Please, I need advise.

luna1

Hi,
I have been self employed for several years, with hard work and dedication I have been able to pay on and off a little amount of my debts as we know with the financial difficulty as a small business owner I am struggling and always has been a struggle. As an optimistic person I kept thinking tomorrow will be better but it is soooo hard. Also I have a serious medical condition that has been very active in the last 6 months, I can not sleep and rest trying to get to a sensible decision and also I am on antidepressants. I am 46 years old now, and after having a good think reevaluating my life and financial situation I have decided to go to university and study for a degree in business...also I can get a part time job in between. I think with the degree and my practical skills and experience (beauty industry) I will be able to find a good job that will help me to get out of this vicious circle. It is a massive decision and I am thinking in to consolidate my debts, maybe sell, let or close the business(lease will finish in november) to be able to focus in my degree. I am in a relationship that also needs to be sorted.. due to his income £142.000 a year I can not get more funding and he is not able to help me during this new path so I need to find the solution to all of this.
My question is what will be the best way of sorting my finances out?

My debts are about £20.000 in total as:
Business loan £11.400 Pay 25% interest unsecured loan.
I pay £255 a month
Various credit cards about £8000 I pay £270 a month,
I just dont know what to do for the best so any advice will be appreciated.
xx

[Deleted User]

personally I think studying for a degree is quite risky; no guarantee of any employment at the end of it. Could be 3 years studying just to put letters behind your name for nothing but extra debt.

John1993_2

luna1 wrote: »

I am in a relationship that also needs to be sorted.. due to his income £142.000 a year I can not get more funding

Something a bit strange going on there, it seems. If this relationship is on a permanent enough footing that it's affecting your funding then I'd hope that it';s serious enough that they could help you out in your time of need.

However, as you say that they cannot, how would you plan to fund yourself through a degree, and to service your debts whiile you are there?

The statistics on the financial value of a degree (as in does it make ou better off overall) are often marginal at best, when applied to an 18-year-old, with a lifetime fo work to come afterwards. For someone who'll leave at 50, and who may well still have medical issues, it's hard to see that you can expect to gain by taking this route.

All that I'd say is that if you do find a way to fund it, make very sure that it's an absolutely killer degree. If you can study at Oxbridge, for example, then that will provide a real boost to a CV. A degree from an ex-poly, despite being worthwhile to some, is not going to make people fall over themselves to recruit you afterwards.

happycamel_2

A business degree is nowhere near as useful as practical experience. What do you hope to learn? If its cash flow control, invoicing etc I suggest AAT, if marketing then do a diploma course in that. Business degrees are generalist and not particularly valuable, especially to mature students, I say that as someone who has one.

You have debts, a course is expensive and will take many years to recoup the cost of even if you do raise your salary (which is unlikely). Your time and money would be better devoted to a few short and focussed courses, the government has business development agencies and your local college will also have courses which will help you.

LittleMissDetermined

If you are certain you want to return to education to increase your skills, have you considered the Open University so you can gain the skills but continue to work? Especially if you are considering business which covers a multitude of skills which may or may not be of benefit when coupled with your experience.

My hubby did an OU course a good few years back but we paid for some of the course with Tesco Clubcard vouchers - Maybe they still do that?

Hope you get sorted whichever your decision

Ilona

Hi OP, you first posted about your problems in June 2011.
https://forums.moneysavingexpert.com/discussion/3330716=
The relationship wasn't working then. Are you still together after two years? Why is he not able to help you with an income of that size? Can't he lend you the money at a lower rate of interest? If not you need to give him the boot.

How are you going to support yourself if you go to university? Will the degree guarantee you a job, if not, then you will end up worse off. Can you sell your business as a going concern and pay off your debts with the proceeds? Seems like a massive risk you are contemplating, perhaps stick with what you are doing and work out how you can cut your expenditure. Posting up a Statement of Affairs would help people to advise you.
Ilona

JES_F1

I agree with LittleMissDetermined about considering the Open University as you can study while working. I did a BSc and postgraduate courses with the OU while working fulltime, and can highly recommend it.

The OU does offer financial support and loans - check out their website for details: http://www.open.ac.uk/.