Newbie in need of HHEEEELLLLLLP!!!

sparkyt2

thanks vicki i'm a teacher too and have too loans for that reason retraining! but i spoke to student loans and they said because i'm over the wages threshold i have to pay both at once!! (their advice!! I queried it more than once)
are they just chancing it ?

would be much better off putting the cost of one towards other debt you are so right!

At one point they even sent my student loan to an outside agency to collect?? I wasn't even aware i wasn't paying one as i thought they both were lumped together or followed on! Even threatened me with CCJ??

????? is there advice wrong??????

bride2be2006

Hi there

I dont have any great advice Im afraid cos I am new here too and still trying to sort myself out, just wanted to say hello and try not to worry too much, there are a lot of people here in the same boat and i feel much better now I know that.

I have started a spending diary to help me find out where all my money goes (cos I really dont know!!!)

Vickicb

Sparky - see below from the student loan company website:

"Most people will have either income contingent loans or mortgage-style loans. Some people, however, may have both types of loan if they have taken more than one course of higher education. If you have chosen to take more than one course then you will be expected to repay the loans you took out during each course according to the normal terms and conditions. This means that – depending on your income - you might be expected to repay both your mortgage-style loan and your income contingent loan at the same time. In these circumstances your total repayments would obviously be higher than if you only had one type of loan.

Special arrangements will apply, however, if you have a mortgage-style loan and then take out an income contingent loan because you have returned to higher education to take a course leading to a Postgraduate Certificate in Education (PGCE). In these circumstances you will only have to pay off one loan at a time. If your earnings exceed £1,780 per month (mortgage-style loan) you will repay this loan and can apply to suspend your income contingent loan. If your circumstances remain status quo you will continue to repay your mortgage-style loan until it is fully paid off. If your earnings are less than £1,780 per month you can apply to defer this loan and, if you earnings exceed £1,250 in any month (£288 per week or £15,000 per annum), you will be liable to repay your income contingent loan. If you take no action you will be expected to repay both loans."

So, if you did a PGCE to become a teacher you should definately not be repaying both loans at once.

Write to them asap and quote this to them - the address is http://www.slc.co.uk/noframe/lr/sss/repaydet.html#bothloans

Good luck and let us know how you get on!

Vickicb

Bump

Sparky - come back - you need to read this, could save you £100 pcm!

sparkyt2

Hi ther and thanks for that i'm going to write a letter straight away and get them to sort it out??? Thanks so much! x

sparkyt2

Hi everyone,

Had a good weekend? Mine has been. I feel as thought i have learnt so much even since logging on to theis site last week. All the support and advice so far has been fantasic, so thanks for all who have taken the time to help.

Feel like i've already made progress, even although my debt technically hasn't gone down any. i feel more confident that the situation is going to be undercontrol.

1. I have written a letter to the students loan company as i am currently paying back two types of loan at once (even after telephone advice from loan company about this??)

2. Cancelled payment protection on my visa card saving me £27.19 per month.

3. Started a spending diary which if nothing else makes me think twice about whether i need to spend that money or not?

4. Had a great night out in the pub on friday and spent only £12. Result!

Keep the saving ideas coming if you have any more folks!!
I'll keep you updated by how I am getting on!!

Thanks so much
Sparkyt2

sparkyt2

Would like to put my spending diary on excel but am rubbish at setting them up with formulas to add up my spending etc.

Is there any chance any of you lovely people have a ready made spread sheet one of you could e-mail to me please!!!

Grovelling now!! x

peskie_pixie

sparkyt2 wrote:

Would like to put my spending diary on excel but am rubbish at setting them up with formulas to add up my spending etc.

Is there any chance any of you lovely people have a ready made spread sheet one of you could e-mail to me please!!!

Grovelling now!! x

Hi

And well done in starting to make a dent in your debts. Re spreadsheets there's a great one on this thread
http://forums.moneysavingexpert.com/showthread.html?p=3568065&posted=1

In fact had it on my computer for ages and started using it on friday as my money situation had changed.

Keep up the good work x

there's also the budget planner at the top of this page

I_was_a_fool

Hi Sparky

Well done, lots of progress so far! try earning extra pennies now from sites like https://www.pigsback.com, quidco, lightspeed surveys, yougov surveys...

Next you should target and & get rid of the high interest credit cards (29.9 arg!!) first. Start with the smallest & when it is paid off, close it down (this is essential!) Then move onto the next.

You dont want to end up like me, 13 credit cards/loans and on a dmp!

dizzy_lizzie

Just wanted to say Hi and give you some support. You've come to the right place. You'll get some fantastic advice on here, much better than I can give, but want to say Good Luck x