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  • FIRST POST
    • braken2000
    • By braken2000 16th Apr 18, 9:24 AM
    • 617Posts
    • 118Thanks
    braken2000
    Heading Towards a Problem
    • #1
    • 16th Apr 18, 9:24 AM
    Heading Towards a Problem 16th Apr 18 at 9:24 AM
    Hi Everyone,

    Long time no post it would seem. However heading towards a problem and need some advice .

    Bit of background first:
    I live with my partner and have become a student (mature) studying a healthcare course. This lasts two years and will be straight back in to work in approximately 18 months. My partner works and will be seeing a pay rise (hopefully) in November as he will move up a grade. I work bank hours so as and when I can get them, and when I can based on placement hours. We have survived since last September through what I can only describe as luck (occasional gift from a family member, selling things on eBay etc).

    We have got to a point where we are living off credit cards which is ringing alarm bells in my head. I have historically had a DMP but got it all paid off and reserved the CC for emergencies, knowing we would use them, just not this soon in. We have approx 6k debt, and also a car loan in order to allow us to get to work/placement etc.

    My thoughts, and indeed questions are these:
    1. Obviously it is not sustainable to love off CC. We only have to make it for 18 months, and financial situation will positively change in 6 months also. Is it possible to get a really temporary DMP?
    2. We are looking to hopefully save and get a mortgage in the next 6 years. Will doing anything like a DMP affect this? Obviously concerns about defaults going on. I know they can go on the file for a long term DMP, just not sure if it would happen with a short term one?
    3. I am unable to get student finance which would have helped.
    4. I am waiting for overpaid taxes to come through (900 ish). HMRC have told me this could be up to October when I get any sight of this.

    Does anyone have any ideas? I worked so hard to clear my debt last time and I do not want to end up in a similar position. However dropping off the course is not an option as it is a funded place which will not exist after this year (kind of like one shot and that is it).

    I can provide a more clear Statement of what is owed etc if it helps. Not been on the forums in ages but know you guys are great at helping with the not so straight forward

    Thanks
Page 2
    • beanielou
    • By beanielou 16th Apr 18, 8:57 PM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    I was thinking the same beanielou . Although my partner will get a pay rise November time which will add potentially a couple of hundred a month also.

    It is just trying to avoid getting dreaded defaults as that will scupper a mortgage straight off. But survival needs to happen also I guess.
    Originally posted by braken2000
    Remember that to get a mortgage you will need a deposit.
    Also even if no defaults they will take into account your debts.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • braken2000
    • By braken2000 16th Apr 18, 9:08 PM
    • 617 Posts
    • 118 Thanks
    braken2000
    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
    • By beanielou 16th Apr 18, 9:15 PM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    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?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • braken2000
    • By braken2000 16th Apr 18, 9:42 PM
    • 617 Posts
    • 118 Thanks
    braken2000
    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
    • By Sncjw 16th Apr 18, 10:16 PM
    • 1,917 Posts
    • 1,129 Thanks
    Sncjw
    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.
    • braken2000
    • By braken2000 16th Apr 18, 10:34 PM
    • 617 Posts
    • 118 Thanks
    braken2000
    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
    • By cms-help 17th Apr 18, 8:41 AM
    • 180 Posts
    • 164 Thanks
    cms-help
    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.
    Originally posted by Sncjw
    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
    • By braken2000 17th Apr 18, 9:31 AM
    • 617 Posts
    • 118 Thanks
    braken2000
    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
    • By beanielou 17th Apr 18, 11:07 AM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    Hope your phone call with Step Change goes well
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • braken2000
    • By braken2000 17th Apr 18, 11:10 AM
    • 617 Posts
    • 118 Thanks
    braken2000
    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
    • By beanielou 17th Apr 18, 11:18 AM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    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.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • cms-help
    • By cms-help 17th Apr 18, 11:18 AM
    • 180 Posts
    • 164 Thanks
    cms-help
    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 :'(.
    Originally posted by braken2000
    From comments made on here and our own experiences with my mother-in-law back in the day then most creditors will default. It's Barclaycard that are the monkeys for the AP markers which can go on indefinitely. That said, I did challenge them over my mother-in-law and ended up with a FOS complaint which was upheld so she got a backdated default rather than further years of AP markers (she had 4 years worth with no end in sight). Her credit was utterly trashed anyway so one more default made no difference!

