Student with 2 Credit Cards

LittleOne83

I'm a midwifery student recieving an NHS bursary of £510 a month. I started this course at 23 after working and bumming around for a few years. Always wanted to be a midwife and applied even though I wasn't finacially stable.

So i'm almost half way through and have coped quite well.
I currently have a student overdraft with £1400 limit, have been working in my old job on a bank contract but due to the nature of the course and placements I can't continue to do so and most temp agencies approached wont touch me or any of my cohort.

I came into this with 2 credit cards and still have them.
One is Virgin with a limit of £3600 and a balance of £2517.
The other is Nationwide with a limit of £4690 and a balance of £2419.
I no longer use the Virgin card and have cut it up, just paying the minimum. I do still use the Nationwide very occasionaly but most of this debt came onto the course with me.
I'm paying roughly £70 each in repayments and really need to know if there's anything I can do to cut this down? I can't transfer the balance due to my student status and my income.

Any help or tips would be greatfully recieved.
Thank you....and sorry if this is the wrong place to post this....I'm a newbie

Bokkens

it's difficult to assess really you are right you will need to shift the debt with the highest APR to a lower rate APR ideally 0%.
Minimum repayments are not a good idea it will take decades to pay it off if you only make the minimum payments as a start try and increase the payments to the highest APR debt by £10.
The only way to increase you spending power is to cut back every where except the credit card payments and to double check your benefit intitlements from the government and also the NSU (the nursing union not the sexual diseases) you entitled to 0% loans student cards anything that will reduce your costs.
Visit your local bank branch speak with the personal banker and go over everything and ask lots of question and see if they can reduce your payments .They may well want to swap you cc debt for a loan with longer terms this may be a option as once qualified your wages will increase in real terms and you can always reshift the debt again in the future.
The last option is get a second income but I guess you won't be able to do this one as your always at work and your too tired.
Hope that helps.

LittleOne83

Thanks Bokkens.
Unfortunately i'm not entitled to benefits or student loans....the joys of NHS bursary funding. Don't get me wrong I appretiate the bursary and the funding of the place but they don't make it easy!!!!

I'd love to transfer to a 0% card but can't see it happening. I've cut back as much as I can....I get £510 a month, rent is £300 a month and there's no hospital accomodation, I'm paying £140ish on credit card repayments which leaves very little for food, course materials, bus fairs etc.

But I will book an appointment to see the student financial advisor at my bank, didn't think of that and thanks for suggesting it....hopefully they can help...somehow!
x

CLAPTON

I'ld be very very careful when speaking to your bank.

Firstly their business is to make money out of you and not to help you so they may well propose a loan but it will be very high APR although over a long time to make the monthly payments seems small.
Secondly, if they see you're struggling they may want to withdraw the OD.

whatever you dont agree to anything at the time but just take any proposals away to study.

LittleOne83

Really dumb question but do you think they would withdraw an interest free overdraft on a student account?
Thanks for the advice....don't worry there's no way i'd agree to anything there and then.

marksandsparksgal

Hiya,

Why don't you post this in the Debt Free Wannabe board? They're really good at looking at a statement of your affairs (SOA) and pointing things out that are a rip off / where you may be able to save some cash.

Good luck! xxx