NatWest Graduate Professional Loan

adviceplz

I took a huge loan of £22,000 to cover the ridiculous expense of doing the Legal Practice Course. I have been unable to secure a training contract despite having a 2:1 degree in law, a comendation in the LPC and three years voluntary and work experience.

I now have to repay this loan at £350 a month. My salary is just over £18,000 pa, which comes in at £1,200 a month after tax. My other expenses include rent at £300, council tax at £100, BT at £60, a travel card to get to work at £77 and electricity at £66 per month (on average). Including an average of £100 per month for shopping this leaves me with £147 disposable income. This doesn't factor in unexpected charges such a water, TV Licence etc which often means I spend more than I earn each month.

I also have a credit card which is at its £500 limit and no chance of being paid off anytime soon. The most frustrating part of this is that my current job pays more than the Law Society recommends for trainees which the the rate paid by most high street firms.

The upshot of this is that even if I got a training contract I don't think I could afford to take it. Any advice?

My options are an IVA or bankruptcy but then I must declare this to the Solicitors Regulation Authority who could revoke your licence. It seems like there has been absolutely no point to doing this course. It hasn't been worth it in the slightest and if I could go back in time I never would have done the course or attempted to enter the legal profession.

Tixy

I would consider posting on the Debt-Free Wannabe board and perhaps posting up a statement of affairs for people to be able to see your financial position and advise best.
As well as the possibility of an IVA (I'm not sure you would qualify for bankrupty), you could also consider a debt management plan.