How does Credit work? I dont think I have any credit history

[Swafe]

Them ocean finance and free cash direct adverts just annoy me.

And Norton finance, where do these people get off making cheesey adverts with money they'd made off people thru their 3.49%* APR deals to consolidate your debts



*Smallprint, please note when signing upto Ocean finance we laugh in your face Mr CCJ, the ARP rate is infact 20 Times 3.49%

[Marcos]

What effect will student loans have on credit rating?

[iMc]

What effect will student loans have on credit rating?

I don't *think* they count towards your rating. This is due to the fact that what you pay back directly coincides with what you earn.

If you earn less than £15,000 you pay nothing, infact heres a link to the figures.

Student Loan Deductions Table (PDF)

[MD]

I got out of credti card debt as was detailed here a few months back, personally I still have one card, but its only used for business expenses, now I buy everything on debit card, unless I need certain guarantees.

I have done my time ith repayments, Im nice and clear now.

m@

[Marcos]

Oh, thats a point, what kind of benefits will i recieve by using my barclaycard? Is there some sort of buyer protection?

[fraggie]

Im at uni at the mo and have 2 student accounts with 1000 overdraft in each and ive used it all up.

So long as i keep putting money into these accounts do i keep from getting a bad credit rating? or am i getting one now

Unfortunatly my parents arent helping me one iota with money therefore i have to live off the overdrafts and student loans that i get so im in a bit of a sticky situation :/

what can i do?

[Marcos]

Im at uni at the mo and have 2 student accounts with 1000 overdraft in each and ive used it all up.

So long as i keep putting money into these accounts do i keep from getting a bad credit rating? or am i getting one now

Unfortunatly my parents arent helping me one iota with money therefore i have to live off the overdrafts and student loans that i get so im in a bit of a sticky situation :/

what can i do?

Sounds like me in the future, im going at it with no parental support either.

How are you finding living costs? PM me with any tips to make sure i dont make the same mistakes you may have

[Nick F]

I have not been out of my intrest free overdraft which is at £1500 for the past two years. Its really hard when you are a student. I know I can easily pay it all off as soon as I get a job so I am not to bothered.

[Allen]

Been in the same position for the last few years mate, I did the worst thing you can possibly do...get a CCJ.

If there's one piece of advice that I could pass on that anyone even remotely listens to, it's DON'T let any of your debts get to County Court stage. Pay it off, sell your organs, sell your grandma, sell your body, whatever just get the money and pay that bill for christ's sake. Six years they last and within that six years you can get NOTHING, you are SCUM. No loans, no overdrafts, no current account, no credit cards, no mortgage, not even a sodding mobile phone contract....nada, zip.

Mine expires this July, it's been like a prison sentence. I'm nearly thirty and they only just gave me a current account again. Capital One have finally offered to up my limit from 200 quid.

Don't be a div with your debts.

That is so true. I have to wait till next year for my CCJ to be written off my records, it's such a pain. I've missed out on being able to buy into my girlfriends house where I live at the moment so am wasting money renting, I have missed out on my friends car, he offered it to me at about half the price he could sell it for... I've not been able to get anything good! Have the same mobile for god knows how long so haven't got any decent deals, have a cash account with Halifax coz they won't give me a current account... Only just recently managed to get a Barclay Card, god knows how! Use it and pay it all back EVERY month to try and help my rating.

It was the most stupid thing I have ever done. A piece of advise even more important than just not letting your debts get to the CCJ stage, don't keep them in the dark. If they send you a letter, don't ignore it, always call them up and discuss the problems. If you can't pay them, phone them up and tell them. Most would be happy to have half than nothing with the promise you'll pay back the other half when you can etc.

[Stewart]

How exactly did you get to the CCJ stage Al? Credit card debts? Loans? General living above your means? Rare birds eggs obession?

[Honoop]

Its all too easy to get to CCJ stage - like he says, dont hide them away.... best thing to do with debt is face up to it.
Better to phone the bank/lender to try to get them to help you and make them aware of your situation. Its hard, especially if the debt is big - but much better in the long run.

Unfortunately debt is handed out too easily, I should know - Ive got tonnes of the stuff and I hate it!! But so long as you are gradually chipping away at it and making your monthly payments then its not an issue imo.

[Kezzer]

I have no loans and no overdraft and i'm at uni *huggles his government and parents*

[iMc]

I have no loans and no overdraft and i'm at uni *huggles his government and parents*

You lucky fella. I don't know many people, if any, that have no loans and no overdraft and are at uni.

Does that mean your gonna end up with a degree and no student loan to pay off?!

[GAteKeeper]

Mmmmm interest free Overdraft.

Just paid mine off since leaving uni 2 years ago.

Although going to be in it again for the car insurance

As a student one of the easiest ways to get a CCJ is council tax - you *must* get every one in your house to send in their 'I am student I dont pay for stuff' certifacates or you will get a nice looking court summons. Luckly for us we had actually sent in the forms but they had miss placed them so we never got pass the first stage 'This is your court apparence date and time'

GAteKeeper

[Allen]

How exactly did you get to the CCJ stage Al? Credit card debts? Loans? General living above your means? Rare birds eggs obession?

Umm, high maintenance ex-girlfriend who loved me and left me... The first, and last, time I'm being abused for money!

She was fit though!

[Allen]

I have no loans and no overdraft and i'm at uni *huggles his government and parents*

Well, aren't you the lucky one..... Not many of us are priviliged enough to be able to afford to go to Uni, let alone go without paying a penny!