I'm18 and Racked up 10k of debt soon to be 17k

Mowgli87

So, OP, if you listen to everyone else...If a dreams too hard to achieve, give up before youve even started. Good that, eh?

However, from a financial point of view, I agree with them. Defer for a year, get yourself back on your feet and then reach for the stars. Dont let anyone tell you cant do it... find that out whether or not you can for yourself. The only thing worse than failing is never giving it a go in the first place.

Yes its a difficult career path, but that doesnt mean you cant do it - just make sure you are in the best position possible when you start.

Idiophreak

koloko wrote: »

I racked up £33,000 worth of debt in a ten year university career.

Yes, that's my point. Most people who want to go to university end up racking up debts *once they get there*. Most people try as hard as they can beforehand to save as much as they can, to improve their quality of life once they're there.

OP's done exactly the opposite to this and run up so much debt that it may prohibit her from going in the first place - so you can't really blame elvis for questioning OP's financial smarts, or indeed her dedication to higher education...

Probably could have worded it nicer, though

CommitedToChange

OP - I'm assuming from what you've said that you don't actually have a place to start university this September? If so How are you going to go and study law? As others have said you need to get a good degree at a good university to go on an be a lawyer. Something you won't get through clearing. You would be much much better off taking a year out, getting a job and clearing your debts - trust me you cannot study law, work enough hours to clear those debts and have a life - and you need to have a life these days to add to your CV. You need to join a uni club to prove that you have outside interests etc.

Also as far as fees are concerned do you have to pay them? I'm guessing from what you've said that you are in a low income family so might be exempt from paying fees - if so then there is nothing stopping you from applying in the autumn - when you can actually choose what degree you want to do.

Trust me clear you debts before uni - take it as an important lesson learnt and NEVER forget it.

ExNicotineQueen

OP – you say you spent 2k at Currys, was this for a new TV or something? Can you sell whatever you bought from there and use it to pay off the 2k finance any quicker?

You say you have 6.5k on the Barclaycard, again this is a substantial amount of money to spend, especially considering you are only 18 and even if you are nearer to 19 than 18, that is a lot of money to have spent in such a short space of time. Where did it all go? You mention you went to NY, was part of this debt built up paying for your holiday, flights, accommodation, spending money etc? Basically are you in debt to the tune of 10k without anything ‘physical’ i.e. laptop, car, clothes etc to show for it? Or has your mum been letting you have use of her card for years so the debt has been built up for a longer period?

When you were earning over £500 per month, were you living within your means or were you putting any additional expenditure onto the Barclaycard? Apologies for any probing questions, but I think in order for people to advise you properly they need to know the full picture.

I think it’s good that you have aspirations, however you need to be realistic and if you are gung-ho about going to uni, you need to make sure you have the best possible opportunity to achieve success when you do go. You don’t want to be miserable sitting in your classes worrying about bills and debts all the while racking up more and more debt by staying on the course. Far better to concentrate all your efforts for one year on focusing on getting a full-time job and squirrel away your wages to clear the debts and perhaps have some left over as savings you can put towards your course.

JasX

Idiophreak wrote: »

OP's done exactly the opposite to this and run up so much debt that it may prohibit her from going in the first place - so you can't really blame elvis for questioning OP's financial smarts, or indeed her dedication to higher education...

TBH there is alot to be said for the mothers role in all this, what kind of parent signs up for 6.5k and hands it to a barely 18 year old to blow for a start in life.

I think suitable payback for the mothers height of idiocy would be dumping that one off on her and heading off to university with 3k of debt so long as OP is prepared to work all hours of the on studies and part time work (inc over the summer), will be tough but see the OP working for and steering their own course in life.

Rather than the one mommie dearest has guided the OP into by foistering/facilitating £6.5k+ of debt onto an 18 year old.

What did the money get spent on and can it be sold?

g_attrill

I would second the comments that getting a law degree will most likely not actually get you into law - somebody on here mentioned they went on to do a Masters and then something else, and still don't expect to get anywhere, apparently many solicitors are only taking on people under the ILEX system, I assumed because they get cheap/eager staff to do their clerical work, and the staff member gets on-the-job training and is a qualified solicitor at the end of it (if they choose that path).

If you just want a degree to further yourself then all well and good, a law degree is one of the core degrees that can help you get into many jobs and I don't think it has ever been expected that all law graduates will go into law.

silverchair

bargainbetty wrote: »

OP, I am so sorry to be harsh, but you are living in a dream world.

It's all well and good wanting to work in the law, but I work for barristers and have worked for solicitors in the last five years. Unless you walk out of a top 10 uni with a first class LLB, you will be in a pool of thousands all struggling for a chance. We get over 80 applications for one pupil per year, and training contracts are so rare right now that I have got an LPC-qualified LLB graduate applying for a job as my receptionist. A good 2:1 in Law, and she needs work as a receptionist. Think about that.

