My Secret Debt

tycooncico

14k was spent just being a typical student, going out and not really thinking of the consequences of my spending. The loan is in my name and i know its my responsibilty to deal with it. My mum and dad arent stupid and they must know i was living beyond my means, maybe they are just waiting for me to admit to it?

dinkylou

I guess you know your dad better than the rest of us.

If he is strict and it could turn nasty then I personally would nt tell him.

Your finances are your business and the loan was in your name for a reason - its your loan and your responsibility.

If you do choose not to tell them and just tell them its sorted, there is no way your dad can find out otherwise. The only paperwork you receive from the SLC is a statement every year and due to dataprotection, your dad can't phone them up. It also doesnt show on your credit report.

So unless he opens your mail, the only way they will know is if you tell them.

I know I would nt.

jitsuguy

Hi ya,

I have an idea, but you might not like it! It is a little devious. I am assuming that its a student loan through the SLC and that you are repaying an amount through your wages. Well all you have to do is tell your father that it is better for you to pay it back through your wages slowly as the money is making more interest as you are borrowing it below the interest rate!
ISA at about 4.5% and SLC Loan at about 3.75% I think!

How about it?

Jitsuguy

RichyRich

Just don't tell him! You're 23 for goodness' sake it's none of his business what you have spent your money on, how you raised it or how you intend to pay it back. Yes, he supported you through university and I;m not denying that it was very nice of him, but that does NOT give him a license to excercise such a degree of control over you where you have spent money that is lent to you under a government scheme and is after all designed to be spent. He can't dictate how you conduct your finances for the rest of your life, you have to break free at some point and it may as well be now.

It's none of his business whether you pay it back now or at 9% of your wages. If my parents were poking their noses into my finances at that age I'd be telling them where to get off!

Rich