start keeping a spending diary and write down what you spend each day, and see where all your money keeps on going. This can really open your eyes as to how much and what we fritter our money away on.
Next question, do you actually know why you're in debt? Do you have anything to show for it? Do you have anything that could be sold on Ebay/Amazon? Have a look around, that would be a good start.
Student Loans - when I came to uni to begin with, I'm sure I applied to Student Loans through my college, but if you go onto their website then I'm sure it'll explain how/when/where to apply for them. However, I don't think its a good idea just to get another loan to pay off your existing debts, without understanding why you're in debt in the first place. You'll never learn if you just get another loan to pay off existing loans, do you get me?
sf x

stephaniek6838

i really have that much left? didnt think theyd be more than £20!
it started about 3years ago the debt, lent brother some money (had to get overdraft to do this) then got a loan to pay that off and some extra money for holiday
and basically ive just been silly and spent money i dont have.
i dont have anything to show for my debts apart from some horrible drunken holiday photos!!
thanks alot for your help and i will start rooting for things to sell
also goin to start money diary see where that £74 is going!!
i understand what you mean about the loan too.
thanks again! (((((((((()))))))))) big hug for you! lol
steph

stephaniek6838

just remebered!!! i have my tuition fees too thats £56 a month.
do you know if adult learning grant will pay this or not?
thanks xx