Posts Tagged ‘debt advice’

One student’s bid to clear debt

One student’s bid to clear debt

Instead of seeking debt advice, one university student thought that he had found the perfect debt solution by conning eBayers out of thousands of pounds.

In an attempt to settle debt from his student loan, this cunning seller placed advertisements on Ebay for laptops and console games which he never owned. He copied photographs of the items and wrote detailed descriptions of them. Gullible eBayers were impressed with his ads and sent him payment via PayPal. After several days, customers started to get worried when their goods never arrived. They complained to PayPal who looked into this matter for them.debtsolu

Paypal reimburses bidders

Upon investigation, it was noted that the devious student was pocketing his PayPal payments but not sending out any goods. He avoided correspondence from his exasperated buyers and banked the money. His misleading advertisements netted him profits of over £10,000.

After over 40 complaints to PayPal, bidders have now been reimbursed for the deception of this fraudulent seller.

The student claims that he only wanted to continue the scam until he had settled his student debt.

He has since been forced to sell his home to repay PayPal and has been sentenced to over 200 hours of community service.

He is now banned from Ebay!


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The first point of contact for any debt advice should be the Citizens Advice Bureau. They have specially trained staff that know exactly where you stand legally and between them have years of experience in helping people for free. They will go through your circumstances and advise you on your options.

There are other companies that are advertised to help you with your debt however make sure they are independent and not just offering one solution to your debt (e.g. IVA) as they will be giving biased advice.

Secondly, you then need to contact your creditors to make arrangements to repay based on the advice given to you. In terms of whom to contact first my Mum always told me that you should always pay your rent or mortgage first as you need to make sure you have a roof over your head. You can then work backwards from there in terms of the biggest consequences if you don’t keep up with full payments.

Following this you can try and see if you can bring in some extra income to help speed up the repayments. I would not use these in my original calculations but as a bonus to help get out of debt quicker.

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