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  • FIRST POST
    • Studentdebt
    • By Studentdebt 4th Dec 19, 8:06 PM
    • 5Posts
    • 1Thanks
    Studentdebt
    Being a student in 2019
    • #1
    • 4th Dec 19, 8:06 PM
    Being a student in 2019 4th Dec 19 at 8:06 PM
    Iím going to start this by declaring that this is being written for advice, even if it mah sound like a big old moan.

    I am currently in £8,500 debt, consisting of a mix between loans and overdrafts which need to be paid by June 2020. I am a 20 year old student that works 12 hour shifts at night from Friday to Monday before returning to uni the following day. Iím in my third year and will be leaving uni in June, which is when all of my debt is due.
    These debts have come from limited funds to live and now this is taking over my ability to attend university as I take every chance I can get at over time and making extra cash to get me through the week.
    Iíve tried debt agencies, my own university and student finance to get me through, Iím now stuck.

    Please, all of you lovely people with so much advice, help?
    I never thought Iíd be this embarrassed about my life to post anonymously about huge debt that is crippling me. Any advice would be great!
Page 2
    • peterbaker
    • By peterbaker 8th Dec 19, 3:06 AM
    • 2,952 Posts
    • 1,543 Thanks
    peterbaker
    How were you even allowed to get into this much debt? When I was a student I tried to take out cards and loans but thankfully was only permitted to take out £500 plus my overdraft of £2k.
    Originally posted by Silver Queen
    He's a he (I think!...), SilverQueen, so that puts him at a disadvantage immediately in attempting to identify and moderate true costs and organise a budget and stick to it! Trust me, it's an XY chromosone thing at any age for some of us

    So I am not surprised at anyone getting into that sort of debt in less than 3 years let alone a younger person suddenly expected to survive perfectly on their own. The debt is surely peanuts compared to overall typical living costs in a major City. He's explained that over half of it was with what I would call loan sharks although he more politely said loan agency. The £4,000 total on overdrafts could be explained by having accounts with two or more different banks. I think that's not unusual.
    (And Peterbaker, you’re right, I started in 2012! Oops!)
    Time flies when you're having fun
    Last edited by peterbaker; 08-12-2019 at 11:12 AM.
    • Silver Queen
    • By Silver Queen 9th Dec 19, 9:32 AM
    • 789 Posts
    • 3,411 Thanks
    Silver Queen
    He's a he (I think!...), SilverQueen, so that puts him at a disadvantage immediately in attempting to identify and moderate true costs and organise a budget and stick to it! Trust me, it's an XY chromosone thing at any age for some of us

    So I am not surprised at anyone getting into that sort of debt in less than 3 years let alone a younger person suddenly expected to survive perfectly on their own. The debt is surely peanuts compared to overall typical living costs in a major City. He's explained that over half of it was with what I would call loan sharks although he more politely said loan agency. The £4,000 total on overdrafts could be explained by having accounts with two or more different banks. I think that's not unusual.
    Time flies when you're having fun
    Originally posted by peterbaker
    Living as a student in a major city is not the same as living as an adult earning a salary in a major city! Unless you have rich friends, most of your friends won't be wanting to spend loads of money on a day to day basis, so I would say it's easier to be 'frugal' as a student.

    In terms of the borrowing, would that raise questions of responsible lending? I would definitely say that lending £8k to a student is not responsible...
    Debt Totals July 2019::
    £350 Natwest Credit Card / ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0£500 train ticket loan from parents / Now £0 (paid off 16/02/18)£2,000 Overdraft Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0
    Total £7,000
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