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Are you worried about money?
Are you struggling to pay your bills, or can’t afford to buy all the things you need?
Do you have debts that are difficult to manage, or that you are trying to ignore?
The Advice Centre is here to help all SHU students manage their financial situation effectively. Have a read of our on-line information, but also feel free to contact us with any debt or budgeting questions you might have.
Debt is money that you owe to someone else, whether it is a credit or store card, overdraft or rent arrears for example.
Unfortunately for most students, debt is inevitable. But the sooner you deal with your debt, the less likely it is to turn into a crisis.
Debts can be classed as ‘priority’ or ‘non priority’. Those which are priority can have severe consequences if they are not paid.
Priority Debts include things like rent arrears (you could lose your home), gas or electric arrears (you could get cut off) and unpaid court fines and council tax (you could go to prison).
Non-Priority Debts include things like loans, store cards and overdrafts. Some of these could be described as better than others (for example student loans and interest free overdrafts), because you can use the money during your studies without having to worry about unaffordable repayments.
Other non-priority debts, however, (such as store cards, payday loans and unauthorised overdraft) incur additional costs which mean that your debts increase which can result in them becoming unaffordable. Just because a debt is unaffordable, does not mean it is a priority.
The Advice Centre can help you deal with your debts, either by offering self-help resources, money make over sessions or specialist debt advice. The most important things to remember when dealing with creditors, are that you need to be:
The Advice Centre contact details are here.
Taking control of your money can be a daunting and difficult process, particularly if you need to take action whilst also concentrating on your studies. We have provided links to a variety of self-help resources and guidance to help you create a budget and tackle your money management skills. Self-help resources, Personal Budget Planner, and template letters can be found at the bottom of the page. Please do not hesitate to contact us for for more information or advice.
These 1-2-1 money makeover sessions are tailored specifically around your financial difficulties and goals. We can look at your situation, look at ways to increase your income and reduce your outgoings and offer top-tips for budgeting and avoiding debt. If it is identified that you have debts which need dealing with, you will be referred for an in-depth debt advice appointment, with one of our specially trained advisers. For further advice or information, please contact the advice centre directly.
If you already have debts but are struggling to keep up with your instalments, or you have found out you owe money but haven’t made an offer of repayment, then we can offer you expert advice and assistance to help deal with your debts. We can:
Alternatively you may want us to look at whether you can challenge liability for a debt, or discuss your options for longer term solutions. For further advice about the options available for dealing with your debts, please contact the Advice Centre on 0114 2254148, by email, or in person at the Hubs.
You can find more template letters, and a selection of useful factsheets, at the National Debtline website.
Alternatively, you can contact the Advice Centre, to arrange a 1-2-1 money makeover or debt appointment.