In SERIOUS debt!

I have the following debts...

£7500 - Student Loans Company
£1250 - Overdraft Limit
£1200 - Borrowed from Girlfriend
£500 - Credit Card
£450 - Borrowed from Dad

Total debt = £9,900!

1.) The student loan is repayable monthly on finishing University and once i get a job earning over a certain amount so that is the least of my worries.

2.) My first worry is my Credit card.

Basically i was wondering what you would all do? Would you get a £5000 loan to pay back everything bar the loans company? Possibly something else?

I am not in debt at all but I am seriously short on money too so I feel your pain

Getting a loan to pay off another loan is just asking for trouble.

Not necessarily, if his credit card debts are the worst then they're likely to be at an extortionate interest rate. A loan at a lower cost to cover the other debts is a good decision in my eyes as long as you see why you're in debt in the first place and don't keep falling back on loans.

Now all I need is a plan to make money come out of thin air

Man, this is the lowest point in my life right now. *sulks*

To make matters worse i have to have *ANOTHER* wisdom tooth removed this morning at 11. I had another wisdom out a few weeks ago and it was horrific!

Top that with an atrocious sleeping habit, quiting ONE of my jobs cuz i hate them all (well, just the manager) and three essays that have deadlines at the end of the week.

I see no light, just a dank, dark void of chain smoking and depression. Off to see my g/f for a cheer up.

I think the majority of students will be in debt by the time they finish Uni so you're not alone. I'm unemployed and currently have debts of around £18,000 I went to Uni for 5 years and took out a loan for each of those years totalling £17,500. I'm currently -£600 in to my overdraft and because I haven't had a job for a while and no money has been paid in to my account I received a letter telling me that my bank requires immediate payment to bring my account back to £0 or debt collectors will come and beat me with sticks. I've told them I'm looking for work but they couldn't care less. I'm moving banks and using another overdraft to pay off my current one. I had a similar credit card bill to yours recently and the interest was around £9 a month. I paid the minimum amount for a few months then managed to pay it all off over Christmas. Just try and spend any money you get wisely and try and pay off what you can when you can with the credit card being the main priority. I take it you haven't finished Uni so have you considered a hardship loan? I got an extra £200 to pay off my rent one month and although it goes on top of your student loan it should ease some of your problems.

P.S. I have to wash my hands everytime I have sex so be grateful you've got a girlfriend

Pah - thats not debt thats just finishing Uni

Try having a mortgage and several other high expense things on top of that dude!!

Head down for several months and you'll get them wiped out in no time!!

The Jet said:

Man, this is the lowest point in my life right now. *sulks*

To make matters worse i have to have *ANOTHER* wisdom tooth removed this morning at 11. I had another wisdom out a few weeks ago and it was horrific!

Top that with an atrocious sleeping habit, quiting ONE of my jobs cuz i hate them all (well, just the manager) and three essays that have deadlines at the end of the week.

I see no light, just a dank, dark void of chain smoking and depression. Off to see my g/f for a cheer up.

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As someone better than I said before: "It is always darkest just before it is pitch black."

cut the smoking thats a start.
dont spend any money on you gf thats a second
visit here next http://forums.moneysavingexpert.com/forumdisplay.html?f=76
that should sort you out.

jamoor said:

cut the smoking thats a start.
dont spend any money on you gf thats a second
visit here next http://forums.moneysavingexpert.com/forumdisplay.html?f=76
that should sort you out.

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I wish i COULD spend money on my g/f, fortunately it's been the other way around. She's an accountant/pharmacist and i'm a lowly 2nd year at Uni (retook both my first years in college and uni). Good thing i'm a drummer in a cool metal band eh?

As for smoking, i don't even buy the fags, my Dad imports them from Chad/Kazakhstan or wherever the hell he is on the cheap á la free for me.

Good thing i have people to support me otherwise i'd be a nervous wreck.

Thanks for the tips all, appreciate it.

Move the credit card onto a 6 months interest free one, and then cut it up as soon as you've transferred the balance so you can't spend any more on it. £500 isn't much to have on a credit card, but you need to stop using it before it gets out of control.

Also, get yourself a job, even if it's bar work. I had to work in my 3rd year to keep my head above water. Means you don't get much of a social life, but it's better than having no cash at all.

Lostkat said:

Move the credit card onto a 6 months interest free one, and then cut it up as soon as you've transferred the balance so you can't spend any more on it. £500 isn't much to have on a credit card, but you need to stop using it before it gets out of control.

Also, get yourself a job, even if it's bar work. I had to work in my 3rd year to keep my head above water. Means you don't get much of a social life, but it's better than having no cash at all.

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When i was a student no one would give me an interest free card, i was even earning £400 a month.

Lostkat said:

Move the credit card onto a 6 months interest free one, and then cut it up as soon as you've transferred the balance so you can't spend any more on it. £500 isn't much to have on a credit card, but you need to stop using it before it gets out of control.

Also, get yourself a job, even if it's bar work. I had to work in my 3rd year to keep my head above water. Means you don't get much of a social life, but it's better than having no cash at all.

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I had TWO jobs man, i just quit one of them. At the moment i work 3/4 nights a week in a Japanese restaurant. With tips i get around £7 an hour.

Great, thanks for the heads up on an interest free card. I will look into it.

chimaera said:

When i was a student no one would give me an interest free card, i was even earning £400 a month.

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I got 2 when I was a student, and earning less than that. Still worth a try though.

Sorry The Jet, thought you said you didn't have a job at all.

Are you eating loads of Take Aways? They can mount up to a lot of money over time.

Take Aways, restaurants, Taxi hire, it's time to get rid of all that, get my bike out and visit Tesco.

The Jet said:

Take Aways, restaurants, Taxi hire, it's time to get rid of all that, get my bike out and visit Tesco.

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I think you need to sell your bike

I don't know your whole situation but so many students really don't think ahead enough and then just cry when they see how much they've spent on rubbish. For all I know you needed the money so I'm not having a go at you or anything.

If you haven't got a job get one to contribute to it and stop smoking who cares if it's free you're killing yourself.

The Jet said:

Take Aways, restaurants, Taxi hire

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People with very little money don't do those things.. at least not if they have any sense.

Make a detailed list of all your monthly expenses and income.
See how much you spend each month on things you can live without.

You might be suprised at how much you can save each month. Don't smoke after a tooth extraction either - very bad for your gums, infact just quit it's nasty.

Mundu said:

I don't know your whole situation but so many students really don't think ahead enough and then just cry when they see how much they've spent on rubbish. For all I know you needed the money so I'm not having a go at you or anything.

If you haven't got a job get one to contribute to it and stop smoking who cares if it's free your killing yourself.

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I dread to think how much debt some of my colleagues built up. I was one of the only ones in my year that didn't live like a king with new hi-fi, expensive computer, fresh pasta etc. I still built up quite a bit of debt. I expect they just got bailed out by their parents