Advice please

radford123

Evening.

I've posted in here a couple of times, explaining my situation, bad credit, over due money back, lack of financial income etc.

Basically ill update the situation.

My debt has now spiralled up to £7000

- I have credit cards x3 that needs paying back and have reached their limits.

- I have 3 student accounts of which all 3 have reached there overdraft limit

- I have a job, but due to returning to uni can only manage 2 days a week, meaning only an £80 income per week.

- I pay £20 rent a week at home, that I can't afford, I have a phonebill that I can't afford, I can't even afford the train to university anymore.

- I've used my student finance already on bills and things that needed paying.

- I have no assets, no car, no car insurance and nothing to seel to make money

- My parent are equally as broke, have no idea of the debt im in and cant afford to help me anyway

- I've had a hardship loan turned down, have such a poor credit rating, it doesn't reach 3 figures

- I do have a detb management company dealing with me, but im only paying £100 a month back, hardly alot is it. My debt will be hanging over my head for almost a decade to come

- Im studying a law degree and cannot go under an IVA or Bankruptcy, the legal system doesnt allow me to if i want a job in the future.

- Alll this and im 19.


What can I do? Is there anyway of me securing some sort of finance? Some sort of deal with anyone, small repayments. Or anyway I can get my debt reduced or wiped out?

Just anything really, help please.

DVardysShadow

Previous threads

http://forums.moneysavingexpert.com/search.php?do=finduser&u=1382130&starteronly=1

As I see it, to carry on with your course is going to put you in a situation where you cannot do the job you are training for. So there is no point in carrying on at this point. You need to stabilise your situation for a year of 2 if you want to go back to it.

But perhaps I am slightly jumping the gun. You don't seem to have done a Statement of Affairs. I suggest you go to http://www.makesenseofcards.co.uk/soacalc.html, fill out a Statement of Affairs and paste a copy here. Then people will be better palced to give appropriate advice.

omits

You don't say how much you spend on non essentials! How did you get to this state and analysing the reasons may help you going forward. What are you currently doing about it?

Your only chance may be to ask your parents for a deal but present a sound case to them first. Your priority is to get rid of the DM for which I assume you are paying charges?

If you give readers some strategy for solving debts then you'll get good comment I'm sure.

radford123

Done.

But i cant post links on this board at the moment.

If im honest. I had a number of circumstances that lead me to this situation. Poor money control was the first. Spending money in student overdrafts, because before you see the results to me having an overdraft there was just an excuse to 'spend, spend, spend' because its there to be spent etc.

Then I had my car, but crashed it and the insurance wouldnt cover it, it was a write off and that was that, I couldnt afford a new one.

I cant quit my university course, because I feel if i leave I may never get back on.

I could try and work maybe another shift at work a week and overtime. BUt even if i did, id only earn another 50 or 60 pound a week, which is nothing.

Im trying to stabilise, but there's nothing to stabilise me at the moment. My income isnt hefty enough and I can't get a loan or credit to pay off all the big debts at the moment.

Im also getting balliff threats at the moment amongst other constant letters from the bank, which should have stopped by now.

DVardysShadow

radford123 wrote: »

Done.

But i cant post links on this board at the moment.

If im honest. I had a number of circumstances that lead me to this situation. Poor money control was the first. Spending money in student overdrafts, because before you see the results to me having an overdraft there was just an excuse to 'spend, spend, spend' because its there to be spent etc.

Then I had my car, but crashed it and the insurance wouldnt cover it, it was a write off and that was that, I couldnt afford a new one.

I cant quit my university course, because I feel if i leave I may never get back on.

I could try and work maybe another shift at work a week and overtime. BUt even if i did, id only earn another 50 or 60 pound a week, which is nothing.

Im trying to stabilise, but there's nothing to stabilise me at the moment. My income isnt hefty enough and I can't get a loan or credit to pay off all the big debts at the moment.

Im also getting balliff threats at the moment amongst other constant letters from the bank, which should have stopped by now.

You can paste the SoA into a thread. I have a feeling even if you had enough posts, a link to your SoA on the SoA site would not be meaningful for anyone but you.

As for your university course, if going bankrupt would ruin the plans for which you are going to university, then there is not much point in carrying on until you can be confident of avoiding bankruptcy.. It is near the start of the academic year and you really need to think this one through quickly. If you defer now, you can go out and earn, fix your debt issues and save for the study expenses which you should now be able to budget for. OK, you could duck and dive for a few more years and avoid bankruptcy. If your SoA helps you make a plan, then all well and good. But bear in mind that from here your planning ability looks a little shaky.

NeverAgain_2

You don't say which area of the law you hope to enter, but I know a criminal law barrister who was declared bankrupt, continued to practise, and still does.

CH27

Could you postone your uni course for a year & work fulltime to clear your debts?

radford123

Ive actually upped my hours at work this week. Now doing 40 hours a week and despite only being on minimum wage thats £250 pound a week, with roughly £200 a week put back into repaying debts. £800 a month should see me time to sufficiently clear debts within 9-12 months.

I found out my uni timtetable only requires me to be present at uni for 2 days a week, thus allowing me 4 days and 1 rest day to work. Hopefully 40 hours a week working, student finance income and the christmas/birthday period coming up within the next 6 months, should see me able to clear my debts.

Just on a side note, after wiping out my debts, how long will it take for my credit file to erase all my debts, or should I say 'recover' sufficiently well to say i have a 'good' credit rating.