Taken out more than one Professional Trainee Loan, Can't make repayments anymore

Ryan.Maloney

This all started when I opened more than one student account because of the 'freebies'

I have a student account at

- NatWest

- RBS

- HSBC

I worked at NatWest so I got to know a few thigns... (like NatWest and RBS are owned by the same company)


I was doing Dentistry and took out a professional trainee loan from NatWest


I fell heavily into debt and took out a trainee loan from RBS for the same thing - they called it a healthcare loan


Anway, I fell ill and have left the course.


Now I am really strugging to keep up with repayments.


I owe £10k to NatWest for the Professional Trainee Loan, I own £5k for the HealthCare loan,

I have an overdraft of £1800 on NWB, an overdraft of £1800 on RBS and an overdraft of £2k on hsbc



I am now back at uni doing pharmacy but my RBS has become a 'graduate account' - there is even a charrge of £10 a month for being a graduate.

The thing is .. should I tell them I'm still a student - then I could have the £10 monthly charge removed.. but would they go mental when they realise I'm not a dentist - according to their calculations I should be a fully trained dentist by now!


I also have credit card debts in excess of £10,000



Should I just declare bankruptcy?



ps - i was doing very well at uni but some really bad things happened that messed up the family situation as well as me becoming ill. I never envisaged this...

I am strugging to pay interest now.. let alone the repayments

Catch_A_Fire

Don't even contemplate bankruptcy without speaking to either CAB or CCCS http://www.cccs.co.uk/ .

Speak to RBS about the 'graduate account', they will have an automatic process that converts students accounts once they think your course is over. I wouldn't expect them to by bothered that you're doing dentistry still - you were doing dentistry when they gave you the loan, so you haven't deceived them.

Also, get over to the Debt Free Wannabe board for advice on budgeting.

Finally, and most importantly, DO IT NOW. Don't put it off until tomorrow. Tomorrow soon becomes yesterday!