Partner earning less than 8k but has debts of 18k - please help.

foolofbeans

timefortea wrote: »

Is there any reason why your partner hasn't considered studying full time for a degree? The maximum Maintenance Loan available for 2016 entry is £8,200 per year, depending on household income, and he might get an additional bursary. He could supplement that with a part time job.

That seems like the best idea if he is adamant he does not want to work full time. Maybe he doesn't want to study full-time either though
From what the OP has stated it seems her partner decided on studying at the last minute as closing dates for courses are around October and that was when he made the decision he needed to improve himself.
I'm sure you can apply to the OU for full-time study but not sure if the maintenance grant is the same as a regular university. Application to a regular university has probably closed now for a September start as college students apply by end January. Some people can get accepted on a course if they can show they are older and have an aptitude or experience but it appears OP's partner has neither of these.
I worry that the partner is setting himself up for disappointment as he has a dream of being an IT consultant but has no experience and no plans to push himself to get any.

debtdawg

Can't work full time whilst studying part time with the OU? And he has no other responsibilities, £18k debt and you are paying all his bills and living expenses?
Your life is never going to improve whilst he's earning £600 a month and owes everything he does. If he's unwilling to work full time then bankruptcy will wipe the slate clean, it will have some associated pitfalls but by the time he's qualified his credit record will be a whole lot better. Good luck OP!

anna_1977

Looking at the SOA I would suggest that he cancels the Denplan at £18 per month.
Like others have said Full time work, as in 1 paid job would be more lucrative than 3 part time I imagine? And the OU on the side. I completed an OU degree with 2 kids ages 7 & 10 and a full time (37 hours per week) job so it can be done!

As for the car, he's spending one heck of a lot on petrol!!

With regards to the DMP - budget on 3 tanks of fuel and tell that to the Debt Charity


Sorry you're having a hard(ish) time on here but I think your OH needs to set his priorities....

anna_1977

Sorry one other comment re car - how on EARTH is he spending £53 on maintenance? I'm assuming as he's on HP it's a new(ish) car?

His car is costing 1/3 of his income !

sweetpeas_2

Hope the OP hasn't given up on this thread because they didn't get the answers they wanted, when people are trying to help

[Deleted User]

HappyMJ wrote: »

Is he paying self employed national insurance contributions?

£2.80 a week £12 a month and gets him a year credit towards his pension when the time comes to claim.

He won't be credited with them from the 16 hour a week job as the lower earnings limit is £112 per week. He's £5 a week short.

Just a small point - Class 2 can no longer be paid by direct debit from August 2015- now collected through self-assessment return

http://www.kfaccounting.co.uk/class-2-national-insurance-changes/

Debtslayer

sweetpeas wrote: »

Hope the OP hasn't given up on this thread because they didn't get the answers they wanted, when people are trying to help

Certainly seems that way. Unfortunately when you're in debt you don't always like what is said to you; but lessons can be learnt from others and there is a lot of valuable information on this forum but you have to be prepared to listen and take things on board

lacoste1985_2

sweetpeas wrote: »

Hope the OP hasn't given up on this thread because they didn't get the answers they wanted, when people are trying to help

im still here just havent had a chance to read and respond to all of your replies as only just got in after working a 13 hr day yesterday, tonight, same again tomorrow and another 8 hours work across the weekend. will have a look at these sat night. some very useful responses though, thank you

sweetpeas_2

lacoste1985 wrote: »

im still here just havent had a chance to read and respond to all of your replies as only just got in after working a 13 hr day yesterday, tonight, same again tomorrow and another 8 hours work across the weekend. will have a look at these sat night. some very useful responses though, thank you

that's good- as andyfromotley said above it might feel like you're being fired at but people are trying to grasp your situation to help. he has defo hit the nail on the head though imho.

x

patman99

I was going to suggest advertising his services as a personnel trainer as he has done that in the past.

Most round my way charge £20 per person per session and work outside with street running and exercise in the local park so have no costs to come out of their fees.

20x 1 hour sessions would bring him in £400 a week (minus of course, all the required insurances he would need).
It would involve having to register as self-employed with HMRC and having to do annual Tax returns, but he would need to make sure to pay the full NICs as if he were employed. That way if he had a period with no work (say, in the winter) he could claim JSA.

As for the DMP question, the pros/cons are thus -

Pros
Debt repayments will be set at what he can afford based on his income and outgoings (he will have to do an SoA with whichever debt relief charity he chooses to use), but he can 'free up' money for building a savings pot to pay for fuel for the car by upping what he spends in certain categories.
If a creditor agrees to the DMP, all interest and late payment fees will stop.
DMPs are designed to allow the debtor to make inroads into the debt without having to sacrifice the whole of their income.

Cons-
When on DMP, not allowed to obtain any further lines of credit.
All creditors may not agree to their debts being included and may continue to charge interest and late payment fees.
All current credit cards frozen and no longer available to spend on.