D-Day Looming

Emmzi

Lee,

they know. Maybe not in their hearts, but in their heads.

Come clean. You are young and have time enough to fix this.

Very good luck for the conversation.

msmicawber

Good luck, Tycooncico. PMS was in a terrible state a few weeks ago before she 'fessed up to her parents and they went potty. However, they quickly calmed down and have assisted her, and the relief in her posts afterwards was palpable. (I hope you don't mind me discussing your situation, PMS.)

I'm a mother and I would hate either of my children to struggle on with debt and guilt and stress, thinking that they couldn't tell me. Most parents are like that, and since yours helped you through Uni. and your father has indicated that he may assist you with the CC debt, I'm sure that it won't be too bad even if they do go ballistic at first.

notes

Cant help with what to do financially BUT>>>>>>

Id tell them.

A lot of students come out with similar debts as you. Its fairly normal nowadays im certain.
Perhaps you could get them to understand that you were struggling at college and too proud to ask them for more money. So instead of asking them for more money you used your "own" money (i.e student loan) to keep you going and intended to work hard to pay of all the other debts.

This may make them realise that students dont have it easy, and a student loan is normally not enough and most students also have unsecured debts when they leave college / uni ? Am i right ?

Have a plan ready to show them how you intend to get things paid off. And have it ready.

Think if you do it right i.e. as i said above they shouldnt be too upset - especially if you say that you was struggling and too proud to ask for more. They may even think more of you that you didnt just keep asking them for money and tried to stand on your own 2 feet.

Hope it gets sorted

MoneyMagnet

Good for you, for deciding to be honest! I know it's difficult to come clean, and the chances are they'll react negatively at first, but they'll probably be glad to know, in the end. And it'll be much better for you too, to have it all in the open. Given that they know you've had problems already, this ,ight not be such a huge shock to them. You're young enough for this not to have too much a long-term impact on your finances, and you now have the chance to regain their trust by repaying it all, and proving that you can be sensible. Good luck for later

CLAPTON

based on the information supplied and of course there may be lots of other info we don't yet have, the way i see it is this:

OP has student debts of 11k which only become repayable once he earns over 15k and then only at 9% of the excess over 15k...so currently he needs to pay nothing.

OP's other debts are 5,700 on CC which he has just maxed out and with minimum payments of 140 per month. now why if you earn 15k and live at home is it that difficult to find 140 per month.

curious.

dudleyboy

CLAPTON wrote:

based on the information supplied and of course there may be lots of other info we don't yet have, the way i see it is this:

OP has student debts of 11k which only become repayable once he earns over 15k and then only at 9% of the excess over 15k...so currently he needs to pay nothing.

OP's other debts are 5,700 on CC which he has just maxed out and with minimum payments of 140 per month. now why if you earn 15k and live at home is it that difficult to find 140 per month.

curious.

Very good point. SOA time, methinks (and perhaps a bit of credit card shuffling).

Well done, Lee, for facing it head on. Although your parents may be disappointed (and even give you a good b*ll*cking) it's still early days. If your parents are financially unable to help you out then seriously read up on the credit card shuffle and low interest loans articles. It'll take a while to pay back but no / low interest will help you get back on your feet again.

tycooncico

CLAPTON wrote:

based on the information supplied and of course there may be lots of other info we don't yet have, the way i see it is this:

OP has student debts of 11k which only become repayable once he earns over 15k and then only at 9% of the excess over 15k...so currently he needs to pay nothing.

OP's other debts are 5,700 on CC which he has just maxed out and with minimum payments of 140 per month. now why if you earn 15k and live at home is it that difficult to find 140 per month.

curious.

I dont really have a problem with the repayments. I've told my parents earlier i am willing to pay £200 p/m off my debts, the problem was if/how to tell them the amount and the fact i spent a loan that theyve thought i had banked for 5 years

msmicawber

I still think it would be easier to tell your parents about what you have done if you have a plan in place to repay your debts quickly. If you're only paying a little over the minimum payments, then your CCs will take a long time to clear.

As Clapton points out, you will soon be in a position where you will have to start paying back your student loan. If you're also paying off the CCs, then it will all get harder.

Also, I imagine that you are planning on moving out of your parents' house at some stage, and it will be much easier/preferable to do that without debts and with some savings for deposit, moving expenses, etc.

If I were your Mum, I'd find it a lot harder to get angry with you over all this if I could see that you were actively trying to sort it all out as soon as possible, and looking to the future.

gallygirl

Lee hope it goes OK. My DD has just graduated with 18k worth of debt. I coudl kill her, but would kill her even worse (yes, i know it doesn't make sense but you know what I mean!!!!) if she hadn't told me.

Good luck x

pms

msmicawber wrote:

Good luck, Tycooncico. PMS was in a terrible state a few weeks ago before she 'fessed up to her parents and they went potty. However, they quickly calmed down and have assisted her, and the relief in her posts afterwards was palpable. (I hope you don't mind me discussing your situation, PMS.)

I don't mind at all and I feel so much better now for telling my parents the truth. I am not allowed a savings account until I am discharged from my Trust Deed, my parents are putting my money for my car insurance, road tax, dentist /prescriptions etc and any extra money I get into their savings account so I dont spend it.

Lee you may not realise it now but a weight will be lifted from your shoulders once you have told your parents everything. All parents love their kids even when they do silly things and I'm sure your parents will be no different, after the initial shock and possible going mad at you they will help you out as best they can.

Good Luck