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Working out of debt, especially from a student POV
There are lots of real in depth guides how to resolve debt out there but this is a more a quick points from life learnt lessons (the best ones I find)
Many students fresh out of school heading for college often gain a little debt while living the student life, others like myself gained lots of debt inclusive of having to pay for my course via a student load for £12,000 total after all my costs and payouts 
This was some 7 years ago now and many of the debts caught up with me so I had to try and resolve the issues without totally going broke. The most useful website for those in the United Kingdom is:
https://www.annualcreditreport.co.uk
This is a free credit report on-line which essentially lists all essentially financial details which effects everything you apply credit for. In the data is exact dates when credit was obtained with payment status and most importantly for me when they expire if the debt is defaulted after 5 years of no contact (I was at 7 years at this point). Once the debt is defaulted it will clear of your report after a few years and if you can build other credit up meanwhile like opening a regular bank account and keep payments going in out (put the same money in and out if needs be) which all counts as positive credit.
When the bad debts default off your account the positive credit will help restore lost credit points which rate 0 - 1000. The more good credit you can build while waiting the shorter the amount of time will be before your credit rating has improved.
Hope this helps someone 
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Submitted: 6:31 am on Jul-07-2009
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Blogger: Poster
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This blogs labels:- Debt
- Student loan
- credit report
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Stonerscolony Blog Version 1.7 |
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