Debt   

Although the SU Advice Team is unable to give advice regarding debt, we can offer some useful tips and links to legitimate sites that can offer appropriate advice.  

Debt & Budgeting  

If you are in debt, you should seek advice sooner rather than later to stop the situation getting worse.   

Working out your income  

The first step you need to take is to make a list of your income; identifying how much money you are getting from various sources. Then investigate whether there are other possible sources of income you could apply for – Students' Union Advice can advise you on this.  

Working out your spending  

You may have outgoings which would be treated as a priority such as rent /mortgage; utilities; water; television licence; council tax (if liable); insurance. Alongside these you may have other outgoings such as course-related costs/equipment, books etc.  

It could be beneficial to make a list of these expenses to identify how much you spend on priorities and then look at the additional priorities such as food and household bills you will have.   

Draw up a budget 

The next thing to do is to draw up a budget using the information you have already listed about your income and expenditure. Hopefully, by having an accurate budget, this should help you manage your money, and you will be able to cut out any unnecessary expenses and save money or stop running up bigger debts.  

Dealing with your debts  

If you are in debt, you will need to sort out how much money you owe and to whom. By drawing up a budget sheet, you should be able to work out if you have any money to pay your debts off and, if so, how much:  

https://www.upsu.com/advice/money/budgeting/ 
  
Once you have made a list of creditors, you will need to work out which are the most urgent debts for you to pay off, and deal with the most urgent debts as a matter of priority. Some debts are more important that others, these include rent, gas and electricity and council tax.  
  
Once you have looked at your priority debts, you will need to look at your options for dealing with the less urgent debts. Less urgent debts are also known as credit debts and include credit card debts, personal loans, bank and building society loans, charge cards and catalogues.  
  
There are different options for dealing with your credit debts, depending on your circumstances. Your arrangements for dealing with your debts will depend on whether you have any money left to pay your creditors or not. It will also depend on what action your creditors may also have taken i.e. they may have already taken you to county court.  
  
For help at any stage with dealing with your debts you may wish to access any of the following useful links.  

Get free debt advice - GOV.UK  

https://nationaldebtline.org/get-help/my-money-steps/
  
Directgov – information on dealing with debt problems:  
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/PlanYourWayOutOfDebt/DG_10013291  
   
Citizens Advice – information on help with debt:  
http://www.adviceguide.org.uk/index/your_money/money_management_index_ew/help_with_debt_index_ew.htm  
  
Credit Action – advice on budgeting:  
http://themoneycharity.org.uk/advice-information/  
  
The Money Advice Service – information on managing your money:  
http://yourmoney.moneyadviceservice.org.uk/guides/work/money_while_you_study.html#managing  
  
Consumer Credit Counselling Service – advice on budgeting:  
http://www.cccs.co.uk/Studentdebtadviceguide/Studentbudgeting.aspx  
  
Money Saving Expert – budget planner:  
http://www.moneysavingexpert.com/banking/Budget-planning  

  

Updated February 2025