Follow our top tips you find in our website Clear Student Debt and dont get caught out in the financial forest....

Budget Planning:
Before you decide to take out a loan or credit agreement, draw up a budget plan and be realistic about how much to can afford to repay each month. We have provided a downloadable Microsoft Excel budget planner to make it easier. Right click here and select save as. Please DO NOT download this if you do not have a copy of Microsoft Excel, we are however planning on adding a downloadable PDF format in future.

Annual Rate of Return or APR:
When comparing loan always check the Annual Percentage Rate (APR) - normally the lower the APR the less interest you will pay over the lifetime of the agreement.

Small Print:
Always read the small print of the agreement, as once signed it is legally binding.

Regular assessment:
Keep a regular check on your credit expenditure, and if you can, pay off the full balance on your credit or store card every month, to avoid being charged interest and penalties. This will also positively effect your credit rating.

Self restraint:
Try and exercise self restraint, it is easy enough to take our loans and credit agreements however repaying them can be a different beast. Don't take on more than you can realistically pay - remember, you are ultimately responsible for the amount of credit you commit yourself to.

Dont borrow from Loan Sharks:
NEVER use a loan shark or moneylender, no matter how desparate you get they charge extortionate rates of interest, which will only take longer to repay. If you are concerned or need further advice contact the Citizen Advice Bureau or the Financial Services Authority.

Unable to repay?:
If you fall into arrears, don't ignore letters from credit companies - most will allow you to reschedule the debt if you are having trouble paying.

High Street Store Cards:
Don't be fooled by introductory discounts and offers for store cards as they often charge high levels of Interest. If you do want to take out a store card then always look at what the interest rate is going to be and whether you can afford the monthly repayments.

Financial Code of Conduct:
This website is useful in establishing the legalities of borrowing money. It is always worth reading the small print before entering into any loan agreement and taking time to consider each company throughrally to ensure that its servive and repayment period is right for you.

Professional Help:
Many universities and student unions have their own 'Advice Centres' with qualified staff who can help to negotiate with creditors when debts have got out of hand. In many cases these advices services will be better equipped to deal with the specific situations of students, than a local Citizen's Advice Bureau.

Email: info@clearstudentdebt.co.uk

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