Student DFW - the start!

lauren2889

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slowlyfading

:hello: and welcome to the board! Another student here do you know where your debts are from? that's a good start. don't worry, its not bad! x

neverdespairgirl

Hi Lauren,

If you are starting uni in September, what are you doing at the moment? Are you at school, doing A levels?

I think it's importnat to try to clear your debts before you get to uni, and have your money saved up for your holiday (sounds great - where are you going for a month?) and a bit of a cushion for uni as well.

I worked at Ladbrokes in my 2nd year at uni, and when I'd finished my exams, worked 65 hours a week for 2 months, and ended up with money for a holiday and debts cleared! If you are having a great holiday in the winter, I'd try and do lots of hours this summer (get a bar job if necessary) and you'll be set. What are you going to study?

CLAPTON

first step is to do a 'proper' SOA

at the moment your income is 200 per month and assuming minimum payments on the CC of 2.5% your spending is about 215 which doesn't seem too good

what is you situation?
are you studying A/Ls
what sort of work do you do
how old are you
how did you acquire these debts?

is 200 pm your only income?
can you increase it in the summer holidays?

can you add the APRs and the minimum payments on the debts

who pays for car tax, MOT, insurance, repairs etc?
do you really spend nothing on socialising, clothes, haircuts etc

try to draw up a comprehensive SOA with absolutely everything you spend
start a spending diary to see exactly what you spend.

andan

Just wanted to say hi and welcome. Obviously your income is real low which can make the situation difficult. Have you looked into doing anything like mystery shopping and online surveys. I do quite a bit of mystery shopping and surveys and would say it makes up a quarter of my monthly wages.

If you go on the up your income board they tell you more about mystery shopping and good companies to start with.

I would definitely cancel ppi, in my opinion its a load of rubbish and doesn't really protect you. You definitely need to start paying more on the M & S card because that has the highest interest rate, getting rid of that will mean more money to throw at the rest of them and no more interest.

Best of luck and let us know how you get on.