Students Beware:
Fuelled via feedback from the Clear Student Debt Myspace page, this section will be constantly evolving with first hand advice on the pit falls of student life from students themselves. Sometimes everyone just wants a slice of your loan cheque - but use this advice to fight back.
If you would like to add comments or suggestions simply send us an email: (info@clearstudentdebt.co.uk) or why not post a comment on our Myspace page and we will get back to you as soon as possible
| 1. Don't do business on the doorstep : |
Door to door callers be they from charities or utility suppliers often pray on students. Whether slightly hungover from the night at the student union, victims can often be confused about exactly what they are signing and what they should be looking for in the contract – as such, not fully aware what they are getting involved in.
Such door to door staff are usually paid by commission and not always offer the best deal, with their wages factored into the price they charge the user – you!. |
| What should you do: |
| Its simple, just say “no” and that you are happy with your existing providers/ or that you will donate money online. |
| 2. Steer clear of high street plastic: |
| High street store cards are an extremely expensive method of borrowing, where users purchases goods on credit, with a typically monthly repayment period plus a rate of interest anywhere between 25-35%. Its often difficult to resist temptation, particularly when you want something new for a night out – but try hard to resist as you will no doubt still be paying for the item long after you have forgotten about the night out. |
| What should you do: |
| Look out for clothes exchanges, such as Lips or Laundrette in Brighton where you can trade in your old clothes for cash – which you could either you to buy new clothes or simply buy someone else's unwanted items. Aside from the high sellers fees; Ebay still remains to be a useful resource for selling unwanted items, but beware if your items arent rare dont expect to make much. |
| 3. Cash for Cheques: |
| Family members sent you some birthday money by cheque? My advice, stick it in the bank and forget about it until it clears. Cheque cashing companies that you find on the high street (ok, so usually down a backstreet in the cheap part of town) will usually offer a same day service where they can cash the cheques for your instantly, or even provide you with a payday loan or overdraft – but beware the level of commission charged is substantially high, where you will usually pay a minimum of 8% of the cheque value, sometimes higher, providing of course that you can successfully jump through all of their hopes in the form of strict security measures. |
| What should you do: |
So 8% might not sound like a lot, some £8 per £100. But think what that could buy you, cinema tickets? Entry to a nightclub? Or even a nice lunch with friends? What if your cheque was to the value of £300, then you have just wished away £34...
If you are going to receive money from your family why not ask them to transfer it directly into your current account, allowing for ease of access. . |
| 4. Selling your stuff and pawn shops (thats pawn, not porn): |
No matter how skint you get, leading you to sell all of your worldly belongings try to do so via your friends at university, university message boards (including ours) or one of the many auction sites such as Ebay. Pawn shops such as Cash Converters, although often fast in dispensing cash for unwanted items will normally give you around a third of an items true value in recognition of your ‘hard up' situation they really cant name the price… and unfortunately its never that high. With post Christmas must haves including Sony PSPs being bought for around £45.00 its little wonder such shops are so profitable.
Although its been documented that such establishment are frequented by criminals pushing student paraphernalia pawn shops can be a great place to buy used good including bikes, DVDs and CDs but not to sell, and I stress NOT TO SELL. |
| What should you do: |
| Sell on Ebay; produce posters to place on message boards on university advertising your old books/ items for sale. Arrange to meet at the student union to ‘do the deal'. There are lots of selling your items, but make sure you get the most for your items and don't be pushed around.
|
|
|
E-mail: Info@clearstudentdebt.co.uk