Step 7 - Get Help if You're Struggling

If you are struggling with repayments, your income drops or your circumstances change, always let your lenders know. They will help you to find a way forward. Increasing numbers of people are going bankrupt or taking out an Individual Voluntary Arrangement to escape debt - but it should be a last resort. Both options stay on your credit report for many years and you could be refused credit for some time or charged very high interest because lenders see you as a high risk.

Speak to a Student Union adviser to make sure you are getting all the financial support you are entitled to. Other organisations offering free guidance include Citizens Advice, National Debtline on 0808 808 4000 and the Consumer Credit Counselling Service on 0800 328 1813.