Paying off debt support

1
Rayne said:
It’s because typically student finance loans are the lowest interest loans you can get so they should be last to be paid off (if at all depending on your earnings /circumstances). Should you lose your job you also won’t get chased for money compared to other loans if you were unable to repay
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Ah my interest is 6.5% my other debts have lower/0 interest. Much smaller amount of my salary. My job is secure, well as much as any job can be really.
 
Spidey2020 said:
Ah my interest is 6.5% my other debts have lower/0 interest. Much smaller amount of my salary. My job is secure, well as much as any job can be really.
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I’m also plan 1 and the interest for this year is 6.25%

www.gov.uk

Repaying your student loan

When you start repaying your student loan, your monthly repayments, what to do if you have 2 jobs or are self-employed, how to get a refund if you've overpaid.
www.gov.uk www.gov.uk
 
CrazyGiraffeLady said:
I’ve tried them, I was about to go on a debt relief order but they wanted me to close my current bank account and set up a new one but I don’t have photo id to do it x
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Not sure if this will help but you may also be electronically verified which means that you wouldn't need to provide ID. This is likely if you're on the voters role at your current address for example. But it is likely they would require you open a Basic Bank Account which has less identification requirements.

SCDC is who we recommend people speak to. If you have any affordability then they will contact your creditors on your behalf to agree a plan.
 
Hey guys. Bit of a derail but can't seem to find a thread related to my question. How do people manage to private rent these days if they have no family or close friends, therefore no guarantor. Surely there's a way because if they can't get a guarantor to help them secure a property then they'd be up tit street eventually? Is there a loophole or a guarantor service kind of thing in existence? Baffles me because even if you do have a circle around you , standing guarantor is a huge responsibility and to do it means you have total faith in the tenant... maybe I'm just weird because I'm a loner so unaware of the dynamics of a support circle and people really are just that trusting and loyal 🩷

BTW these are musings relating to a random fb post I came across and made me think, if I'm ever in that position to need a guarantor, I'm fucked 😬
 
BirkenheadTranny said:
Hey guys. Bit of a derail but can't seem to find a thread related to my question. How do people manage to private rent these days if they have no family or close friends, therefore no guarantor. Surely there's a way because if they can't get a guarantor to help them secure a property then they'd be up tit street eventually? Is there a loophole or a guarantor service kind of thing in existence? Baffles me because even if you do have a circle around you , standing guarantor is a huge responsibility and to do it means you have total faith in the tenant... maybe I'm just weird because I'm a loner so unaware of the dynamics of a support circle and people really are just that trusting and loyal 🩷

BTW these are musings relating to a random fb post I came across and made me think, if I'm ever in that position to need a guarantor, I'm fucked 😬
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I think you would need to pay 6/12 months rent upfront.
 
Spidey2020 said:
Ah my interest is 6.5% my other debts have lower/0 interest. Much smaller amount of my salary. My job is secure, well as much as any job can be really.
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Then I'd definitely get rid of most of the student loans. How much other debt do you have? Is it feasible to pay off thise debts as well as a large chunk of your student loans and then snowball those payments into your student loans?

Personally, the knowledge that I won't be chased by my creditors if I can't pay for the student loan debt would be the deciding factor here but if you're sure you're good with not having that security to fall back on then I'd do a snowball the other way - pay off student loans and then put all of that payment towards other debts.
 
CC1801 said:
Not sure if this will help but you may also be electronically verified which means that you wouldn't need to provide ID. This is likely if you're on the voters role at your current address for example. But it is likely they would require you open a Basic Bank Account which has less identification requirements.

SCDC is who we recommend people speak to. If you have any affordability then they will contact your creditors on your behalf to agree a plan.
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Thank you I’ll look into them x
 
Just felt like I needed to get this off my chest as I haven't ever told anyone about the debt apart from my husband but today I am officially debt free
🥳 after making A LOT of stupid mistakes when I was younger and getting into a big amount of debt with absolutely nothing to show for it, today I've made my last payment and have managed to pay off just under £18k in 3.5 years. I have scrimped and saved every spare penny to put towards it and made extra payments as often as I could. Life has been tit for the last few years and I thought it was never going to end but the day is finally here

For anyone else in a similar position, just keep going and doing whatever you can no matter how long it takes you. The feeling of relief is so worth it💕
 
CrimsonCountess said:
Just felt like I needed to get this off my chest as I haven't ever told anyone about the debt apart from my husband but today I am officially debt free
🥳 after making A LOT of stupid mistakes when I was younger and getting into a big amount of debt with absolutely nothing to show for it, today I've made my last payment and have managed to pay off just under £18k in 3.5 years. I have scrimped and saved every spare penny to put towards it and made extra payments as often as I could. Life has been tit for the last few years and I thought it was never going to end but the day is finally here

For anyone else in a similar position, just keep going and doing whatever you can no matter how long it takes you. The feeling of relief is so worth it💕
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This come at a perfect time to motivate me. I've just started working the Dave Ramsey steps right from the beginning. Estimating it will take around 4-5 years to be debt free but can't wait for that moment!

