Hi all, i'm 20 years old and am about to attend uni in September. I will be the first to own up that I have considerable debts for my age and realize that now is the time to get them sorted before they take over my life.
I require your advice though, I have about 10,000 in debt through my Egg loan, store loans and overdraft/credit card consolidations. I have around 3 creditors at the moment and was wondering what my best options for becoming debt free whilst living in university accommodation. Below is a list of my circumstances:
-10,000 split with 3 different creditors
-I have saved 1,550 to pay of one of my creditor for my TV that was 2,000 (currys).
- I will be living in Uni accommodation.
- I get a student loan for about 3,100 per year to pay for the coarse.
-I currently work full time but will be going part time to fit in with Uni.
My incoming per month works out about 600.00/700.00 <- full time
List of my current out goings:
-150 bank loan
-150 Egg loan
-50 car insurance
-30 phone/broadband
-20 mobile
So the question is what do I do?
I don't mind losing all of my assets and starting a' fresh and it would probably benefit me in the long run to become bankrupt (but I am probably to young for this option), then again an IVA might compile my out goings and make them easier to manage, hopefully meaning I can move into Uni acc.
Thank you so much for any advice you can spare.
