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    Alright, to cut a long story short I'm in £2200 worth of debt before I've even started university. This has come about from using credit catalogues. My current monthly payments are at about £80, which is, as you may think, surprisingly low considering how deep I'm in it.

    This £80 is doable, yes, but I still have the total figure of £2200 running around in my head every night and I just want it to be zapped away, at least for a few years so that I don't have to worry about it.

    The way I see it, I have two options.

    1. Beg my parents for the money. This would cause a massive argument about how I could be so stupid (I know this already) and my parents dipping into their savings, and while I'm sure they have enough, I'd feel really guilty. Any offer to repay them at some point would probably go unbelieved.

    2. Apply for a Halifax student account, and since my credit rating would be quite good I imagine (since I never actually fail on the monthly payments), I may get the £3000 overdraft. I could use this overdraft to pay off the £2200 total from the catalogue companies and, while I'd still be in debt, I don't think I would have to repay this money nearly as fast... would I?

    Suggestions?
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    You'd have to go into halifax for a budget planning meeting for the extended overdraft and then they'd see about it that way, so you wouldn't be given £3k because of outstanding catalogue debt - you'd probably be able to get £2k with a well thought out budget plan but you'd need to make sure you'd have money to live off with loans and wages in order to pay the catalogue debt off in full from the overdraft.
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    Sorry, could you elaborate?

    If I got the £2000 that would almost cover my debt, but how does one go about repaying overdrafts?
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    Get a job. Get saving up.
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    To repay an overdraft, you just credit the account. An overdraft really just allows your balance to go negative.

    If you are on good terms with your creditor, then it's probably better to keep up with the monthly payments. For starters, there's a fixed amount they are asking off you each month - so less of an opportunity to avoid paying up than if you have an overdraft to pay off when there's nobody hassling you for it.
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    I know it might seem difficult but I would speak to your parents about this. Their probably not getting that much on their savings interest wise at the moment either way.
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    Just keep paying it off. As long as you stick to your payments there shouldn't be any problem, right? If you couldn't afford the payments in the first place you shouldn't have ordered the stuff tbf. You should work on your spending habits :tongue:
 
 
 
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