Need to be debt free to go to Drama School

Faith1984

Hi all,

I'm a newbie here, and I know there are tonnes of threads to read with all sorts of advice, but I thought I would start one specifying my situation, and see if anyone out there has some good advice.

I am trying to deal with my debt, and am currently in talks with the CCC about a Debt Relief Order. This scares me, as i'm worried that if this is on my file, no-one will ever give me a mortgage, or a tennancy or anything that involves a credit check. However I am hoping to go to part time drama school in London next year, and definately can't afford to do that if something isn't sorted, and soon. Does anyone have any advice about this?

Also, day-to-day living is getting tougher. My boyfriend pays all our bills as I can't, we use my money to live on, and even though theoretically we are well off, we never have any money to do anything, as we are always balancing debts off against eachother, and as always the one month we have a good month, a car breaks down or something else happens.

We have discussed getting a lodger to help with bills, but the boyfriend is against the idea (we had a bad experience in the past) or I could get a part time job, but with my back pain, and my acting hobby taking up all my spare time, I can't bear the idea of it. I'm not lazy, I was working in a bar at night before my accident, but now I can't stand for long. And my acting is something that has made me feel alive again, as it's always been a dream of mine, and one I'm only just confident enough to follow.

I guess I just want to know, should I take the DRO, should I get a part-time job and a lodger, and try to still act at the same time, or is there anything else I can do? I feel like I can't talk to anyone at home about it, as my parents are sensible but not realistic, and my boyfriend lives by the 'something will work it out' method, and whilst being understanding and supportive, doesn't see things the way I do.

Sorry to ramble. Help?

bottleofred

Hi Faith,

A debt relief order is generally for debts of or up to £15000 and while there is not the same stygma attached as Bankruptcy, they can damage your credit rating for a while.
Have you contacted national debtline and CCCS, talked through your circumstances and given them a budget for income and outgoings.

For a Debt Relief Order you need to have under a set amount of surplus income, very low or no assets and under £15,000 of debt.

Good luck

Marisco

Hi Faith, would it not be better to get a full time job, pay your debts off and then think about going to drama school?

happycamel_2

Hi Faith, I'm afraid I'm with Marisco on this one.

It sounds like there's lots of things you want but you can't afford them all. Firstly getting an SOA up on here (sticky on top of page ) will help us show you ways to cut down and which order to tackle your debts unless you do the DRO. I'm not sure how that would affect your ability to get loans in future but I guess it makes you higher risk so logically people will want to charge your more and be more reluctant to lend. I should have thought you'd be okay if you're paying rent in advance I think it'll be a while before you've saved enough for a deposit to worry about mortgages.

I think you do need to be working. If you're back is injured you might still be able to do office work (with the right chair) or work that doesn't involve lifting or standing too long. I don't think you can let a hobby get too much in the way of earning when you have debts to pay, without meaning to sound nasty it doesn't sound like a very responsible approach.

If you're doing drama part time next year then I think you'll need a part time job too. Unfortunately living costs money and we all need to earn just to get by.

Good luck and keep smiling, sounds like you're keeping positive and I promise you'll feel better as you watch those debts melt away.

fatbelly

If CCCS are recommending a DRO then I'd trust them.

It is true that your credit rating will be rock bottom. But then it's probably not very good at the moment!

Another way of viewing it is that you will be free from your debts (assuming you make it through the one-year morotorium period) and then there is an end in view as the records drop off your file in six years.

Faith1984

Hi all, thank you for your advice.

I think I may not have explained my situation clearly, so to reclarify for those of you concerned about my choices:

I work full time, I am considering a second job, however due to the accident, I have less energy and find it hard to be both on my feet constantly, or sitting down for long periods, so struggling to think of something to do. I also do a lot of Am Dram, and maybe I am being silly, but it's the one thing I do that makes me feel alive and I don't want to give it up.

Drama school will be part time, evenings and weekend, I will still work full time. It's in London and designed for people who need to work.

My main query's were:

What do people know about DRO's, are they good, or are they another one of these things that seem like a good idea, and turn out to be a nighmare idea once you sign up

Any advice on ways to earn money or cut debt without sacrificing my hobby.

Faith

fatbelly

Faith1984 wrote: »

What do people know about DRO's, are they good, or are they another one of these things that seem like a good idea, and turn out to be a nighmare idea once you sign up

If you meet the criteria, they're brilliant.

The main thread is here:

https://forums.moneysavingexpert.com/discussion/1385275

But I don't advise reading from the start as there were a lot of us trying to get our heads around the scheme in the early days - mostly sorted now.