Going to uni with debt
Not really seen much on this topic so thought I would post.
Currently I owe £1600 due to some recent emergencies. Firstly I got stuck abroad so needed to put a plane ticket on my credit card, and recently my computer broke so had to buy a new one on finance (without my comp I cant do my job so was necessary). At present I am spending £300 a month to pay this back but with only 4 paychecks to go I will have only paid of 1200 assuming nothing else comes up.
(believe me when I say I am living off the bare minimum to pay of as much as a I can. I hate debt)
Has anyone ever started uni with debt and managed to budget enough to pay it back?
Currently I owe £1600 due to some recent emergencies. Firstly I got stuck abroad so needed to put a plane ticket on my credit card, and recently my computer broke so had to buy a new one on finance (without my comp I cant do my job so was necessary). At present I am spending £300 a month to pay this back but with only 4 paychecks to go I will have only paid of 1200 assuming nothing else comes up.
(believe me when I say I am living off the bare minimum to pay of as much as a I can. I hate debt)
Has anyone ever started uni with debt and managed to budget enough to pay it back?
Hi
Since you've had no reply, I'll offer my advice. I was fortunate to start uni debt free, but like many other not so prudent students I did fall into it (overdrafts, credit cards etc). Bottom line I've found is that a Part Time Job is vita and some savings before you leave. Loans will only get you so far. Most Uni's (if not all) offer the access to learning fund which can be used in emergencies, but I've known people who are just rubbish with their finances and have got some hefty grants! So a job, some budgeting and application forms could be helpful.
Learnt all this from personal experience and now I'm a benefit assessor so I have to budget for some!!!
Since you've had no reply, I'll offer my advice. I was fortunate to start uni debt free, but like many other not so prudent students I did fall into it (overdrafts, credit cards etc). Bottom line I've found is that a Part Time Job is vita and some savings before you leave. Loans will only get you so far. Most Uni's (if not all) offer the access to learning fund which can be used in emergencies, but I've known people who are just rubbish with their finances and have got some hefty grants! So a job, some budgeting and application forms could be helpful.
Learnt all this from personal experience and now I'm a benefit assessor so I have to budget for some!!!
Original post by Kressen
Not really seen much on this topic so thought I would post.
Currently I owe £1600 due to some recent emergencies. Firstly I got stuck abroad so needed to put a plane ticket on my credit card, and recently my computer broke so had to buy a new one on finance (without my comp I cant do my job so was necessary). At present I am spending £300 a month to pay this back but with only 4 paychecks to go I will have only paid of 1200 assuming nothing else comes up.
(believe me when I say I am living off the bare minimum to pay of as much as a I can. I hate debt)
Has anyone ever started uni with debt and managed to budget enough to pay it back?
Currently I owe £1600 due to some recent emergencies. Firstly I got stuck abroad so needed to put a plane ticket on my credit card, and recently my computer broke so had to buy a new one on finance (without my comp I cant do my job so was necessary). At present I am spending £300 a month to pay this back but with only 4 paychecks to go I will have only paid of 1200 assuming nothing else comes up.
(believe me when I say I am living off the bare minimum to pay of as much as a I can. I hate debt)
Has anyone ever started uni with debt and managed to budget enough to pay it back?
I went to uni with 1000 worth of debt .. I am greatful to say that most of it has been paid off now through the use of my student loan .. but it was definitely depressing though
I have dropped out now, not because of the debt but because of personal reasons.
Good luck
No. 1: You should NEVER have rationalised the idea of living in credit as a good thing. As a student, ESPECIALLY someone with only 4 cheques a year. How the hell did you think you would have paid off a credit card at about 14% lol?
No. 2: Stop spending credit immediately. Devote your money to paying off the card as that will bite the most. Look at "www.moneysavingexpert.com" to look at some ways that can be done to help. Balance transfer to a 0% card?
If you are regularly defaulting payments that will be having a negative impact on your credit file.
Yeah, try and find some part time work and explain the situation to your card company. You do not want to just let it ride, because the interest will spike and charges will increase and before you know it, what was once a difficult situation at best becomes an impossible as the rates accelerate themselves.
Meh,
No. 2: Stop spending credit immediately. Devote your money to paying off the card as that will bite the most. Look at "www.moneysavingexpert.com" to look at some ways that can be done to help. Balance transfer to a 0% card?
If you are regularly defaulting payments that will be having a negative impact on your credit file.
Yeah, try and find some part time work and explain the situation to your card company. You do not want to just let it ride, because the interest will spike and charges will increase and before you know it, what was once a difficult situation at best becomes an impossible as the rates accelerate themselves.
Meh,
My card has 0% interest and I wouldnt see how I am rationalising living in credit. I think you have barely skim read this or are venting in some way.
you say stop spending credit immediately, which means you've made the assumption that I am. Rather then the fact that I stated it was 2 completly necessary payments which hit at the same time. I am already devoting 100% of my free money towards paying it off and have already cut back to living of £170 a month.
I appreciate the attempt but you shoulda have read more carefully and not made assumptions.
you say stop spending credit immediately, which means you've made the assumption that I am. Rather then the fact that I stated it was 2 completly necessary payments which hit at the same time. I am already devoting 100% of my free money towards paying it off and have already cut back to living of £170 a month.
I appreciate the attempt but you shoulda have read more carefully and not made assumptions.
Original post by Kressen
My card has 0% interest and I wouldnt see how I am rationalising living in credit. I think you have barely skim read this or are venting in some way.
you say stop spending credit immediately, which means you've made the assumption that I am. Rather then the fact that I stated it was 2 completly necessary payments which hit at the same time. I am already devoting 100% of my free money towards paying it off and have already cut back to living of £170 a month.
I appreciate the attempt but you shoulda have read more carefully and not made assumptions.
you say stop spending credit immediately, which means you've made the assumption that I am. Rather then the fact that I stated it was 2 completly necessary payments which hit at the same time. I am already devoting 100% of my free money towards paying it off and have already cut back to living of £170 a month.
I appreciate the attempt but you shoulda have read more carefully and not made assumptions.
It wont stay 0% for very long though unless you shift the balance owed to the company! + charges which will make the 0% worthless anyway.
I did read everything you said fully. Unless your renting, spending even less than £170 a month can be done.
I can easily assume you were spending on credit. You owe £1,600 which wouldn't have occurred if you spent what you actually had lol? I understand you needed to buy a computer for work, I could understand a ticket if an airline went bust just to get home anyway possible. But you should have thought before embarking overseas if you had enough money to see the whole thing through on your own capital. Unless you went with ACME airlines you shouldn't have been left or stranded. Just make sure to go with someone with coverage to customers or someone who isnt in the news... If you had just been a happy poor student and used a debit card, none of this would've happened.
Also all my original advice (which you came to the forum for?) is still valid...
Don't spend on it. Live for as little as possible...
From an if its possible to live point of view... It really depends what you can get the payments down to. If the 0% period ends, try and transfer the balance to another card with 0%. Looking at the Bham uni term times I think I will probably end up with (very, very roughly ---> probably less) about £340/month to spend + whatever work I do. Which for a student is pretty darn good. So unless you can go down from £300/month in payments. I dont think you will budget for it... This happened to my sister prior to uni and in the end my mum and dad had to pay off the bill.
Meh,
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