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Loans going to prevent me from goign to university
Comments
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Sorry I didn't mean to offend anyone with that comment!! More a personal thing for me if i am going to get to where i want to go! plus the industry i am getting my degree in is at risk of been saturated in 5 to 6 years! These are the reasons why i came to the conclusion i would be to old past 29-30!
I don't believe its ever to late to be in further education and i wasn't trying to suggest anyone who will be leaving uni past the age of 29 is to old!! the comment was more based on my specific circumstances!!
awww there was no offence taken at all, I was just laughing cause it made me feel oldthere's always a way around things. Consider all the options available..speak to the bank, speak to your parents, speak to the uni and look for that part time job so you don't acrrue an increasing amount of debt whilst there! Wish you all the best x
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Sorry I didn't mean to offend anyone with that comment!! More a personal thing for me if i am going to get to where i want to go! plus the industry i am getting my degree in is at risk of been saturated in 5 to 6 years! These are the reasons why i came to the conclusion i would be to old past 29-30!
Whats the industry your going into ?0 -
what were the loans for? eg if a car loan - sell the car!Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
My problem is i'm going to be 25 when i go and on a 4 year course meaning i will leave at 29! i consider that to be an old age for leaving universityiwilldebtfree wrote: »:rotfl::rotfl::rotfl:had to laugh, I'll be early 40's when I finish uni!!! better late than never I say!!iwilldebtfree wrote: »awww there was no offence taken at all, I was just laughing cause it made me feel old
there's always a way around things.
You're not alone ..... I turn 40 this year and am hoping to be able to do my final year from the autumn ......Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
If you are ready to study and have got a place at a university you like, then do it now!
As for the large loan: decide how important your credit rating is to you. One option is simply to go to university; tell the lender your new financial situation; and negotiate realistic payments for the new situation. At that point they should also stop adding interest to the amount you owe... Sounds wonderful, but of course you would then be in breach of your original contract and your credit file would reflect this, so there would be no chance of any future borrowing for a good long time. You would not even get the student overdrafts that most banks offer (although your Student Loan would not be affected).
Anyway, if you could transfer the loan to a long interest-free credit card then that is likely to be sensible: any money you spent on the debt would reduce the amount owing rather than paying interest. Do be aware that even though you could do that once, as a student you are unlikely to be offered any interest-free deals.0 -
Being a student for three years is tough enough financially without having the debt still hanging over you, even if you're lucky enough to get a three-year agreement from your lender to hold off from interest payments - which is getting more and more unlikely. Most lenders want to renegotiate after a year.
Your best option is to work your backside off to get the debts paid before September or, failing that, defer for a year.0 -
Don't worry, if you went to uni this year and graduated when you were 'only' 28 you still wouldn't be in the graduate job you want by 30, so why not make it 29 and go in with a clean record? There is plenty of time and room for more on the graduate scrapheap :beer:
ps. i went to uni in similar situation, defaulting on everything. being in halls and drunk most of the time is a good way to pass several years of the 6it's the last 3 which have been really hard for me. Wouldn't recommend my course of action with hindsight.
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nadge - I notice that you say the interest free £2000 loan will be gone by the time you go to uni and thats £135 a month. I calculate that at £135 pm you will pay just over £800... Are you planning on overpaying each month to make up the other £1200? Or is the £2000 the loan you started with, not what is outstanding?
The reason I ask is that if you do still owe £2000 and are planning to overpay, why are you overpaying the interest free one? Why not overpay the other one, saving interest?
Also, do banks still to interest free student overdrafts? Might be worth investigating that too. Mine was £1,500 interest free. Between overpayment and the overdraft, you might be able to wipe out the big loan, just leaving you with £135 a month (plus the overdraft, but if its like mine, it reduced slowly over 3 years after graduation and remained interest free)Santander Loan [STRIKE]£3003[/STRIKE] £2100AA Credit Card [STRIKE]£3148[/STRIKE] £2676Natwest OD [STRIKE]£1500[/STRIKE] £1370Cahoot OD [STRIKE]£1000 [/STRIKE]£650Capital One Card [STRIKE]£641[/STRIKE] £400Total [STRIKE](Jan 12)[/STRIKE] [STRIKE]£9546 [/STRIKE] £7196 (Now)0 -
Thanks to everyone for all you suggestions and helppheonixrising21 wrote: »nadge - I notice that you say the interest free £2000 loan will be gone by the time you go to uni and thats £135 a month. I calculate that at £135 pm you will pay just over £800... Are you planning on overpaying each month to make up the other £1200? Or is the £2000 the loan you started with, not what is outstanding?
The reason I ask is that if you do still owe £2000 and are planning to overpay, why are you overpaying the interest free one? Why not overpay the other one, saving interest?
Also, do banks still to interest free student overdrafts? Might be worth investigating that too. Mine was £1,500 interest free. Between overpayment and the overdraft, you might be able to wipe out the big loan, just leaving you with £135 a month (plus the overdraft, but if its like mine, it reduced slowly over 3 years after graduation and remained interest free)
the interest free loan started at £5000 and is currently at £2000 i did plan to overpay it! i know that sounds strange as its interest free but the theory behind it was if i get it paid by July it would free up £135 a month as well as what i was overpaying, and i could start to save to pay of the big loan (They will not allow overpayment)
But i have come to what i see as a good solution! I have been able to get a credit card that allows me to balance transfer £4000 to my current account and 0% for 22 months with a 3% transfer fee. So i am going to pay of the big loan using this and a bit extra that i will be able to scrape together. This will save me about £600 in interest :j. and will mean the majority of my debt will be interest free! i can then get rid of the other interest free loan and i will just be left with the credit card. and if the worst comes to the worst the minimum payment is more manageable that what i currently have to pay!
I do have an overdraft and would be very interested in changing it to interest free! defo something i will be asking the bank about nearer September!
I think somebody else asked what industry i wanted to work in - software engineering!!
Someone else asked what the loans where for. The interest free loan was for a self funded programming course and the other was for a car but i no longer have that car (scrap yard in the sky!) and my current car is worth around £800! But i certainly will be selling it to help get rid of some of these debts!!0 -
hmmm I work in software too, I know what you mean about the age thing but my BF is a software engineer and a manager- also 29 and has no degree but 30 is definitely not too old... 50 perhaps but if you're good enough and have work experience even voluntary you'll be fine
xxx
Life is too short not to love what you do.0
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