quick question about debt management plan

ed1983_2

Do i need to have an income(salary, wages, etc) to start a debt management plan? Im a student and i used to work part time, but have been laid off recently.

My family is now supporting me and i get 400pounds each month. It is for my daily expenses such as travel, foods, etc. I live with my relatives, so i do not need to pay for rent. It is sorted between my parents and my uncle. lm not uk citizen, therefore im not eligible for any sort of benefits.

I really do want to be responsible for my own debts rather than hiding, bankrupt or just f*** off back to my country once i finish my studies. After working out my expenses i can squeeze 100-150 a month to pay into the plan. But i heard you must have a secured job to start a DMP? Is that true? Cheers

By the way, i have unsecured debts of approximately 7-8k. With personal loans and credit cards

DarkConvict

You dont need a job to start a DMP, a DMP is basically paying what you can afford. It is easier if you can pay the same amount in per month.

However paying back £150 on 8000 assuming no interest is 45 months, assuming average interest of 10%, "It will take you 71 months to pay off these debts if you snowball correctly. During that time, you'll pay £2,512.00 in interest."

Which is about the length of time a BR/IVA would affect you and they do live with you for life. Your main target needs to be seeking out a new job to boost your income. If you are studying does your collage/uni give out support funds?

ed1983_2

DarkConvict wrote: »

You dont need a job to start a DMP, a DMP is basically paying what you can afford. It is easier if you can pay the same amount in per month.

However paying back £150 on 8000 assuming no interest is 45 months, assuming average interest of 10%, "It will take you 71 months to pay off these debts if you snowball correctly. During that time, you'll pay £2,512.00 in interest."

Which is about the length of time a BR/IVA would affect you and they do live with you for life. Your main target needs to be seeking out a new job to boost your income. If you are studying does your collage/uni give out support funds?

Dark

Thanks for yr kind advice.

Unfortunately, like i said i am not uk citizen therefore i do not receive any sort of bebefits, support funds, etc.

The thing is i am about to enter my final year and i assumed it would be extremely snow under and very little tme tor me to work

Certainly is not worth declare bankrupt with this tiny little debts, is it? Debt relief order seems unsuitable for me either.

I am so confused about what to do?

DarkConvict

As you mention final year i assume you are uni like me, i just got 1 exam left and i'm finished.

What i mentioned was not benefits, some collages and universities have their own funds (not government) that they issue out to those on low income.
Im curious who is paying your tuition as it costs a fortune for non-UK students, ~£3500 UK, ~£15,000+ for Non-UK.

Remember if you have debts owed to the university, even a library fine, you WILL not graduate you must repay university debts before you get your certificate and final marks.

The Final year is hard, you get out as good as you give in. I know many who left jobs to do their FYP but also know just as many who keep working because they had to due to commitments and debt, if you do not pay off debts they will only increase and be a bigger issue to tackle when you graduate.

the_insider

Go to https://www.nationaldebtline.co.uk and complete their financial assessment and self help pack. Then send it to your creditors with offers of payment and they will contact you to confirm the arrangements they can offer you. A 'DMP' doesn't have to be done through someone else, you can do it all yourself.

ed1983_2

DarkConvict wrote: »

As you mention final year i assume you are uni like me, i just got 1 exam left and i'm finished.

What i mentioned was not benefits, some collages and universities have their own funds (not government) that they issue out to those on low income.
Im curious who is paying your tuition as it costs a fortune for non-UK students, ~£3500 UK, ~£15,000+ for Non-UK.

Remember if you have debts owed to the university, even a library fine, you WILL not graduate you must repay university debts before you get your certificate and final marks.

The Final year is hard, you get out as good as you give in. I know many who left jobs to do their FYP but also know just as many who keep working because they had to due to commitments and debt, if you do not pay off debts they will only increase and be a bigger issue to tackle when you graduate.

You are spot on mate.. it does costs a fortune.. my parents are paying for my course fees and I am so ashamed I get myself into this mess after all the support they provided me.

I will try contacting the national debt. Thanks for your advice