help, advice please

hur575

I am in deep debts problems, the loan I took was to support my studies. I finally managed to finish my PhD, BUT ended up with a lot of debts. I do not really know how to sort it out, I have been so stretched for the last few years, and I feel like just giving up. It is very stressful and it is killing me. I need any advice I can get please. Here are list of my loan and outgoing.

Career development loan, £180/pcm (took £8000 now £2000 to pay, 10 months left).
Professional loan, £245/pcm (took £15000 now £14500 to pay, 59 months left).
Loan, £350/pcm (took £17000 now £8400 to pay, 24 months left).
Welcome finance loan, £170/pcm (took £2000 now £2000 to pay, 26 months left).
Halifax loan, £140/pcm ((took £5000 now £5700 to pay, 57 months left).


Total loan outgoing a month = £1085
Credit card = £170/month
My salary after tax = £1600/month


My plan is to held one of the loan, but I am not sure if the bank will agree. I started paying my Professional loan early, I should have paid it 9 months after I graduate but I have been paying it for 3yers. If the bank agree to hold it for me, then I can save those payment and pay off the welcome finance loan because it is the most expensive one ( with compulsory insurance), and in 10 months one of the loan will be paid off which will give me breathing space.

I have no other way, because all other loan will not accept to stop or delay payments. I am already trying to find another job but no luck !!I am too qualified to do some extra job, even if I hide my phd in the cv, my work in university is a hurdle. I am prepared to do any job, but I have not been given a chance for the last 6months!!

Help please I feel like hitting a brick wall.


Thank you in advance

GeorgeUK

Do any of the loans have PPI that you can cancel?

Were you missold any PPI? Have you reclaimed any CC charges?
http://www.moneysavingexpert.com/reclaim/

Can't really advise on anything else that may help, other than perhaps looking into tutoring if you could do that.

A payment holiday seems to be your only solution right now. I don't think getting a 0% CC and paying an early settlement fee on a loan would save much, but if others have tried it perhaps they could comment. Although the virgin money card is 3% BT fee, 3% minimum 1st month, then £25 as minimum for a further 14, but you'd need to crunch the numbers - it may free up some cash if you can overpay on any of the loans without penalty.

good luck

hur575

thank you for the reply but, i haven't missed payments for these loan yet. i have cc charges and bank charges that i will fight back now.

RAS

hur575 wrote: »

pay off the welcome finance loan because it is the most expensive one ( with compulsory insurance), and in 10 months one of the loan will be paid off which will give me breathing space.

I think the first thing you need to do with Welcome is to head over to the forum on reclaiming PPI. If it was compulsory, it was almost certainly missold. Get that back, plus the back-payments and you could make a big dent in your payments.

hur575

RAS wrote: »

I think the first thing you need to do with Welcome is to head over to the forum on reclaiming PPI. If it was compulsory, it was almost certainly missold. Get that back, plus the back-payments and you could make a big dent in your payments.

Are you saying I can get the insurance I have paid???

RAS

Have a look here http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Compulsory PPI is a no no, so you should be able to argue it was mis-sold, get the money you have paid back and reduce your monthly payments. Follow martin's instructions

misspoppy

if you were a student when the PPI was sold to you it was certainly miss-sold because you cannot claim for unemployement when you weren't employed. My friend has recently won a claim for PPI, when she tried to cancel it Barclays put her interest rate up and they have been told to put the interest back down and to repay the PPI and the extra interest she had to pay. It wasn't quick but worth it in the long run.