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Money Troubles
Bunnie
Posts: 6,099 Master Poster
I found out the other day I am having to pay back £214 a month for the next 10 years for my graduate loan.
I took out £15k.
Can someone tell me if this is normal? As it is far too much and I cant afford to pay it.
If it is right, I was told by the bank I could pay it off tomorrow if I wanted and then would only pay £16,100.
Can I get another loan and do this that has a lower interest?
Oh help, I am in a pickle!
I took out £15k.
Can someone tell me if this is normal? As it is far too much and I cant afford to pay it.
If it is right, I was told by the bank I could pay it off tomorrow if I wanted and then would only pay £16,100.
Can I get another loan and do this that has a lower interest?
Oh help, I am in a pickle!
0
Comments
If I wanted to stretch it out over 10 years, I would expect a monthly payment around £150.
I would shop around, cos that graduate loan doesn't seem very competitive.
Keep in mind there will be a cooling off period, so if you have only took this loan in the last ten days, then take advantage of the cooling off period.
No I took it out in 2006 and it was interest free for a year and a bit - whilst I was studying and in Jan they started the repayments.
xsazx - it isnt a student loan, it is a graduate professional loan. I was thinking calling them was the best idea, but I cant see it helping, as I would eventually have sky high repayments and there is no guarantee I will have a better paid job in 2 years.
Yeah My budget is pretty straight forward as I just pay the rent and Steven pays all bills etc.
So I pay rent, insurance, phone and travel. Although I can probably deal with the repayments I wouldn't be left with anything, e.g. popping to shop for bread and milk etc.
Dad is paying for it at the mo but that obviously cant go on for 10 years.
anyway if you cant afford it discuss it with the bank - they would probably be able to make an arrangement with you to pay smaller installments (which you must stick to).
I don't think getting another loan to pay off a loan is a wise idea.
If you are going to do a budget make sure you list absolutely EVERYTHING and overestimate rather than underestimate on your pricings.
well I pay for my cigs, but I dont go to the pub now and if we ever get a bottle, Steven pays for it, but he is poor too so we aint had wine in ages.
I know you aint trying to get at me hun, dont you worry. I appreciate the help
err, do you not think we tried? Blimey, I didnt just think, I know, I will throw money down the drain for the craic! and I know Lacrymosa has money to burn!
Not many people nowadays get sponsored, so you know lucky people.
Lacrymosa, yeah it is for LPC, and I dont blame you for putting it off a year.
Very few people get a funded LPC unless they get a training contract with a top City firm, most high street firms and charities won't pay for the LPC. Hell, even the CPS won't pay for your LPC.
I'm having to pay for my LPC and so is my boss (who's taking the same course as me at the same time at the same college). We work for a national charity specialising in social welfare law. No funding for us.
Anyway, no need to be rude - everyone I know (= hundreds of law students/grads, not just a tiny/miniscule minority, and not just at magic circle / Square Mile firms) gets a training contract, then does their CPE/LPC with everything paid for, no mention before that this is exclusively reserved for certain firms.
How do you know hundreds of law students exactly? Did you study law? Where are they all? I know probably around a hundred from both unis and I could count the people on one hand you have been sponsored.
It is of course only reserved for certain firms, those who can afford it.
Rude? Who was rude?
The only rude person was you, poppet, talking to lacrymosa and bunnie as if they are stupid.
You know hundreds of law graduates and every single one of them got a paid training contract?
I don't believe you.
I'm a Durham graduate and only about 15% of the people I knew of got a funded training contract. I know Oxbridge graduates who couldn't get a funded training contract. I'm working in the legal field and I can count on the fingers of one hand the number of people I've come across who got a funded LPC.
Nearly everyone has to pay for it. Some, like at Northumbria University, do it as part of their degree. Others do it part-time, like my boss and I are, and others take a year out of work to do it.
I personally think you are talking balls...but hey! What do I know!
Just a bit contradictory there - how can he be talking balls if he is only speaking from his experience, hence factual to him?
The only thing he has done 'wrong' is to lack the knowledge outside what he knows.
Hardly the end of the world, anyway. I hope you get your problem sorted.
I meant his 'factual experience' is balls when he is referring to all these people having Training Contracts
But as you say, this is not helping my money situtation, so if you dont mind, I would appreciate some advice...
I guess one option would be to get in touch with a couple of banks and find out if they can give you a better offer.
I think I may have to get a bar job or something, which I really dont want to have to do.
I am tired as it is. :grump:
For a couple in your circumstances creditors won't accept any expenditure on cigarettes, alcohol, magazines and only very limited expenditure on things like clothes. They will expect you to spend no more than about £50 per week (£217 per calendar month) on groceries, including deodorant and cleaning materials. Expenditure on the TV, on the telephone, and on the internet would need to be cut too.
It's harsh, but tbh I do side with the creditors. If you were owed money and the person who owed you it spent all their money on cigs then you'd be irritated. It works the same way with the bank.
If you are really struggling financially make an appointment with the CCCS. But bear in mind that the CCCS are very strict on budgets and you won't have much fun if you need to go on a debt management plan with them.
ETA: If you want help in sitting down and drawing up a budget that creditors are likely to accept then I'm more than happy to lend a hand. I'm sure Ellie would be happy to as well. But if you genuinely cannot afford the loan repayments then it's not going to be painless:(
Thanks for the advice guys, looks like my life is about to become rather boring - well more so
Get a better loan to pay it off. ?
It wasn't that blunt:(
Shopping around for a better loan might not be such a bad idea, but be careful of taking out a loan that is for more than what you originally borrowed.