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Is it nobler in the mind to suffer the slings and arrows of outrageous fortune??

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Or is it easier just to run away??

Oh God.....one of life's little dilemmas is driving me nuts and I don't know what to do. Advice from someone who knows a little bit about debt and responsibility would be good....

So here's the thing. I graduated from uni 2 years ago and have had 2 relatively meaningless mind-numbing jobs and have run myself into huge amounts of debt (roughly 6 grand at the mo). THing is, I have a huge urge to go away and take on the world. I've done the summer backpacking thing many times but want to just leave for a year or more, get my life into perspective (I want to write) and then come back refreshed and inspired. My boyfriend wants to come with me (bless 'im) but i don't know if it's the right thing to do with so little money. Obviously, i need a large graduate loan.......AM I CRAZY TO DO THIS, or should I forget about debt and bugger off for a while???

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    P.S. I'm also only 22, and not an old wizened and bitter hag of a thing.......plenty time to pay back those pennies..... <IMG alt="image" SRC="wink.gif" border="0">
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Poopyjo,

    Having been through this experience myself, a few things to consider might be:

    1)How long will it take to pay off your debt with your forecast (future) income?

    2)Are you happy with the level of debt that you have and will have - (interest kills)?

    3)How 'free' do you feel you will be with your level of debt?

    4)When you come back from your trip, how difficult will it be to raise finance - if needed - to fund your activities viz.: accumulation of material possessions (eg car,...)?

    5)How much do you think you will you regret not having gone or alternatively, travelled and foregone that income?

    Tough decision, unfortunately no easy answers. Wish you all the best.
    <IMG alt="image" SRC="cool.gif" border="0">
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Poopyjo, short term gratification is the way forward! get the loan and go, if you can. now's a great time for you to travel, before you get involved in any horrible career/mortgage type stuff. it'll definitely be cool for the experience and inspiration.

    however: bear in mind that to be given a graduate loan, you have to have a permanent job lined up and you have to agree to pay back a certain amount each month, effective immediately. therefore you'll have to get hold of not only a pot of money for the travelling itself, but also leave quite a bit sitting in your bank for the grad loan people to take out each month. shite isn't it?

    What i did (and can highly recommend) is, after saving a bit of money to leave in my bank, i got a job abroad and rather than travelling constantly lived in one place and worked there to support myself. you could line up a few jobs in various parts of the world (there are loads of websites/organisations which help you with stuff like finding work & accommodation abroad). say do 6 months in several different places. just a suggestion!

    the other option is a non-graduate loan, which will be a lot more flexible in terms of paying back - you might be able to put of starting the payback for a year or something. the online bank cahoot (related to abbey national) has a rate of 8% which is bloody good, the best i could find anyway.

    i've just paid off my grad loan, and got some extra, with a loan from sainsburys (good rates there too)...they've given me a few months before i start paying it back so i'm off to egypt in march...i'm liking that!

    i'm shit with money, probably best not to listen to a word i've said.

    lrxx <IMG alt="image" SRC="wink.gif" border="0">
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hello
    Just a little advice on the debt side of things for you... I'm assuming your 6,ooo pound debt is from student loans. If this is the case you need to be earning more than 833 a month before they ask for repayments. If you want to travel for a year it is possible to defer your repayments...more here: http://www.thesite.org/cgi-noperl/ubb/ultimatebb.cgi?ubb=get_topic&f=26&t=000106
    If you are worried about the money side, try calling your local Citizen's Advice bureau who can give free advice and support. They also have a National debtline number that can offer guidance and advice on 0121 359 8501.
    As for taking out a new loan, you usually do need a fixed income or some savings that can be used specifically to start repayments...having said that there are loans to suit every need out there, just don't get swamped under. Talk to citizen's advice who will probably help you work out your best option.

    The travelling idea does sound fantastic though, there are so many options on how to go about it...have a look at our gap year section for ideas, http://www.thesite.org/info/careers/gap_year/
    whether you do paid work, volunteer or just sunbathe, if you are free to go do it, then go! It becomes harder and harder to make that move later on, as jobs and possessions mount up.

    Susie
    <IMG alt="image" SRC="smile.gif" border="0">
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Ho hum....am greatly appreciating such sensible approaches to my debt problems but aren't practicalities a load of crap??? Darn. All this thinking twice stuff is doing my head in. Susie - love your confidence in me, but my debt has nothing to do with student loans (in fact I haven't even counted them as I'm not earning enough yet). I have two overdrafts and a large VISA bill, hence the'badly needing graduate loan' thing. I want to pay everything off and have some money left to travel, really. Living in London for 2 years on a £10,000 salary when half of that goes on rent does nothing for your finances at all.

    Grrr.

    Littlerosie - thanks for advice on lovely kind loan people. Will investigate. Either that or I persecute my long-suffering parents so they eventually pay me to leave them alone, preferably for a long time.

    Ach, be gads - I don't really care about debt. I reckon I'm always going to have it but I won't always be young and inspired.
    YES!!!! I'm going to RUN AWAY!!!!!

    <laughs and skips round room deciding which tie-dye top to wear on plane>

    <IMG alt="image" SRC="frown.gif" border="0"> Or am I just being really silly??? <IMG alt="image" SRC="confused.gif" border="0"> <IMG alt="image" SRC="confused.gif" border="0"> <IMG alt="image" SRC="confused.gif" border="0">
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    I LIKE your tutor!
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