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University = Poverty
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hey,
I have just completed 3 years at University - got a degree but financial ruin at the same time.
I start a new job in 3 weeks. Banks are after me due to 2 overdrafts and 3 credit cards, I have no money and was wondering if there are loan companies to help with situations like these, when you ain't a house owner - just a monthly wage...
Anyone been to citizens advice bereau? Alledgedly, these help out big time.
I am getting ID Withelds which is uasually the bank - I don't answer which is stupidity. What are they usually like if you set up monthly repayment plans?
Thanks alot, apologies if this has come up before...
I have just completed 3 years at University - got a degree but financial ruin at the same time.
I start a new job in 3 weeks. Banks are after me due to 2 overdrafts and 3 credit cards, I have no money and was wondering if there are loan companies to help with situations like these, when you ain't a house owner - just a monthly wage...
Anyone been to citizens advice bereau? Alledgedly, these help out big time.
I am getting ID Withelds which is uasually the bank - I don't answer which is stupidity. What are they usually like if you set up monthly repayment plans?
Thanks alot, apologies if this has come up before...
Post edited by JustV on
0
Comments
as long as you show the bank you're willing and able to start paying your debts back, even if it's only by a fiver a month, they're usually pretty helpful. overdraft interest rates can be through the roof, and it usually works out cheaper for you to get out a low interest bank loan to pay off all your debts, and then the loan repayments are more easily manageable. i'd have a chat to a personal advisor at the bank you're with, as you're already a customer, they will be more likely to approve you a loan.
pay back as much as you can afford, and it'll work out cheaper for you in the long run.
citizens advice are great, because they're impartial, and help you sort out the best solution for you, rather than cleverly trying to sell you their products.
Replies appreciated!
Loan is really just short term if I do apply, I am sure I can comply with the banks & pay back monthly repayments. Going to write to them first, as I am not employed for another few weeks.
Credit cards are poor I know but if you are finished at University & going to be earning so much, is it quite easy to increase them as long as you have made payments etc?
Man, it's a negative post... but let me say University is amazing! Meet great people, get educated - just remember to budget & think of the day after...
if you've been in arrears for most of the last year, you might find it very hard to get a credit limit increase any time soon.
the bank i worked for had the rule that if you had been in arrears for 4 of the last 12 months, you would not be able to increase your credit limit.
the simplest way to stay out of arrears is to set up a direct debit for the minimum payment every month. it's usually only about a fiver, and it'll mean you won't miss a payment, which does wonders for a battered credit rating. if you want to pay more on the months you can afford to then that's great. but the more months you pay nothing, the deeper into shit you get.
I was taught the cardinal sin of the fact you could switch whilst no money in account, this was to pay for daily food etc. - do not do this, the bank is a killer!
I think the main message is good communication and not to take the piss with spending, they can see everything - they had a go at me for using overdraft for entertainment purposes...
Hopefully, if you are going to University in September - you will learn a bit from this thread. Best idea if you shit at budgeting is giving card/s to someone you trust or parents to deal with your finances.
National Debtline
Helpline offering information and advice on debt, including credit cards, council tax, utility bills, bank charges, and harrassment.
Helpline: 0808 8084000
Citizens Advice Service (formerly the the National Association of Citizens Advice Bureaux) (CAB)
Advice and information on a range of issues, including benefits and welfare rights, consumer, employment and housing rights, immigration and nationality, money and debt.
We have info on credit, debt, savings and budgeting in our money section
Take Care
Susie
Their cash machine ate 80 pounds of mine, and they promised I would get the money back in my account which I never did.
My own bank had to go through a whole procedure to get it.
They're fairly reasonable with the interest I think