Debt whilst studying

damn_rite_dizzy

Hi,

I'm new to the site and I just wanted to know if anybody can help me out here with some advice!!

I am due to start studying at University in September on a course lasting 27 months but I currently have two credit cards which in total amount to about £5000. My repayments are in total £150 at the moment and the cards are no longer interst free. I also pay a loan that is in my dads name too which is a monthly repayment of £172. ( all this debt was racked up paying for college courses etc to get me into uni- the idea is I pay off all my debts when I graduate and get better job!) I have also been offered a student loan and will be getting a bursary too for my course. What I want to know is, based on all of the above is there anything I can do to help my circumstances whilst at university. I will be accumilating interest whilst I am at university and will only be able to afford the minimum payments out of my student loan. Is there any way of freezing the interest or something?! HELP!:eek:

Thanks!

damn_rite_dizzy

I'm 21 nearly 22. When I took out the loan just over a year ago I took it out for £7000 I bought a car and paid off existing credit. Been in debt since I was 18 and naive, I can't believe the bank lent me so much money when I was so young and then when you want to borrow more to pay off high interest credit, they won't help you out!! When I graduate I will be in a much better position to fight off my debt and should be able to pay it all off within a year or so. It's a specialist field I am going into and will not find it too difficult to secure a job on qualifying (may even get re-employed by my current boss). I'm not too worried about it because I know as long as I graduate I will be able to get myself out of the debt, it's just that in the mean time I'm going to be using my maintenance loan to pay my minimum payments and the interest will be building up!!! I was originally not going to apply till next year but I thought what the hec, and these places are very hard to get, the uni had 700 applications for 23 places so it's not something I can pass up or postpone!!!

I was just hoping that there was some kind of government scheme where they freeze your interest till you finish uni!!! wishful thinking!!

How can people go on and gain skills and qualifications if they have so much debt and can't get help. It's a viscious cycle!!

You got any ideas on how I can improve the situation?!!?

Mel

emzeebabez

one of my friends was in kinda same position and couldnt repay all of her debts while she was a student. so she went to a citizens advice place, and they spoke to the credit card people... now she only pays something like £1 a month and wont have to pay the rest back till she is in full time employment.
might be best to go and see someone about it xxxx

melancholly

i'd recommend posting up an SOA (statement of affairs) on the debt free wanabee board with all your incomings and outgoing. they will be able to help you streamline your budget and give advice on what to do with your commercial debts.