19 years old student with 2k debt

mooongothelegend

Hi guys,

I need some advice in terms of what should I do next with my life... So here's my story:

I am a 19 years old student currently studying a levels at 6th form. In september I'm moving to Swansea to start my degree which of course will be covered by student finance. I've got a part time job as a security guard and I work only weekends as I have to be at school during the week. About one year ago I started betting on football with more serious money such as 500 pounds etc. Because I won straight away then I became addicted to it and that's when my whole life went in the wrong direction.

Few months ago I realized that the best thing will be to stop gambling for the rest of my life and I'm quite confident that I will be able to control myself with that resolution. However as things stand at the moment:

I have
-1k pounds debt with Wonga (they agreed to take 3 instalments of 340 pounds every month)
- Two mobile contracts; Three - 36 pounds a month, Orange - 36 pounds a month
-I owe Swinton Insurance Broker £170 pounds for terminating my policy (I recieved few final notices now)
-I have two bank accounts, one with natwest which is £110 in negative ballance (even though that I havent got the overdraft) they add interest every week so it will be growing quickly. My second account with Barclays is fine.

Recently I'm not getting enough hours with my security job and I struggle to pay my phone bills, never mind Wonga instalments or Swinton termination fees. My parents wont help me cause they already paid off my 2k pounds debt that I had with Wonga before and now they want me to touch the bottom end so I can learn my lesson.

Please can anyone tell me what should I do next ? I'm really hard working person and if it would be just the case of working every single day I can then I would do it but unfortunately there is a bit of a quiet time in security industry at the moment. Interest grows higher each day and soon it will grow so high that I wont be able to pay it off regardless how much I will earn.

It's not like I'm thinking about finishing this life or something because I'm not that kind of person and I dont think that any kind of money is worth more then our life however I'm getting bit fed up with this whole situation and I would love to make all straight again and start University with no financial problems.

Regards,
Reddevil

ps: Forgive me my english but it's my second language.

Lokolo

My suggestion?

Don't go to uni in September, work fulltime for a year, clear all your debts, get your life sorted, then go back in Sept 2014.

lippy1923

Lokolo wrote: »

My suggestion?

Don't go to uni in September, work fulltime for a year, clear all your debts, get your life sorted, then go back in Sept 2014.

Was going to suggest the same. Do exactly this!

Mouse1812

Lokolo wrote: »

My suggestion?

Don't go to uni in September, work fulltime for a year, clear all your debts, get your life sorted, then go back in Sept 2014.

I'd second that. Have a year out and try and save some money for Uni too.

Your parents are absolutely right not to bail you out a second time, so make them proud again and find some work.

edit to add: Your English is very good for a second language, I've seen far worse from those who only have one.

Macca83_2

Do you have to pay any rent or bills at your parents? In all honesty all it would take is 3 to 4 months of back breaking, round the clock, summer work to get your debts paid off in time for university.

mooongothelegend

Macca83 wrote: »

Do you have to pay any rent or bills at your parents? In all honesty all it would take is 3 to 4 months of back breaking, round the clock, summer work to get your debts paid off in time for university.

No I only have to pay for petrol for my car... There is no way that I'm giving up the Uni this year.. That was my plan to work hard (full time nights) and do a levels during the day for next couple of months to get everything paid off and then save some money for Uni in September.

Macca83_2

You'll end up burning yourself out.

And what if you don't get the grades you need to qualify for your course because you're simply too tired/busy to study properly.

Lokolo

mooongothelegend wrote: »

No I only have to pay for petrol for my car... There is no way that I'm giving up the Uni this year.. That was my plan to work hard (full time nights) and do a levels during the day for next couple of months to get everything paid off and then save some money for Uni in September.

So I assume you have done a whole years budget on what you are living off with your student loan? Cause there's no way you are getting a student overdraft.

It's better to have a year off before university, than having to drop out after 6 months because you have no money and are being chased by debt collectors.

mooongothelegend

I already have unconditional offer so I dont have to worry about grades. I will save up enough money just in case if I wont find a job in Swansea straight away.

Mouse1812

I would have thought with an unconditional offer you could defer taking the place for a year, they clearly like you.

Ask them.

Lokolo

mooongothelegend wrote: »

I already have unconditional offer so I dont have to worry about grades. I will save up enough money just in case if I wont find a job in Swansea straight away.

How can you save enough money when you can't even pay off your current debts at the moment? You even said yourself that your hours are reduced.