A Very Frustrating Situation

AFCDXB

DCFC79 wrote: »

Jeez 50k of debts from going to uni in london,

Yeap.. painful. But before I started I looked at it as a investment with the possibility of a very high payoff if I landed the job I wanted, which I thankfully did.

The flip side of the coin is that I could have not landed a job, like many of my classmates, and that 50k of debt would look depressing right now.

AFCDXB

SeanG79 wrote: »

How did he manage to get you £50k in credit cards and overdrafts with shocking credit?

That is a question I do not have the answer to... The available credit was there and I took it, he had about 8 credit cards all with plenty of available credit, and I took them. I've kept up with every repayment over the last 4 years, so I must have done something to up his credit profile.

Tixy

You could possibly talk to whichever bank your student account is with to see if there is any possiblity of a graduate loan. Not for the full £50k of course but maybe for up to £10k, which you could then use to put towards whichever card(s) have the highest APRs.

Your job being abroad could mean this isn't possible - but its something work exploring.

Aside from that then you'll likely just need to accept the high APRs and again focus on paying off the most expensive debts first (just pay the minimum payment on all the rest).

You say you can afford about £1k a month - does that cover the minimum payments on the cards? Can you not afford more than that on your new salary?

Depending on which country you move to perhaps you can build up a credit profile there in the hope you might qualify for a loan at some point in the future to pay off the remainder of your debts.

You say father has appalling credit and no bank will lend to him - perhaps thats because he has £50k of debt in his name (and prior to that £50k worth of credit) in his name - rather than because of a poor credit history.

OneLife_OneShot

Just be thankful you have a job!

Jox

Once you start getting paid and are paying off the loan £1000 a month, the debt will get smaller and smaller - there is light at the end of the tunnel.

It will get paid off in time, don't worry.