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Student debt consolidation: the solutions available

10th April 2014

Ridiculously huge figures now suggest that students who are studying at higher education, university, will finish each academic year with a debt that can be in excess of £4,000. The average course at university lasts between three and five years, meaning that it is more than plausible that a student can leave university with a massive debt of £20,000. It becomes particularly alarming when you consider people who stay at University to complete things like masters degrees, can leave with debts of over £60,000.

This could all mean that new graduates can face real financial hardship that could in fact be the worst they will experience in their life time. This becomes worrying, given the current state of the economy at a global level. The cost of living is of course rising, there is a severe lack of job vacancies, and every business sector is struggling. More and more students are starting to encounter real struggled to make ends meet, and to in fact cover their debt.

Many of these students cannot meet interest payments on their loans, also, so the problem becomes increasingly troublesome.

These days, however, there are solutions for students who might find themselves in this circumstance. A popular method of dealing with student debt is student debt consolidation loans.

Student loan debt consolidation is a near perfect option for students who might be looking to lower their loan bills significantly, or even eliminate them completely. There are numerous options that are available to students in debt that will allow them to get rid of the effects their debt and their loans has been having on them.

It must also be noted that there are also businesses out there that are able to put loans on hold for students, until they are earning enough money to be able to repay their creditors. Student debt consolidation is a process whereby the student loans taken out, get treated as one single loan. This means that, instead of paying different debts to different creditors consistently, the student will instead pay for one loan at an agreed rate.

So this means that instead of paying a few different payments, all with an interest rate of say, 5%, the student will just pay one manageable monthly repayment which will account to a much lower interest rate. This interest rate could easily be between 0 and 3%. A lot of consolidation creditors may also have special offers, with things like one year interest free, upon you using their services.

Getting this kind of consolidation is easy. All a student would need to do is get in touch with their creditors, and inform them that they are applying for a student loan debt consolidation. They should ask for a consolidation pack from their creditors.

Most lenders will let you apply online, so it could be as simple as filling out a form and signing correct documents.

Taking out a student loan shouldn’t have to put you under financial hardship. Try student debt consolidation and it might just change your life.

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Watch out for bogus debt advisors, cab warns

20th March 2014

The Citizens Advise Bureau has been issuing nationwide warnings to people against imposters who are claiming to be from the Citizens Advice Bureau. These ‘bogus’ advisors are contacting people about their money worries and offering them fake help with their debt.

Chiefs at the Citizens Advice Bureau have warned people that no real CAB agency would ever contact people out of the blue and offer them debt advice and offer to set them up with a debt management plan. It is thought that the problem started in small towns, but it has now spread as far as Carlisle and Manchester, with CABs across the country urging people to stay vigilant with their phone calls.

The CAB has also warned people that cold callers who have been offering fake help to those in financial difficulties have been ringing around the local people in order to get further information.

The Citizen Advice Bureau are encouraging anyone who receives a call from people claiming to be from the CAB to refuse advice, and contact Action Fraud immediately by call or text on 0300 123 2040. Or they can be contacted through the Internet at http://www.actionfraud.org.uk/report_fraud.

Free advice is offered by the Citizens Advice Bureau for anyone is struggling with debt or is experiencing financial difficulties. By contacting a CAB advisor, people will receive expert, confidential and independent advice on how to tackle their debt problems.

Nicola Roguski, a CAB manager, has branded the bogus calls as appalling: “This is despicable scam that trades on public trust in our service. We were horrified when someone who wasn’t an existing client contacted us to find out how we knew they were in debt and told us they had had a call from one of our advisors.”

Ms Roguski went on to add that CAB does not contact people directly: “We made it very clear that no CAB adviser, or anyone connected with the CAB, would ever phone or text someone out of the blue to offer debt management services. We cannot stress this too strongly, and we would urge anyone getting a bogus call like this to end the call as quickly as possible, never give or confirm any personal information, and to report the call immediately to Action Fraud and to the CAB. This advice applies to any cold call or text that offers you a loan, help dealing with debt problems, or claims to be from your bank - it is almost certainly a scam."

Those who have been a victim of these cold callers are urged not to be put off from seeking professional help about their debt. Ms Roguski added that the CAB are there for advice when they need it: “We also want to reassure anyone experiencing debt or money worries that we can help. Our service is completely free, confidential and independent, and we have many years of experience and expertise in helping people get debt free and stay that way. No one solution is right for everyone. We can look at your whole situation, deal with any emergencies such as the threat of eviction or other court or bailiff action, or disconnection of essential services. We can also make sure you are not missing out on any extra income you may be entitled to. We can negotiate with creditors on your behalf and discuss all your options with you, so you can decide on the one that is right for you.”

For more information on money management and handling debt, and for the contact details of your nearest Citizens Advice Bureau centre, people are advised to visit the Citizens Advice Bureau website at adviceguide.org.uk.

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