Finally admitting I'm in debt :(

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  • You basically have two choices once you have to move into rented accommodation and the best one is dependent on what the soa shows.

    You can either abandon the PhD depending on how far along you are and how close to finishing. My daughter worked full time and did a PhD part time so is that an option? It took her longer than the 3 years she received fees and bursary so while she received the bursary she did not work but as she had not completed it by the end of the third year and a job as research assistant came up she accepted that but it did slow progress on PhD. It is a luxury being able to study post grad if you have family to support so if you are no where near completing you might have to stop and work full time.

    Alternatively you could look at a DMP either through stepchange or self managed. That will normally stop the interest making the debt higher but it does impact on your credit rating but probably would not stop you getting a job in the police or courts.

    Do not do a consolidation loan. It never works and you need to get out of this mentality where you use credit when you cannot afford something. That car must have been quite expensive and obviously too much for your budget. Do you really need a car?

    I have a couple months left on the Ph.D - would be silly for me to abandon.
    I have considered a DMP but heard stories about dodgy companies.

    The car was £7800 - interest from HP made it around £10000! - remaining balance is £6000 I bought it when I was still living in the family home and enough spare cash.

    This might be embarrassing to admit and make me sound stupid but they need to teach stuff like this in schools! I swear I didn't even know that companies credit check you, didn't even know what a credit check was! Applying was just so easy over the internet :( All i can say is I was very naive about Credit (as you can see) and have wised up a lot in the last year (and I'm 30)
  • ReadingTim wrote: »
    I don't know what the Ph.D. is in, but is it likely to lead to a job in the police or Courts Service? I agree there are roles where bankruptcy will be a problem (to put it mildly...), but how many of them also require a Ph.D.?!?

    Whilst it's going to be hard when you're close to finishing, but it might come down to being a decision between the debt or the doctorate, and if I'm being honest, the debt is the greater priority. A Ph.D. is an expensive luxury which you probably can't afford at this stage. I'd be speaking to the university to see if you can postpone finishing it up, or go part time.

    Your debt isn't that bad, but you simply don't earn enough - a full time job for a year or two would make a serious dent in the debt, and you ought to be able to come back to the doctorate when you're in a position to better afford it.

    Social Policy/Criminology - very limited job opportunities where I live (in the country) I had my heart set on academia but the University is cutting jobs like there's no tomorrow so I have to keep my options open - one of which is a research post and where I live you either have Government or Police/Courts for research jobs. Of course these posts don't need a doctorate but I'm so close to finishing I can't drop out!
  • Pixie5740 wrote: »
    I disagree with the comments about stopping the PhD and getting a job. If the OP was just about to start the PhD I'd say yes but as she became a postgraduate student in 2014 she must be very close to finishing. If it were me I would plough ahead and get my PhD and start a DMP to keep the wolves from the door for the time being.

    Thanks! I have 6 weeks left 'officially' but with polishing the work it will take me up to Christmas so I'm not giving up now! :)
  • Keep at it, you can do it!

    There is so much practical advise on here, once you get your SOA up I am sure there will be ways of reducing your outgoings that you hadn't realised.

    The main thing to focus on;

    - You are safe
    - Your children are safe
    - You will soon have your PHD!
    - With some focus and time, you will get rid of your debts

    Just got to "keep swimming" xxx
  • Martin has been campaigning for personal financial education to be taught in schools - and he's right, it is needed. Too many people currently learning about it the hard way - and that is a problem that more education on the subject can help to solve, for sure!

    Bearing in mind the time of year it's a great time to pick up extra work at the moment and it seems a shame to lose those opportunities - are you able to squeeze the PhD stuff into less time - as in is it possible to manage the time you put to it better to free up time to take on additional (earning) work?

