So Anxious and Stressed - Advice please!

[louise0501]

Hey

I am so stressed and anxious at the moment and i dont really know how to deal with it. I'm stressed because i dropped out of uni in feb and i had to continue claiming the loan as i had no other way of paying the rent on the house i was living in while at uni and i couldnt find anyone to take over the lease. I recieved a letter today saying i owe them £3526 and i freaked out as i am unemployed and i have no way of paying it so i rang them up and explained that i can't pay the full amount so i said i could pay monthly and he said to give them ring within the next couple of weeks to pay off first installment but as i dont have much money and im still paying rent and im only just about to start claiming jobseekers im only gonna be able to pay £50 a month and then when i get a job hopefully i can earn enough money to increase that.

It's just stressing me out so bad as i probably won't be able to get a good enough job to pay it back fairly quickly as well as being able to save some money and i really wanted a car and maybe go travelling but now those dreams seem years away. I'm 23 years old and it will probably be a long time before i can move out of my parents house. i feel like my life is over.

can anyone relate to this situation? any advice? I'm at my wits end worrying about what this all means and how bad my life is gonna be. I just wish i never went to uni in the first place.

Sorry for long post but just needed to offload a little.

please reply
love louise XXX

[daydreamer]

Hey louise.

Is the loan from the student loans company? Are you sure you have to start paying it back now and not when you are in full time employment? Usually they take it out of your wages when you earn over the threshold of 11 grand (or something like that).

[Ronster]

Louise,

I am 47 and the one thing I learned a long time ago is when I had to spend or owe what I considered a lot of money, which 3500.00 at 23 is a good amount of money. If I thought of it over a life time, as apposed to current time. it would ease the mental burdon. In regards to paying it back, nothing comes for free so it's ok to get a job and pay what you can afford over a two or three year period. One thing about not going to uni is your job will pay you less and you will have to pay this money over a longer period of time. If you stick out in uni this 3500.00 will seem like nothing. As your wages will likely double or triple.

Dept is a part of life, the key is to manage it properly, ALWAY LIVE WITH-IN YOUR MEANS. In other words don't buy things becasue you like it, buy it because you like it, need it and CAN AFFORD IT!

My mother told me this 30 years ago and I have never felt anxiety about being in dept nor was I ever in over my head dept.

HOpe this helps,

Ron

[louise0501]

yeah it is from the studet loans company and i thought they would wait till you earning enough money to pay back but i have just found out that it doesn't apply if you drop out and they want me to start paying it back now but its such a burden when im not earning much money. i feel like crying as i just cant do anything now? i feel stuck.

love louise

[daydreamer]

Hey Loiuse,

gosh that seems so harsh, are you 100% sure they can take money off you if you arent earning it? I would want to double check that if I were you. I also think that if you do have to start paying it back then you should tell them that as you will be on jobseekers, £50 a month is too much and ask them if they can lower the amount you have to pay.

I can understand why you are so worried about this, it must be very stressful. Firstly they arent going to take money you dont have, they cant! secondly dont worry about how much you will have to pay when you do get a job, they usually calculate that going on how much you earn, they wont take vast amounts anyway.

[louise0501]

yeah i suppose, i felt a little better once i phoned them as i think sometimes the letters can make it seem worse than it is. i have applied for a job where i used to work so hopefully i will get that as i dont seem to be having much luck at all. well i actually suggested £50 a month but i was hoping i could start in about a months time but he said to start by the end of the month. i applied online for jobseekers and it said they would phone by today but i havnt heard anything so just another thing to worry about. it just seems its gonna be such a long time till i am able to enjoying myself again.

[Going home]

Yes its right about the student loans company i'm afraid. They're only happy to go on lending as long as you're at uni, its only when you finnish the degree that they will wait for you to be earning enough to pay it back, if you drop out partway through they stop it and you have to pay back what they've given so far. But if you're claiming jobseekers they won't expect you to pay it back until you're earning again, you only have to send them proof of unemployment (theres a form you can get from the jobcentre for this) and if you're working and on a low income they won't ask for a huge amount...50 pounds a month seems reasonable to be honest if you're working and living at home now, even on a low wage. And 3,500 is a drop in the ocean compared to what post-graduates have to pay back later.

Try not to worry, your life is not over...its just a blip and we all have to learn to cope with them over the years believe me!

Best wishes
Anna xxx

[atki]

Hello

I think you only have to start paying back your student loan when you start earning £15,000 or over. I graduated 3 years ago and earn £14,500 and im not paying anything back yet. It must be hard trying to find a job and having these worries as well as social anxiety. The Citizens Advice Bureau are also good to go to for advice of you get stuck. Thoughts are with you

[Adam22]

Hi,

Ive just finished my degree this year and I have a debt of £15,000 lol...

U just need to chill out.. because you dropped out... they will expect the money back at a faster rate but you will be able to pay back minimal payments at a time..

I'm sure you will find a job although it can be hard at the mo of course.. the payments back wont be of a significant sum so dont panic.. you can agree a plan with them that will suit you..

just chill out and I'm sure you will find some work.. pay it off and even follow your dreams of travelling..

it will all work out..

Adam

[Caz 47]

Hi louise sorry to hear what you are going through what i was going to say is dont look at the problem all in one take it in stages you are twenty three you live at home you owe 3000 pounds ok break it down the first thing you need to do is get a job dosent matter what it is at the moment cleaning delivering leaflets anything that will get you some money to help pay back some of the money you owe.. i get annoyed at these student loans they are quick to loan out the money but when you get into difficulties they want it payed back quick as a flash...

But like i say you may have to put your life on hold for a while but things will get better look at the positives write them down it does help ..lists are wonderful things for calming the mind ....i really do hope things get better for you this site is wonderful for sharing your problems and you get so many folks with answers you may not have thought of.. ..sending you hugs .... Carole x