Over 30K in unsecured debt SOA

JayRitchie

dfw2019 wrote: »

Hi, thanks for your help!

Job is secure and earnings should increase pretty steadily. Not quite a city lawyer but the same kind of thing.

Student loan I would have to call and check again next week but I believe it's around 7000 at this point. Yes it's missing from the SOA, I was thinking about payments that come out of my bank account so forgot about it (it usually comes out of my wages before I get them)
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Cool - at least when all the pain is over you will have a great life!

Not sure I understand the student loan. Is it repayments for a government student loan (seems a huge amount if so?) Or a private / postgrad type loan? Can you reschedule or postpone it in any way? Or simply not pay - if so what are to consequences?

Grumpelstiltskin

Don't miss your council tax, that is the one that can come back and bite you in the rear, you do realise thee council can demand you pay the full year up front if you miss a payment?

dfw2019

owen_money wrote: »

Not that it really matters but the monthly mortgage payment seems low on an outstanding balance of £264,840. Even if it ran for another 40 years it would be £830 p/m @ 2.2% apr

Good luck getting debt free and well done for kicking the addiction, stick at it

It's interest only at the moment. It was ~1100 before that.

And thanks!

dfw2019

JayRitchie wrote: »

Cool - at least when all the pain is over you will have a great life!

Not sure I understand the student loan. Is it repayments for a government student loan (seems a huge amount if so?) Or a private / postgrad type loan? Can you reschedule or postpone it in any way? Or simply not pay - if so what are to consequences?

Fingers crossed!

The student loan is just the standard tuition fee + maintenance fee loans from the government. I think it was around £40K to start with as I was at uni for 5 years. I'm not sure what happens if I miss one - I may find out at the end of this month!

dfw2019

Grumpelstiltskin wrote: »

Don't miss your council tax, that is the one that can come back and bite you in the rear, you do realise thee council can demand you pay the full year up front if you miss a payment?

I assumed they would give a couple of weeks before they do that, especially if I haven't missed any before. If I'm due to pay on the 18th Jun and actually pay on the 28th Jun when I get paid then perhaps it will be okay. It will be a last resort though.

JayRitchie

dfw2019 wrote: »

Fingers crossed!

The student loan is just the standard tuition fee + maintenance fee loans from the government. I think it was around £40K to start with as I was at uni for 5 years. I'm not sure what happens if I miss one - I may find out at the end of this month!

So its a student loan Plan 1? Isn't that taken straight from earnings in the same way as PAYE? How can you miss one?

bsms1147

Could you get an advance from work?

Does your student loan come out of your wage slip (in which case PAYE, and you can't miss a payment), or DD from your account? Have you recently moved from the former to that latter because you're in your final year of payment? If the latter, I'm not actually sure what happens if you miss a payment, I would assume a grace period, but you might only know by asking them.

dfw2019

JayRitchie wrote: »

So its a student loan Plan 1? Isn't that taken straight from earnings in the same way as PAYE? How can you miss one?

They let you switch over to direct debit when you are close to paying it off so that you don't overpay out of your earnings (apparently HMRC only reports to them once a year on how much you've paid out of earnings).

owen_money

dfw2019 wrote: »

It's interest only at the moment. It was ~1100 before that.

And thanks!

Oh yes of course. I assumed all you younger people had repayment mortgages these days.

dfw2019

bsms1147 wrote: »

Could you get an advance from work?

Does your student loan come out of your wage slip (in which case PAYE, and you can't miss a payment), or DD from your account? Have you recently moved from the former to that latter because you're in your final year of payment? If the latter, I'm not actually sure what happens if you miss a payment, I would assume a grace period, but you might only know by asking them.

Hmm I hadn't considered asking work actually, that's a good idea! Bit embarrassing to ask them (especially when I'm on a generous salary) but hey ho.

Yes recently moved over to direct debit. I will phone them next week and see what they say.