Heading Towards a Problem

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  • braken2000
    braken2000 Posts: 659 Forumite
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    The idea was to rapidly save over a couple of years once I am qualified and use that with a Lifetime ISA etc. That would obviously happen after the debt has been paid off which once again would aim to do rapidly once qualified. But am now thinking what is the point of that if we can not even make it to that point :S.
  • beanielou
    beanielou Posts: 90,523 Ambassador
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    At the moment your debts are what? 2/3 's of your starting salary once you qualify?
    Can you not become an ambulance technichen & then progress after the two years?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • braken2000
    braken2000 Posts: 659 Forumite
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    Unfortunately not. Was already a technician beforehand. Would have been better to "earn and learn" but getting on the course and not having to pay fees is a really unheard opportunity :).

    Once qualified however I would be on Band 5 + 25% Unsocial Hours, and not including any overtime or stuff like that. I have done my finances over the next three years and it is the next 18 months causing the issue. Especially the next 6 months.

    A lot to think about. Might be that DMP is the only option with the mortgage idea having to wait at least 6 years :'(.
  • Sncjw
    Sncjw Posts: 3,511 Forumite
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    Forgot to say it!!!8217;s an hc2 form for income scheme and you can get them dentist doctors or opticians.

    You didn!!!8217;t answer if your placements are further away then your uni. If so you maybe able to claim costs from that.


    Cms I wasn!!!8217;t being dismissive I was just trying to explain why she has few shifts.
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • braken2000
    braken2000 Posts: 659 Forumite
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    HC2 form will be sought :)

    Placements are closer than uni, just my luck :(. Apart from two weeks, but the miles are not much more.

    Shiftwise I have got as much as I can do at the moment, always a problem when coming off a night shift as it knackers the day after as well.
  • cms-help
    cms-help Posts: 187 Forumite
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    Sncjw wrote: »
    Forgot to say it!!!8217;s an hc2 form for income scheme and you can get them dentist doctors or opticians.

    You didn!!!8217;t answer if your placements are further away then your uni. If so you maybe able to claim costs from that.


    Cms I wasn!!!8217;t being dismissive I was just trying to explain why she has few shifts.
    I didn't suggest you were being dismissive, don't worry. I thought I was maybe coming across as dismissive by suggesting income needs to be increased.

    Braken - if there is no way to increase income (and that's not a criticism) then it looks like you might have to make sacrifices on the credit profile front.

    You could still ring your mobile provider and explain you can no longer afford the contract now you are a student so you could shave a little off there. Your council tax is as low as it can go you've said. Your car insurances are still high unless you're both young with high powered vehicles. As a comparison we pay just over £50 for 2 vehicles although both have full no claims and both have been driving for almost 30 years. You could probably shave a little from the groceries bill and medical. So you could save a few pounds but nothing like the £556 that you are short. Your tax refund would see you through 6 weeks or so but is only a short term fix. You'd still have 4.5 months of being short £556 which is another £2500 to have to find. Even with the pay rise later in the year then you'd still be hundreds short every month. I'm sorry it's not better news but you are trying to plan ahead which is a positive thing. If you did enter a DMP with Stepchange (or other free provider) then at least some of those awful interest rates would, hopefully, be reduced to 0% for you so it could be repaid quicker when you do return to work.

    A DRO might also work:
    https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-relief-orders/debt-relief-orders-explained/debt-relief-orders-what-you-need-to-know/

    I think you need to set aside some time to speak to a professional service though. Good Luck.
  • braken2000
    braken2000 Posts: 659 Forumite
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    Thank you CMS :)

    I am going to sit down with it all today and probably call up StepChange and take it from there. If we have to take a hit on it then we have to take a hit on it I guess. At worst it is only for 6 years. More time to save for a deposit.
  • beanielou
    beanielou Posts: 90,523 Ambassador
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    Hope your phone call with Step Change goes well :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • braken2000
    braken2000 Posts: 659 Forumite
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    So do I. I am dreading it tbh. Just now trying to work out if it is better to try and get a default and take the hit for 6 months as I have heard AP markers last longer. Causing mega anxiety now :'(.
  • beanielou
    beanielou Posts: 90,523 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Why dont you phone step change & see what they say.
    You will feel better when you do.
    You dont need to commit today , just ask their advice.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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