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Desperate Student seeking help!


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Hi everyone,


New to all of this so don't understand too much of the jargon as of yet, but hope someone can offer some advice for my situation as I am clueless!


My situation:


21 year old University student




£2200 - Nationwide credit card

£500 - HSBC overdraft unpaid

£500 - HSBC credit card

£1400 - Co op overdraft unpaid


So I'm consistently receiving letters to my parents house threatening court action however I now live at university where they don't have my address and I have completely ignored contact with all of them.




These debts were all 1 - 3 years ago when I really was a silly young boy with a terrible spending habit, a gambling addiction and a desire to not work. I also did lie on some of these application forms to obtain credit (not all but on some saying I had an income when I didn't) Not pleasant I know. But I really have changed things around tho, I'm at university studying a course I love, focused on being successful in my future career now, budgeting the money I do have, never gamble, infact rarely buy anything I don't need and Now I'm wondering the best plan of action is for my debts.


With the small amount I do get from my student loan and Saturday job I would still have nowhere near enough to even be able to consider making minimum repayments to these debt collectors. At this moment in time with 5 days a week at university, 1 day a week working I simply think adding an extra day of working to make small insignificant payments to these collectors could jeopardise my potential for being successful at University.


Does anyone know roughly how long I can expect until I'm issued a CCJ from one of these companies?


What I'm really concerned about Is that to all these companies I always put down my address as the one at the time, being my parents house, can this affect them in any way? If I wasn't to keep up repayments could they take assets from my parents house? This is my worst nightmare tbh!


Would anyone have any advice for the best course of action now?

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Hi Scott.


Have a go at completing a financial statement to see if you have any money that you can offer the creditors. It could be worth having a whizz through mymoneysteps.org as it'll help you plot the best route forward. Given that you have important things on the go right now I would suggest potentially looking at a Debt Relief Order: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=37_debt_relief_orders


I honestly believe a CCJ is probably a little way off yet BUT a DRO can prohibit them totally. It may not be the right option but MMS will let you know a little about ALL potential options.


Oh, and do get a new bank account far away from any creditors (an overdraft is a debt so you'll need to include it in whatever option you choose).


Best wishes,



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Your debts will not affect your parent's credit rating in any way, nor will anyone be able to take anything from your parent's home.


You really have two options at the moment - either get your parents to simply mark everything 'not known at this address' and return it and hope they all just go away or make an effort to deal with everything. Which you choose is entirely down to you of course but the chances of all those companies going away for good is not great and you probably will have to deal with them at some point. No one can guess if or when they might start court action against you.


If you do want to start sorting this out, your first job would be to write (don't phone, it's too easy to be bullied into agreeing things you can't do) to each company giving them your current address, state that you are a student and have no disposable income at present and will contact them again when your circumstances improve.


If/when you get a response, ask if you need more help, and don't give them your phone number.


"If you want my parking space, please take my disability" Common car park sign in France.

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Hi everyone, thank you so much for everyone's advice and help. Really is appreciated!


So my potential plan of action for now is, I graduate in 2016 where I should (hopefully) be able to get a good graduate job, failing that worst case scenario a full time job at least. Where I can live at my parents for a year, earning 18k + with no bills so should be able to pay it all off within a year.


How does this sound? Is this too late to leave it? Am I likely to have court action by this time? The oldest debt will be 5 years by that time.



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Speaking from experience either find enough money to offer full and final payments of around 30-40% or don't make any contact whatsoever with the DCA's and wait for statute barred. Only respond if they issue you with a statutory demand. Also open some bad credit credit cards as soon as possible to rebuild your credit rating and to give you the option to borrow money should you need to. After 12 months each card will have at least a £1,000 limit.

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