debt

[brfc]

i currently have a few debts about and im looking to get on with sorting them out. after seeking advice the best way for me would be a debt management plan. from what ive been told it puts all your debts in 1 and you pay a set amount to the debt management company who pays your creditor. i was told it would stop the interest too on my credit card debts so be quicker to pay off.

[liberalleague]

I'm well over £12,000 in debt already at age 18 just because of sausage student loans! I'm not eligable for any grants or anything as my parents earn too much money so it means I'm in waaaay more debt than any of my friends as I have to get bigger loans. It's absolutely ridiculous how the government hands out money! As if my parents are gonna pay off (or can afford to pay off) £12,000 of their daughter's loans just because they earn a grand more than another family! It's terrible because my mum's currently unemployed and my dad's only semi employed at the moment as well!

And to get over debt I live on beans on toast and never touch my credit card!

[peecee]

brfc, hun, I hope you've taken proper advice on this? A debt management company will still charge you for their services, I'd be very careful. Can you post or pm me with the details of what you're thinking of doing?


liberalleague, I'm an old gal who went to Uni when they had things called "grants", I never had a student loan; but a lad who worked for me had a student loan, which he doesn't have to pay back until his wages hit a certain level. How has your debt got so high at your age, sweet pea?


Edit: I wasn't trying to sound judgemental there! I'm just working on ways to help.

[dipsydoodlenoodle]

liberalleague, I'm an old gal who went to Uni when they had things called "grants", I never had a student loan; but a lad who worked for me had a student loan, which he doesn't have to pay back until his wages hit a certain level. How has your debt got so high at your age, sweet pea?

When I left uni I was in £9000 worth of debt (purely student loan); thankfully I'd saved most of my loans in case I needed them so I paid back the bulk straight away and then through my job I paid back the rest of it within a year. Ok it also helped I did a masters and I got paid a grant to do it.

I know how liberalleague feels, my parents earned too much for me to qualify for any money...one of my friends qualified because her mam was a single parent and she was listed at living with her - they didn't consider her dad, who earns 6 figures a year (he once got a 5 figure sum for doing one job for a week or two because he was the only one who they could get at such short notice and he saved the company millions so they paid him really well for it).

I also worked all through uni, my first summer I spent everyday at work; I think I had 2 days off that summer. I even worked two jobs during the first year of my masters for a while - it was really hard but then I needed money so I had to. When I went to uni there was only 3 people on the course who worked...a couple would get jobs for a few months to help them out and then say "It's getting too much for me I need to leave" - I did a course at uni which also required a lot of hours at uni; it was 25-30 hours each week minimum plus homework/coursework weekly for every module I took. I managed it along with working 20hours a week...I don't know how some of my friends said "it's too hard". I still had time for a good social life as well.

[19ironside12]

I was up to my neck in debt just four years ago. I took out a low interest loan over three years and paid off some off my debts and kept some of the money in my account and as time progressed I was able to completely pay off all my debts. I am now completely debt free. It's a huge weight of my shoulder. You may not be able to get a low interest loan but maybe you could ask a family member to take out the loan and pay them back monthly. Good Luck ! I just want you to know that I managed to do it and so can you. Maybe if it all goes well you could be debt free in a few years.