If you insist on university, might I make a suggestion: there is a worrying assumption that you have to give up work to go to University. I am about to start a degree on a distance learning course as part of the University of London (LSE, Kings College, all good schools) and my best friend is going to Birkbeck, doing an LLB part time, three evenings a week. We're both mature students (over 21) because we couldn't afford Uni when we were 18. Now we can, and we are doing it around our existing lives.

You can study part time while you work. Pay your debts, avoid the lifestyle that will run up more, and still get a degree. BTW, a library card won't be enough, you will need to buy certain texts and law books aren't cheap. Libraries are shared resources, and law libraries often don't let you take books home - you study there or nowhere.

You have run up a substantial debt at a very young age with 'wanting' stuff, and perhaps this should be a wake-up call for you. You can't always have what you want, unless you can be more creative about getting it.

Finally, if you still have that card in your mother's name, have her close it immediately. You can freeze the account, so it can be paid off without the interest going any higher, but you can't increase the debt. Never run up debt in your mum's name again!

I wish you all the best,

I totally agree with this.
1) If you rely on getting books from the library, someone will inevitably get them before you. I didn't do a Law degree, but needed to rely on journals to write my assignments.

2) I worked throughout uni, but still got myself into debt. I was raised to pay in full ( if you cant afford it wait). However, all that was forgotten when I went to uni. Its extremely expensive. Other than cost of commuting (which goes up every year), books, halls, emergencies its very hard to say no to socializing in the student union with friends or paying for different sport/uni clubs.

3) You wont necessarily get a good job (well paid) out of it, especially when you just graduate. Experience in your chosen field is gold. I left uni with my degree, worked abroad, returned home with the arrogance that my degree & work abroad will make me highly employable. I was soon brought back down to earth with the realization that employers don't give a flying fig unless the experience is relevant to them.

4) You are competing with a load of other people especially in this economic climate where people have been made redundant. Great for employers as they have more of a pool to choose from, not so good for people who have graduated.

If I was you I'd wait a couple of years until you are out of debt & have a more realistic view of what it entails. Would you be able to study law part time while you work. A friend is doing this & although its hard work it means that he can afford it without getting into a tonne of debt

I would do as others have suggested & put up a soa so that you can see what to cut back on now. I suppose you need to change your pattern of money spending behaviour & asking for cash from your grandad wont really help do this.

On the job front, are you able to join any agencies, how about office cleaning this is usually done early morning before your college starts. Cleaning offices is usually quite light as they tend not to be filthy & you're not allowed to move stuff on their desks (thank god for messy desks)

Good Luck & well done on taking the first step & posting here!

slkh

First of all I think you should sit down and list every debt you owe and what the interest is on each one. Next phone each company you owe money to and explain your situation and ask if there is anyway they can assist you with a payment plan until you are back on your feet, most of the time they will help you as it cost's them to take you to court etc. Next phone/e-mail every local company asking if they have any vacancies at all whether it be in a shop or care work. You could also look into self employed opportunities like bodyshop at home and avon as a stop gap until you can find something more permanant, some people make a very nice living doing those.

I think the uni idea is very sensible but it's hard going and I'm sure you would prefer to start will no debts and a clear head so as suggested maybe take a year out, your still young enough! and get those debts cleared, you can have them cleared in 12 months if you are strict with yourself and work hard! You have the bonus of living at home which many poeple don't have the luxury of so see that as a big advantage as you can concentrate solely on your debt's!

Best wishes

frenchtoast

If you cant find any work have you tried making money online? There are many ways you can do this for free. there are a few ways on eBay, paid survey sites (where you get paid for answering surveys). You can also get paid for blogging. There are many things you can try online to earn yourself a bit of money. It may be worth looking into. Theres a site on my profile page which may be of help to you regarding money making advice online

thepenguinsareyellow_2

Thanks to everyone who has had something to say, although not all is helpful.
The card was originally used when I would buy broken phone's off ebay, fix them and sell them on for a premium. This work very well paid for driving lessons etc. But then it rolled around to summer and i got stupid, going places, nights out things that really there's nothing to show for. That racked up about a grand. I got a job earning good money, my mum didn't know there was anything on the card as before i'd always made sure it was clear, the limit increased, then about a year and a half ago, i was stupid enough to spend my wage on the things that i could, as i paid for new york spending money etc myself, but making cash withdrawals, to pay the minimum balance and its just crept up.. and up and up. Oh I also bought a camera for college as I did an Alevel in photography, i can sell that for a few hundred quid too.


Someone said there assuming I dont have a place at a university? I have a place at Nottingham to study law, which is one of the best in the country, although i want to stay at home, not just because of the debt, but the main reason is i dont want to leave home yet, for the price it costs to live away at uni, your looking at more than than the uni costs in some cases.

I have already thought about defering for a year, also part time. I won't get an apprentaship as they're for 16-18 year old, i'm 19 in July and then there not government paid.