Help needed...what shall i do??

jigsyuno

Hi, this is my boyfriends account that i am using but i could really do with some help...

My name is Caroline and i am a 22yr old Canadian in the UK who has just completed a BSc (Hons). I hold dual nationality, which allows me to be over here and working etc....

Having spent the last three years over here at the Uni of Plymouth, i have managed to rack up quite a bit of debt, which is really worrying me. Although i am angry at myself for allowing this to get outta hand, i feel that i really did not have much choice, being absolutely broke with no family over here, when i went to the bank and they would offer me a credit card i jumped at the opportunity!!

My debts include:
2 x Student overdrafts = 3,000
1 x goldfish credit card = 1,500
1 x Abbey credit card = 1,500
1 x hsbc credit card = 600

grand total of 6,600:eek: :eek: :eek:

I have to pay this debt off asap as i have to return to Canada because of family issues...i have no choice, and i really cannnot pay this off in Canada because of the strnght of the pound against the CDN$!!

I really do not know what to do...i can't even get a job at the moment!!and when i do...i'm guessing it will be minimum wage!!


This debt is literally making my life hell...

Does anybody have any suggestions? My friend mentioned bankruptcy, but what implications will this have for me in Canada?i've thought about consolidating it by getting a grad loan with a favourable interest rate...but i'm not sure if i'll qualify because of my lack of earnings!!!

Any help would be much appreciated

Regards

Caroline

x

lady_fuschia

I'm no expert, though there are plenty on here who are and will be along with advice soon I'm sure.
Anyway- first just wanted to offer a virtual hug and a "don't panic!"
One thing I've just thought reading your story is whether you've considered getting night work in a factory for a few months? If you go through one of the job agencies its usually very quick to find a placement (I'll be honest, its because nobody wants to do it) usually things like stuffing envelopes, putting flyers in holiday brochures- its deathly boring and plays havoc with your body clock but its a very good wage, quick and easy to get, and you spend your days sleeping so don't spend as much. A friend of mine did it to raise money for travelling and managed to gather 3500 in the space of a three month summer break. May well be worth looking into. Don't limit yourself to the minimum wage jobs ads, there is plenty more accesible work around.

CLAPTON

i can't see any reason why you cant pay your debts from Canada..if the exchange rate is unfavourable then that just means it will take a little longer to pay off thats all.
If you choose to stay in the UK get the best job you can and start paying the debts off...in reality £6,600 isnt a major debt...with some care you should be able to pay it off in a year or two

ms_london

If you've got to go home as soon as possible then you've got to go, and will have to repay the debt from Canada - since you have a dual passport, if/when you come back the £ will help speed up your repayments, but I dont see any other way out of it.

How soon do you think you'll need to go home? Couldnt you get office work through a temp agency? Usually better paid than other forms of work....

Not sure how good your credit rating is but could you consolidate your debt or get a 0% credit card for the time being?

Try not to worry about it!! xx

jigsyuno

hi guys, thanks very much for your replies, im starting to feel more postive about it all. I'm in Belfast at the moment with my boyfriend, we're going to go around more agencies and try to find some high paying crap jobs!

We looked into factory work, and the agencies said we needed 1 years experience!!

I can return home no later than the end of september, I think I will have to repay it from there, I've considered a graduate loan but I'm worried the payments will be too high and too difficult to reach each month with CDN$...but the repayments I'm paying on each credit card are even worse so perhaps I should just speak to the bank.

Thanks again for the replies, I really appreciate your kind words.

Caroline

Quincifer

Id say a 0% credit card is a great idea in your situation, at least then if you have to go home you can either save up a bit of money to pay it off once the 0% has run out or use your money to clear another debt and sort the credit cards after.
Supermarkets nearly always have some vacancies and call centre jobs are ten a penny.
Good luck x

jigsyuno

im not sure i'll be able to get another credit rating... but i will give it a go!

lady_fuschia

I'm very suprised the agencies said you needed experience. How many did you try? Normally they will employ anyone, because most of the work they offer frankly a monkey could do. Perhaps the factories in your area have more complex machinery, ask if they have anything in a packaging warehouse or similar (putting stuff in boxes and sellotaping them up). I would really push them on this, could be a big boost to start you off paying your loan.
Alternatively you could look at the supermarkets- pay isn't so hot, although some do night time shelf-stacking shifts at double pay, and working Sundays earns you more.
If you have experience could you get a summer bar job? I once paid a months rent out of my tips from bar work in a posh hotel.

lynzpower

hi there
have you checked out gumtree.com

Im sure theres a belfast bit on there? they often have jobs, short term that have to be worth a look.

I take it you will have to fly back to canada from London. I know this is cheeky, but is there any chance you could doss on a mates floor or something here in london as there is a fari amount of temp work going here paying up wards of 230 a week after tax.

jigsyuno

yeah we have checked gumtree...but unsuccesful!!

unfortunately i do not know anyone in London...altho we are going to fly from there!!

Might resort to Bankruptcy!!!!6,600 is gonna be like 13,000 in CDN!!!!all too much!!:mad: :mad:

anyways...thanks for your suggestions!!

Boomdocker

You have converted your debt to Canadian money saying it will be too high but you havent said what your earnings will be when you get home. Will that be comparable to your debt?

You shouldn't be considering bankruptcy in my opinion as you seem able to pay off your debt from what you have said but would just seem to rather not want to. You need to take responsibility for what you have spent and with help find a way to repay it. Bankruptcy should not been seen as an easy option.

I dont mean that to sound as harsh as it probably does. You should be able to pay that off in a year or so or sooner with some careful budgetting.

Best wishes.