    The car - can you sell it and buy a cheap (1k) runaround which will get you from A-B but also let you hammer some of the outstanding finance down?
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00
    Balance as at 31/12/23 = £112,000.00
    SOA CALCULATOR (for DFW newbies): SOA Calculator
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  • AndyPix
    AndyPix Posts: 4,847
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    Im sorry i dont have any advice to offer but i will say


    Wow i admire your persiverence - a phd is some achievement, even more so in your circumstances ..
    I predict a bright future for you :)


    Your ex really should be ashamed of himself . Blokes like that give the rest of us a bad name
    (How could you ignore your own child :huh: )
  • National_Debtline
    National_Debtline Posts: 7,998
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    I have debt with both banks :( Overdraft with Santander and CC with Barclay.
    My overdraft was £2000 in the red in August - I have got it down to £1300 by now and hopefully by the end of October it will be £500 (I've been doing extra lecturing work and the payment will be going on clearing the overdraft)

    Plan so far is clear Santander Overdraft - move all money, direct debits to Santander Current Account then tackle the Next and Barclaycard - I have around £700 spare each month while living with grandparents and have two more months living with them.

    Bottom reply advising to defer my Ph.D - I'm almost done I can't defer now . Spoke to head of school who is trying to give me extra work :)

    Had advice today from student money adviser - same lines as writing to creditors asking to freeze interest for a bit so trying that ! hopefully next time i'm back on here I will be in less of a mess!


    Thanks


    Hi again StillStudenting


    It's really important you're in control of your income, put it into a new bank account (somewhere that you have no debts) and none of your creditors will be able to touch it.


    There's been some mention of you getting rid of your car. If it's a hire purchase agreement you will have the option to terminate it and had the car back. You will be held liable for 50% of the original agreement minus the payments you've already made. You can find more information on this here https://www.nationaldebtline.org/EW/factsheets/Pages/hire-purchase-debt/hire-purchase-and-conditional-sale.aspx.


    You have a reasonable surplus at the moment but I'm guessing that's going to drop when you move into your own property. Reducing payments and freezing interest sounds a good place to start. Once your in your new place you can update your SOA and see what it shows you have available for your debts. Good luck completing your PHD.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • ReadingTim
    ReadingTim Posts: 3,970
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    Social Policy/Criminology - very limited job opportunities where I live (in the country) I had my heart set on academia but the University is cutting jobs like there's no tomorrow so I have to keep my options open - one of which is a research post and where I live you either have Government or Police/Courts for research jobs. Of course these posts don't need a doctorate but I'm so close to finishing I can't drop out!

    The problem is, you can't really afford to continue either.
  • You can finish your PHD if you buy time by reducing your debt payments temporarily. My DH and I paid token payments for 2 years, so I'm sure you could arrange to do it for a few months :)

    You are obviously very committed to your studies and it would be a waste to stop now. Although a PHD may not be essential for your future work, it may still serve to give you an edge over other applicants.

    Once you get a full time job you will be able to manage your commitments. I admire you very much for surviving such an awful situation with your ex, for continuing with your studies, for being the responsible carer for your child and for continuing with working part time :A.

    You're a survivor and you WILL get through this.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • La_escocesa
    La_escocesa Posts: 3,096
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    edited 27 September 2017 at 7:11PM
    Firstly, how on earth did you get told you had no claim to anything on the house if you were married and had children together? You need to seek proper legal advice on that one for definite - the fact that it was owned by him doesn't necessarily make a difference.

    Yes, I agree with this. I have the mortgage on our house (because OH was self employed when we bought it, had no proof of income and it made the application process more straightforward) but our solicitor made it very clear to us that as we are married, I was deemed to be buying it as a 'family home' etc and so OH would still have claim to it. I believe this is the case regardless of whether it's mortgaged or owned outright. We don't have any children so I'm pretty sure with children in the mix it gives you an even stronger case that it was a family home that you have rights over.
    Sorry - I had to sign away rights to this house 6 years ago - We lived in our first house for 3 years then when ExH grandmother died her home went to her daughter (my Ex MIL) who then was pressured into giving it to ExH as he wanted us to have a 'big family home'. Worried about their family assets Ex MIL instructed her solicitor to produce a document which I had to sign to say I had no claim on the house.

    Sorry, just saw this... perhaps this would supersede the above. Have you taken advice on it though or just going on what you remember about the document you signed? I would still add it to the list of questions to ask about just in case there is another avenue...
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