Not read all this thread as it seemed to be descending into a debate about the pros and cons of uni in general mixed in with the odd story of their own but I'm pretty sure my advice will differ from most.
I finished uni last year, took me 4 years to do a 3 year course and aside from my dissertation which I quite liked, hated every minute of the actual studies, the topics, the content the people, all of it made me wanna choke on my own tongue. Maybe did 2 out of every 5 assignments and even then they were the barest possible minimum.
However, I did everything I could to pass, except the work. Blagged deadlines, borrowed results, used wikipedia, got mitigating circumstances, everything possible.
I know cheating and all that isn't really right, but when theres 20 grand on the line and the only way it is justified in any way shape or form is if you graduate then I really couldn't care less about the morality of it. If I could do it all again (obviously I wouldn't the same course) but I'd do exactly the same things, I really couldn't care less what anyone says about devaluing other people's results or whatever, the bottom line is I have BEng Hons. after my name and no one can argue.
You want my advice mate, do some of the work but in the meantime, blag every possible advantage you can, say your sister is having a baby, you crashed your car, anything, it doesn't matter.
I got a third by the way, might be gash but at least I've got it.