It can be tempting to use payday lenders to get access to some money when things are tight. However, using payday loans always makes the situation worse in the long run and they have enormous rates of interest. Speak to ASK about other ways of resolving your situation without resorting to these lenders.
ASK has trained money advisers and are authorised by the Financial Conduct Authority to deliver debt advice, ASK is number 618690 on the Financial Services Register.
If you need advice come and see us or send us a confidential email. Alternatively you can contact one of the following charities that can also help, they are all free, confidential and non-judgemental.
National Debtline is a charity specialising in money advice and debt. There is lots of information on dealing with debts that is tailored to students and a confidential helpline to speak to a fully trained adviser. The service is free and non-judgemental.
StepChange are another debt advice charity that has information specifically for students, they are a charity that has expertise in managing money and debt advice. Again they are confidential, impartial and free.
Citizens Advice Bureau
CAB has a wealth of information on debt on their website. There are also local offices that can help with face to face advice, use the post code checker to see which one is closest to you.
Debt advice involves a few simple steps to allow you to take back control of your finances.
Maximising your income - this could include making sure you have received your maximum student loan, checking to see if you are entitled to any benefits or applying for grants. It could also be considering a part time job.
Working out your personal budget - knowing where your money gets spent and how much you have left over after bills is a key part of regaining control over your finances. It is important to make sure your budget is comprehensive and realistic.
Dealing with your priority debts - not all debts are equal, some have more serious consequences to not paying them such as rent and energy bills.
Dealing with your non-priority debts - all other credit debts would then be looked into to see how much you could afford to pay .
There are different options you can consider in finding a solution to your debts. ASK can talk you through these options.
Student Support and Development Services in the Tawney Building also offer some bursaries and scholarships as well as a hardship fund and emergency loans. You can find information here.