Well done you very impressive x
 
CrimsonCountess said:
Just felt like I needed to get this off my chest as I haven't ever told anyone about the debt apart from my husband but today I am officially debt free
🥳 after making A LOT of stupid mistakes when I was younger and getting into a big amount of debt with absolutely nothing to show for it, today I've made my last payment and have managed to pay off just under £18k in 3.5 years. I have scrimped and saved every spare penny to put towards it and made extra payments as often as I could. Life has been tit for the last few years and I thought it was never going to end but the day is finally here

For anyone else in a similar position, just keep going and doing whatever you can no matter how long it takes you. The feeling of relief is so worth it💕
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I really needed to hear this. I'm so happy for you.
 
Well done on everyone paying off debt. Paying off debt is a bit of an obsession of mine. Currently making additional payments to a 7k loan (high interest) and throw random £10 and £20 to the mortgage wherever I can. Mortgage is £900 per month and I try to make a £90 overpayment each month so it's 10% of monthly payment extra.
 
I fucked up. I was doing semi-well paying off debt but then, I don't know what happened. I thought i'd consolidate and pay less monthly but instead I've managed to rack up 30k debt and all monthly payments equated to over £900 a month. Lloyds approved me for a £11,500 credit card and then 3 weeks later approved me for a £15,000 loan. I didnt use the credit on the £11,500 card though, I planned to take it out to balance transfer off my other lloyds credit card that had just under 4k on but it wouldnt let me. All whilst working part time in a super market with benefits making up most of my wage. I have sent them a complaint about irresponsible lending. I received a message saying they had reduced the 11500 card to 4k but thats all iv heard so far.

Debt so far:
Zopa - £9000
Lloyds - £15,398
Lloyds cc1 - £1200
Lloyds cc2 - £3800
housing benefit overpayment - £898.00

I work part time at a supermarket, trying to secure a full time job but not proving successful at the moment. My income has reduced also so I'm down around £450 a month. I managed to rack up most of this debt during the 3 years of being a student at university. The housing benefit overpayment is because the council were paying me full housing benefit whilst working out my claim and when they had calculated my new claim, it left me with this debt.

I have spoke with stepchange who recommended a DRO and iv been referred to money wellness and i'm just waiting to hear back from them now. I've never missed a payment in my life but I cant go on as i am, drowning. I thought I was relatively good with money, but clearly not. A single mum living on student loans and then a low income has no business being allowed to borrow an excessive amount of money, granted I shouldnt have asked for it, but I didnt think i'd get accepted to be honest. Until i did. Anyway,

Never a-bleeping-gain!
 
Manbagzda said:
This come at a perfect time to motivate me. I've just started working the Dave Ramsey steps right from the beginning. Estimating it will take around 4-5 years to be debt free but can't wait for that moment!

Well done you very impressive x
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Honestly one of the hardest parts is facing up to it at the beginning, it's so daunting trying to actually take that step to deal with is so bloody well done to you. The feeling of relief is so worth it at the end, just keep going, no matter how small the payments are you will get there in the end
 
I finished paying off my first credit card today. I only got the second one for a balance transfer, didn't end up balance transferring but I did use it so will have just under 2.5k most likely on that after my dogs vet visit this week. But also been focusing on having a little in my savings account so I have 1k in there now. I'll probably start paying £250/300 a month into both the credit card and savings now. I always just leave myself short each month by putting too much into savings or credit card so I just end up using the credit card so I need to stop that
 
JTsFringe said:
I fucked up. I was doing semi-well paying off debt but then, I don't know what happened. I thought i'd consolidate and pay less monthly but instead I've managed to rack up 30k debt and all monthly payments equated to over £900 a month. Lloyds approved me for a £11,500 credit card and then 3 weeks later approved me for a £15,000 loan. I didnt use the credit on the £11,500 card though, I planned to take it out to balance transfer off my other lloyds credit card that had just under 4k on but it wouldnt let me. All whilst working part time in a super market with benefits making up most of my wage. I have sent them a complaint about irresponsible lending. I received a message saying they had reduced the 11500 card to 4k but thats all iv heard so far.

Debt so far:
Zopa - £9000
Lloyds - £15,398
Lloyds cc1 - £1200
Lloyds cc2 - £3800
housing benefit overpayment - £898.00

I work part time at a supermarket, trying to secure a full time job but not proving successful at the moment. My income has reduced also so I'm down around £450 a month. I managed to rack up most of this debt during the 3 years of being a student at university. The housing benefit overpayment is because the council were paying me full housing benefit whilst working out my claim and when they had calculated my new claim, it left me with this debt.

I have spoke with stepchange who recommended a DRO and iv been referred to money wellness and i'm just waiting to hear back from them now. I've never missed a payment in my life but I cant go on as i am, drowning. I thought I was relatively good with money, but clearly not. A single mum living on student loans and then a low income has no business being allowed to borrow an excessive amount of money, granted I shouldnt have asked for it, but I didnt think i'd get accepted to be honest. Until i did. Anyway,

Never a-bleeping-gain!
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Please look up ‘debtcamel’ on Instagram for affordability claim template. The lender also has a responsibility to you in what they allow you to borrow
 
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