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Money This forum is for support with financial issues.

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  (#1 (permalink)) Old
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Name: Cara
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In Debt and Unhappy, Please help - January 6th 2014, 01:32 PM

So I just got my student loan in today and instead of being happy that I actually have money to spend now I'm not.

The amount of student loan that I got was 2188. The amount my bills and rent cost for the next 4/5 months is 2189.

So even if I spent money on nothing else, not even food, I still can't afford to cover everything.

On top of that I have a mass of credit cards that I foolishly took out and thought I could handle and I'm trying my hardest to pay them off but I have no spare money to do so.

I also owe the electricity company over 1000 because the flat I'm in has no form of central heating so the only heaters I have are the plug in electric which cost a lot to run. The electricity company isn't too much of a big deal because as long as I keep making my monthly payments they're unlikely to chase me about it.

I'm trying to get a job but I have very little experience so getting one in the near future is not looking promising. I try to sell old clothes and things I don't want when ebay has free listing weekends but it's not very successful at making a lot of extra money since postage costs a lot.

I'm still a student so I can't go on benefits of any kind and most debt management schemes I'm uneligible for.

My Dad gives me a lot of money since it's not the first time I've been stuck in this situation but he grumbles about it so I don't like asking.

I just don't know what to do :/

ps. I'm not looking for a lecture on my bad decisions about credit cards, I already know it was a bad idea.

Edit : So I just got off the phone with a debt advisory agency but they can't do anything for me since I'm keeping up the monthly payments and not in any arrears...yet



Last edited by Gingerbread Latte; January 6th 2014 at 02:14 PM.
   
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Re: In Debt and Unhappy, Please help - January 7th 2014, 04:54 AM

How much do you get per month for a job or are you just living off student loans? If it is just student loans, I would be nervous because most loans you actually have to eventually pay pack.
   
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Re: In Debt and Unhappy, Please help - January 7th 2014, 12:08 PM

It's just student loans I'm getting since I don't have a job. UK student loans are a little different though in that they're provided by the government and you only start paying them back when you're working and earning over 21k a year and they're also interest free.


   
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Re: In Debt and Unhappy, Please help - January 7th 2014, 03:40 PM

How much have you taken out already? How much longer do you have? I really would reconsider it if I were you. I'd personally eventually would want a job that pays me more than our equivalent of 35,000 US dollars. Without graduating college I made around 18,000 pounds. Assuming it was just 2000 dollars a month, you're still taking out 24,000 pounds a year. That is about 40,000 dollars a year.

That is a lot of burden that you will put on yourself. I would assume you would want to eventually make more than 21,000 pounds and then you will start paying back those loans. My entire nursing education has cost less than the amount of money you will have taken out in 1 year. This is including my paramedic, EMT, and fire certifications.

If you have financial aid advisors regarding educational loans available to you, I would recommend you make an appointment and find out how much debt you have put yourself into should you have to start repaying the loans. How much will be the monthly payments and find out if the trade off is really worth it.
   
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Re: In Debt and Unhappy, Please help - January 7th 2014, 05:17 PM

Pretty much everybody in the UK takes out student loans and you only pay back 15% of them from your wages which gets deducted automatically and if it isn't paid off within 25 years it gets written off. The student loan isn't what's bothering me.

Also, with the student loan I don't get it every month. I get about 6500 a year to last me plus the cost of tuition fees which is about 2000 a year. At the end of it I'll probably have less debt regarding student loans than most of my friends since they went to university after the tuition fees rose.

It's the credit cards and the fact I owe lots of money to credit card companies that worries me more because any spare money that I do have just gets put towards paying off them but then at the end of the month I have no money left for food so I have to buy food with my credit card which makes it all a vicious cycle I can't get out of.


   
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Re: In Debt and Unhappy, Please help - January 8th 2014, 07:02 AM

If you really want to tackle debt but cannot get a job, then your best bet is to look at what you can trim.

Do you have the cheapest mobile plan at the moment?
Can you find other sources of entertainment like renting movies from a public library instead of going to the theater or renting books?
Do you have the basest Internet package?
Can you turn down the heat a bit and use more blankets instead?
Can you make the clothes you had last year last through this year without purchasing anymore unless it is absolute necessary?
Are you making most of your food and living as simple as you can? It's cheaper to pack a salad, sandwich, and water instead of buying soda and a sandwich for lunch.
Are you living in the cheapest place you can?
What about coupons? Can you clip coupons?

It's hard to get out of debt but there aren't that many options.
   
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