Issue 150

The debt medicine

04th December 2006

Debt is a major factor in most students lives. It causes stress, malnutrition, depression, having your card declined at HMV and in tragic cases, suicide.

However there is always help. Lifelines of tradition are parents, other astranged relatives, the universities hardship fund and in radically extreme cases, a job! However, debt isn't so much about how much you owe, as how you manage it.

However if you aren't managing your debt well there is a life line. A good catchphrase might have been "If you've got debt, who you gonna call? Money doctors!" (although debt busters would have been better, but that's already taken).

The Money Doctors are a new initiative being trialed at Swansea University's Student Support Services, along with sixteen other institutions across the UK.

The initiative consists of workshops targeted at personal debt management and general financial skills.

The Money Doctors have sent out a new questionnaire to find out what services in the new initiative have the most student interest. Those who take the time to check their student email accounts and send back the questionnaire will be entered into a prize draw to win platinum cards to Play. These cards entitle the bearer to free entry for two, queue jumping and general privileges in order for you to spend a little less on a good night out! All feedback will help tailor the service to the needs of students, and allow the money doctors to host the workshops in a way that will be of most benefit to students.

The Student Support Services do much more for students than just a few workshops however. They also specialise in helping students in debt to manage it effectively.

A student told of how she "came to them with spiralling credit card bills" which are now manageable. In one case they helped a student reduce their repayments on debts from £550 per month to just £20 per month. Another saw a demand for immediate repayment of £6440 reduced, on negation with each creditor, to a repayment of £45 per month.

They enabled another student to continue to postgraduate level by managing her debts. She says: "They were able to negotiate with my credit card lender to get interest rates frozen and agree that I only pay £1 a month until I am in a better position to repay. This means that I can continue with university education knowing that I can meet my repayments". Perhaps the most poignant comment is from a student who was being hounded by her creditors. She turned up with a bag of unopened bills and in a state. She is now recieving help and says, "The pressure they have taken off me is immense - I will now be able to sleep at night and answer my telephone without worrying who is calling."

They pride themselves on their non-judgemental, impartial advice and assistance. Students can be reassured that no matter the cause of debt, be it prostitutes, or hard core drugs, or even HMV, they can and will help. Furthermore you don't even have to be in debt to get some help with your money, they offer advice for anyone and can help you get the most of your finances.

It is important never to let debt cripple you. There is always help. Make use of the Student Support Service is a vital lifeline to those in need, or in debt.

Graham Jenkins