General tips

All times, is highly advisable to stay within any agreed overdraft or credit card limits. You will find that banks are far more accommodating to you if you contact them before you hit a major financial problem, rather than waiting until you have gone over your limit, they have bounced your rent cheque, and your landlord is screaming at your door asking for his money.

Know your rights

If you do get into financial difficulties, there are a number of organisations who can help you. It is also important to know your legal rights with respect to such issues as tenancy agreements, and the Consumer Credit Act.

Keep your address details up-to-date

It is important when dealing with any financial institution to ensure that any contact details you provide to them correspond with the records they will have by accessing your credit file. In particular, banks are very unlikely to lend to anyone who they cannot trace on the electoral roll.

As students, you are entitled to vote in local elections at your home and term-time address, therefore you should quite legally be on the electoral roll for both. Some lending decisions are based on how long you have lived at your present address, and if this is the case, you should make sure that the bank you applying to is fully aware of your home address, which is likely to be much more permanent than your term time one.

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