    Bite the bullet and pick up the phone. I think you'll feel better after doing so.
    • beanielou
    • By beanielou 17th Apr 18, 11:20 AM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    What is an AP marker?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • beanielou
    • By beanielou 17th Apr 18, 11:25 AM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    Googled it.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • braken2000
    • By braken2000 17th Apr 18, 11:53 AM
    • 617 Posts
    • 118 Thanks
    braken2000
    Thank you everyone for your support. I can not put into words how much I value the advice given. I feel lighter just talking about it.

    I have done the online StepChange budget thing and I need to call them. I just need to gear myself up for it.

    I have emailed the loan company (a credit union) and explained the situation and asked for their advice to see if anything can be done and will get onto O2.

    The car insurance is the cheapest I could get it. I spent three days looking and calling around and it is the lowest it will go unfortunately.

    I have also spoken to family who are currently looking to see if they have a lower APR option which will reduce the Credit Cards somewhat. I find it so frustrating that I pay every month, usually a tiny bit more than the minimum payment but do not get the chance to lower my APR. But that is the nature of the beast I guess.

    Also going to try and flog a couple of things on eBay, might not get much, but will hopefully get something.
    • theoretica
    • By theoretica 17th Apr 18, 12:27 PM
    • 5,334 Posts
    • 6,650 Thanks
    theoretica
    Be warned about family members taking out loans for you, if you do later need to get a dmp or default you are not allowed to prioritise what you owe them, so their credit score is at risk too. Generally a risky idea.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • braken2000
    • By braken2000 17th Apr 18, 12:29 PM
    • 617 Posts
    • 118 Thanks
    braken2000
    Certainly something think about theoretica . Nothing has come of it yet, but will certainly be interesting to see if anything does. As a temporary measure until November it might be worth it. But time will tell .
    • beanielou
    • By beanielou 17th Apr 18, 4:16 PM
    • 56,839 Posts
    • 231,474 Thanks
    beanielou
    Can I also add that families and loans do not agree.
    Been there on both sides and not a good idea,
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • TBagpuss
    • By TBagpuss 17th Apr 18, 5:31 PM
    • 6,791 Posts
    • 8,889 Thanks
    TBagpuss
    Are the prescriptions for you both or mostly for one of you? A pre-payment certificate is 29.10 for 3 months, so could save you a bit. (if you both need regular prescriptions then it may still be worth getting one each, but work out the sums firsts. Also, if you need regular repeat prescriptions you could ask your GP when the they can amend the prescription so you don't have to fill it so frequently (e.g. a prescription for one inhaler / a one month supply of tablets will cost 8.60, but if your GP writes the prescription for 2 inhalers, or for a 2 month supply of tablets, it will still only cost 8.60 as it counts as one prescription item not 2)

    Could you cut down on your grocery bill? I don't think yours is excessive, but you might be able to shave a bit off.
    Jack Monroe has lots of recipes on their website, which may help https://cookingonabootstrap.com/category/recipes-food/

    Another possibility might be to look into any local and/or course specific grants or funding, as you are a student. There are quite a lot of small charities / trusts around which offer help to students who meet particular criteria, often based on where you live (or were born) but some based on your occupation, area of study, or even the background or occupation of your aprtner or parents.
    https://www.thescholarshiphub.org.uk/blog/educational-grants-students-trusts-and-charities. Turn2Us also has a section where you can search for funding.
    There may be occupation-specific trusts or benevolent funds which might be able to help with the debts, too.

    Also ask at your college / university - they may have specific aid available.
    • braken2000
    • By braken2000 17th Apr 18, 5:43 PM
    • 617 Posts
    • 118 Thanks
    braken2000
    Thanks tbagpuss

    I have a couple of prescriptions a month so am currently on the 12 month PPC. Although have now got the form to fill in and see if I can get it even cheaper, so fingers cross on that. Had not thought about asking for a bigger refill, as opposed to "every month" which is a pain. Might ask for that just for convenience if nothing else .

    There is unfortunately no funding available for me in terms of grants etc. It is not a sector that attracts many at all, and due to having previous student loan I am classed as "self funding" which is why I am in this mess.
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