So I have decided...(advice req.)

MW84

Kevicho wrote:

Just thinking over what you have put, you really do seem to have limited options especially with the travel situation.

Ok lets see if we can think of something, and some people may find this controversial but here goes.

1. Stick to part time uni, that way youll get training and experience, most employers these days prefer experience, but if you mix that with uni degree, then you are more likely to be a better candidate for jobs/promotions etc.

In this 4 years, as a student you should learn to live below your means, i think 17k of debt could be IVA or bankruptcy level, and after 6 years these drop off your record, so after 2 years of finishing uni, you could be better off and also thiswill be cleared (then save up 17k and donate to charity, to clear your karma).

Not very moral, but its a possibility you may consider.

You should check this with the company you work for if they wont continue your employment or training if you do this, then you will be scuppered.

Also you should check with student financing, this may effect any money you can get from them although its doubtful you'd get much.

Keep this as a last resort, and make sure you cover every possible aspect before doing this, as one thing could leave you high and dry.

Also re football matches, have you considered stewarding?

I don't attend that regular to football matches tbh.

re: Uni? I am confused. I am not a full time student yet but part time, one day a week. I would definitely consider bankruptcy if going to Uni Full Time tbh.

I am certain student financing would not be affected due to bad credit but must check; although mate works there and mentioned no.

I work in the construction industry as a qs. re: promotions etc. I already have a about 4-5 years work experience in profession but understand what your saying with regards to gaining employment

Would my car etc. not be taken from me if I went bankrupt?

MW84

bulldoglove wrote:

Hello,

I think your car insurance very expensive.Try to find better deal .I was soo glad I change mine.(I got M&S car insurance and I am paying £27 a month for Mercedes Benz A160 full cover included RAC breakdown cover and insurance and breakdown cover in Europe.
Also get pay as you go mobile phone (it works much cheaper for me than the contract.)

Good Luck!

just took mine out and thats the cheapest I could get. only been driving 3 years.

MW84

also; should I just cancel my DD's for loans and credit as they are gonna come out when I get paid in 2 weeks and then ill be left with NO money!

MW84

also might be worth pointing out and don't know if this makes any difference that my cahoot loan is a fixed rate loan.

and my nationwide loan is a personal loan.

not too clued up on things and not sure as to difference. i believe my nationwide is at a fixed rate as well.

i feel stupid :mad:

Kevicho

Sorry havent replied until know

I was pointing out the correlation on sticking with uni part time (4 years) and declaring bankruptcy (cleared from records in 6 years), so that would be 2 years after leaving uni, you would have access to credit again, and hopefully with a uni degree a decent wage.

6 years is a lot less than 14 years in starting again financially.

In the meantime your job will be supporting you financially for living as your current soa is borderline on whats coming in and going out, so really your just working to live.

If you do decide to go down this route then get proper advice as there may be an aspect were missing here (the car for instance).

bobbie78

you might want to look at the student budget calculator from this site (sorry can't find direct link) which you can enter how long your course is and over how many years and how much it will cost you depending on how much you can earn in the same time.

There is also another calculator to make you see how much your car is costing you per year. They are very enlightening. Also have a play with the debt snowball calculator if you haven't already. It is very enlightening how much an extra 20-30 quid a month can reduce your payments by.

You are missing a few things from your SOA although you live at home. You need to include everything you will pay over the year and split the payments into 12 month chunks so you can save up for things and not have them sneak up on you. For example xmas, birthday pressents / birthday nights out, eye tests, dentist, how much you pay for football eg tickets, hotels for away games, books and stationary/printer ink etc for your course.

Your petrol is very high, do you get a car allowance or mileage expenses from work to help with this? Do your parents buy food? or is the food budget you buying all the food for the house on top of paying your parents rent, as this is very high for just you otherwise. You might want to head on over to the Old School board for ideas for really cheap meals you could make to feed you and the parents for a fraction of that cost.

I'd recommend getting a little note book and for a month writing down everything you spend, then you will start to see where your money goes, eg how much is ciggys, beer, drinks / snacks at work, dvd's etc. Once you get a better idea where all your money is going each month, then you can re-prioritise how you spend it and use the debt snowball to help you pay it off faster.

Are you entitled to any student loans with your course? Do your parents know how much you are struggling? could you pay less rent but help out more about the house to even this out for a few months, and that alone would pay off the credit card straight away at least.