26 , 4000 POUND DEBT , off to uni in SEPT !

wazalapa

Hi there folks

ive been subscribing to mse for over a year now and read and used some articles but im finding still hard to become debt free .
ive always been good with money and always refused credit cards as i used to just save as much as i needed for a travelling since i moved here at 18 from South Africa . would just save 1000 pound then hit the road for a few months .
but 2 years ago i was broke and had enough of the weather here and decided to take a 4000 pound loan and hit the road , i went to oz for a year.thinking i would pay it off while there , didnt happen and i also ran up 400 pound on a credit card .

now back in the UK and working a low paying job im battling to make the 120 pound montly payments.on top off this im starting uni in sept and scared to enter uni in debt . i approached my bank and they said there is nothing they can do to lower the payments .they said i should consolidate my debts which they tried to do but i wasnt accepted , i contacted equifax and my credit history was green across the board so im confused . i then tried to get cheaper loans but was turned down by all the companies , but i dont know why cause my credit file looks great ..

my loan is down to 2700 at the mo , credit card maxed out at 400 .

ANY HELP WOULD BE GREAT AS IM REALLY STRESSING AND WANNA GET OUT OF THIS

Snaggles

Hiya - you are possibly getting turned down because you are going to uni - they will probably be assuming you will be leaving your job when you start, so you wont have any earned income to support the loan payments.

You're making good progress paying it off - is there any way you could increase your income over the summer (bar work etc), to get more of it cleared off before you go?

Have you got anything you could sell on ebay/car boot? Have a look around the site too, there are loads of ideas for making a bit of extra cash - you could even do these while at uni to help you meet your repayments. Maybe start with the 'up your income' board, and then have a look at the free bingo threads etc.

mummytofour

Im off to uni with 5 times your debt! What will you be studying?
Me going to uni will get me a better job which will mean I can pay off my debts sooner!