Repaying a career development loan

Matt123

Hold on. Surely the obvious thing is to borrow the money to pay the two loan payments? Now that you are employeed and presumably have a half decent salary starting with a Masters you may be able to get a loan that you can use to make the payments until you've been paid? Note - I don't mean a payday loan, but some 5%apr(ish) loan from a bank.

Dovah_diva

National_Debtline_representative wrote: »

There could be other options, it's very dependant on your precise circumstances though. The first thing to do would be to have a go at completing a financial statement/statement of account. This will allow you to calculate how much you need to live on (e.g. housing costs, utility bills, travelling costs and housekeeping etc.). You can then see how much money there might be left to offer to the loan.

If you read the OP's posts, you'll see that she has already stated that what she earns barely covers her bills, with her surplus being £21. This was offered and rejected.

National_Debtline_representative wrote: »

If you have other debts too you should divide this surplus up amongst all creditors

The OP has stated that she has no other debt.

National_Debtline_representative wrote: »

If you do have to make reduced payments it can affect your credit score. You should only take this route if you have no other viable alternatives.

The OP has already had her case referred to a debt collection company so therefore has already defaulted. Her credit score will already be toast.

bigadaj

stephhhhaniee wrote: »

I know they are all valuable points I have thought about myself. But there is just nothing else I can do. If I don't have the money to pay for it.. I simply can not pay. I do realise it will effect my credit history but I hope that as soon as I begin to make the payments it will begin to recover.

Without already being in employment then career development loans area. Risky proposition, as payments are fixed with no guarantee of work.

Whilst suffering short term problems then hopefully this will work out for you in the longer term and already sees. To be going in the right direction.

Your credit file will be affected but all you can do is push on, and this adverse will drop off over time. Keep in contact with your creditors and pay what you can when you can and things shoul improve, particularly as you progress in your chosen work and salary improves.

ifonly86

Hi Stephanie,

I just wanted to thank you for posting this because I'm in exactly the same situation right now, it would be easy to say I wish I could have handled it better whilst studying and saved a bit of the money but doing a masters is very intense so this wasn't easy in practise! Congratulations on getting the job you want, that is amazing. I am still hunting for mine it's very hard and the fear of the loan repayments makes the pressure of studying for a masters and then seeking a job so much more stressful. I guess if anyone is reading this prior to applying for one I would say make sure you have support around you to get through it.