I need help with debt

Tyrone_Black

I don't want to deflate you, but have you included student loan in that calculation of your wages? Also, you'll probably get enrolled into a pension.

Lucy5781

Be prepared for the emergency tax rate, it may be applied when you begin work as well, should be rebated later but was quite a shock to my 21yr old cousin when she started working.

poppasmurf_bewdley

I'm another one who recommends going for a Debt Relief Order when the amount increases later this year.

That will enable you to have a clean start almost immediately. You can make an informal arrangement to repay your parents in the same way that you made the informal arrangement to borrow the money in the first place.

AndyBSG

As others have said, A DRO really does look like the most sensible option.

OK, your credit rating will be trashed for the next 6 years but looking at your SOA it doesn't seem like you are going to be capable of paying those debts off within 6 years anyway and if you've not been servicing any of them then i'm guessing your credit rating is already junk anyway.

One thing not mentioned, how did you get Pay Day Loans if you were a student who was not working?

It may well be the case that you were lent the money when it was clear you could not pay it back which means the PDL company is responsible of reckless lending as they never carried out affordability checks(Wonga for example recently had to write off over £200 million worth of debts because of this).