Help....My life sucks too!

omi1

In 2000 I got 2 credit cards in my name and got an additional card for another person. I only did it because they couldn't get credit. Stupid me. The person left me with 12,000 in debt, of which ~ £50 was mine!.

At the time I was a student heading for an extremely lucrative career. Subsequently my life fell apart and I became ill. So I had to leave my course without finishing. Which means I have 12,000 student debts too and no job prospects.

I haven't worked since on account of being unwell, so I live on income support of just under £90 per week. I feel like these debts are a tonne weight on my back.

Where do I start to pay £24,000 from £90 per week?

wisbech_lad

You don't.

Either go get a job paying enough to start paying back your debts, or go bankrupt and start again.

Either way - IMHO financial advice isn't important, what's important is getting a grip on your life again.

Probably worth getting a job - any job even if cash in hand (picking fruit/ cleaning) to get you out. You'll find that in most areas, a degree is pretty irrelevant anyway - whats important is your performance.

Given how young you must be - no need to despair. E.g. is your illness serious enough to stop you joining the police? Or even the "Beau Geste" route - join the armed services for a while and learn a trade while getting fed, clothed and housed.

Bendybops19

Hi there.

Am i right to assume that the person you got the credit card from is not going to be paying it back? Is any of it in their name?

Wisbech_lad... i dont think that the OP is well enough to be working, or they would be already. Esp not well enough to join the police/army.

The debt is quite alot, and you definately dont have a big enough income with your income support to be paying it off.

I am definately not an expert on financial situations, i just want to offer my support really.

I'm pretty sure you dont have to begin paying off student loans until you earn a high enough wage to be paying it, is this the case with your own £12,000 loan? Or is it not an actual student loan?

Take care, try to not to stress yourself out over this.

[Deleted User]

Despite the other person running up your credit card - you need to take legal advice about recouping some of this debt from them.

The debt was 5 years ago so is this oerson now earning? Do they own any property?

See a solicitor about suing them.

omi1

Wow, 3 answers already! Thanks for the support. I guess I'll just have to let it slide until I'm working. I had wondered if I should be paying a token amount or something... But I'd really feel the pinch then.

Wisbech_lad,
Police and army are out. I know that a job would be beneficial. But I'm not sure I'm ready.

Bendybops19, All in my name... Silly me. No I don't imagine they'll pay back... It's not as if I haven't asked It's a normal student loan, so I dont really have to pay it now at all..... However, I can just feel the student loan interest building up more every month and that stresses me a bit.

icecool babe... Oh yeah, he's earning! he's driving a fancy car and throwing cash around. He is sadly just a bad person. I didn't think I had any legal rights, since everything was in my name.

[Deleted User]

Don't give up. If you are not earning at the moment you may be entitled to legal aid - at least enough legal aid to give you your legal rights.

The amount he has left owing is too much to simply waive. See a solicitor and get a formal letter drafted to the erson who owes the money.

What arrangement did you make with him at the time? Verbal agreements can still be legally binding.

Either you are going to pursue it with him - or you are going to pay it off.

There's no in between.

Devo

Don't worry yourself about the student loan too much. You only have to start paying that back when you are earning over £15,000 p/a. I myself have quite a large student loan (£16,000) and I am currently paying it back at around £30 a month :eek: Yeah... you do the maths - gonna take some time :rotfl:

Get yourself healthy in mind and body is the first priority I think :j

ffs

Your post suggests you got an additional card on your account in the other persons name. Although you are still liable for the debt, it shouldn't be impossible for you to show that other person was responsible for the spending, as it will be the additional card that was used. Since you are trying to recover the money from this person to repay the credit card company, they have an interest in helping you to do so. You should point this out to them when asking for statements to show which card was used. These documents could then be used to support your claim against your ex-friend, who appears to have assets and or income.

Nicky_3

Im sure that you probably know that Student Debts can no longer be included in Bankrputcy. Therefore, if you have no surplus income (money left after household bills/food/travel etc) then really, your only option would be to go bankrupt. This of course doesn't clear your student debts, but does take the weight off your shoulders for the remaining £12k.

As you know, the Student Debts will be taken care of once you get yourself back on your feet and start earning a wage.

Little_Miss_Winner

Hi,

I haven't much to offer in with way of financial advice. But I was wondering whether you could perhaps do a course at night school, or during the day you could attend a couple of afternoons? I know you don't feel ready for working, but a college course may be what you need to get your life back on track. Have a look at your nearest college, and see if anything grabs your fancy. You only sound young, and lots of these courses are free. Not only will you be learning skills/trade, you will be getting on with your life/enjoying/making new friends in the process.

Good Luck, and don't worry, it will all sort itself out!

se999

Hello,

You said you had to drop out of your course, so is it possible to contact them and discuss a program to get you back on it again, maybe not this academic year, but maybe next, so you can get upto speed. Then you'd be back on track for the future you'd planned, and it would give you something to look forward to any plan for. If that university/college won't help, maybe another course or college will, and give you credits for the work you've completed.

You'd also get a benefit from the effort & student loan you already have.

For the credit card thing I'd go to the CAB taking all the information I'd got with me, and see what they advise.

If your not up to full time work yet, what about part-time or voluntary, just to get you out of this situation, you'd need to check on the impact on benefits. It would also be useful on future CV's to show you're getting back on track.

Don't let this one person and experience spoil your life.