Personal Finance

10k DEBT! PAST DUE!! Need HELP! NO JOB!

  • Last Updated:
  • Mar 26th, 2018 1:57 am
[OP]
Newbie
Nov 25, 2010
13 posts
1 upvote

10k DEBT! PAST DUE!! Need HELP! NO JOB!

Hi everyone,

Here is my life story:

I went to college for 1 year and decided to switch to an out of town University (lived on campus). Rent was super expensive, so I decided to move back to Toronto, and enrolled in the same program at a University back home, so I can live with my parents. Luckily, my first year credits transferred
Now I am in my 3rd year of University, and I owe $10k worth of credit card debt. On top of that, I still have monthly payments of $300~ from the portion of OSAP from the loan I took for my College/out of town University.

This 10k debt is all from misc stuff (food, going out, coffee) since April 2016. I don't like asking my parents for money, so I just decided to put the stuff on my credit card. Been paying the minimum balance since, but now I am past due on my payments, and getting collection letters from the bank!!! PLEASE HELP!!!

I am also worried about school for next year, I don't know how I will pay for it. My grades aren't good enough to get OSAP funding. I will get only a little, but not the full amount of tuition.

My interest payments monthly are roughly $150 alone on my credit card! I have a part time seasonal job until May (15 hour/week), and will start looking for other jobs after this one ends. But it is so hard. It is so competitive out there.
I am just in a rut, playing video games, don't really have the motivation to do anything. My parents just nag at me all the time. My university classes are 2x/week, and they think I don't go school. They are very traditional and believe in the going to school Monday to Friday.

Does any one know how having a bad credit will affect my future? I know it will be harder for me to rent, or buy a car. But will it impact my employment?

I would love to hear your advice on how to get out of this rut.
Last edited by a73hd73hd on Sep 14th, 2018 10:17 pm, edited 3 times in total.
65 replies
Member
Jan 10, 2018
336 posts
192 upvotes
get lots of more credit start racking it up and just make min payments then claim bankruptcy
[OP]
Newbie
Nov 25, 2010
13 posts
1 upvote
I would never do that! my parents would kill me
Deal Guru
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Mar 9, 2007
10929 posts
5747 upvotes
Think of the Childre…
Be a male gigolo, good money!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Fanatic
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Jul 17, 2008
9178 posts
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You live in Ontario, take advantage of that minimum wage $14 and get started on working especially since your school is light with only 2 days a week. And if you don't have the motivation you can always take a year off from school.
Deal Expert
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Mar 18, 2005
18716 posts
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Niagara Falls
If you're not a troll, it sounds like you might be suffering from depression. Your school should have some sort of councilling you can get they might help.

If it's not depression, I'd say man the F up and go get a part time job. The job market isn't that competitive that you can't find a min wage job to make $150 a month...
Member
Jan 10, 2018
336 posts
192 upvotes
alias68 wrote:
Mar 21st, 2018 7:37 pm
I would never do that! my parents would kill me
Then ask your parents to pay it Winking Face
Deal Addict
Sep 7, 2004
1550 posts
441 upvotes
Toronto
You could just apply for another credit card, do a balance transfer to a low interest/0% card and defer your problem until you can work enough hours to chip away at the debt.

Semi-serious answer for likely a troll post.
Sr. Member
Jan 1, 2017
523 posts
345 upvotes
If you are in school you should not have any OSAP Payments for your previous OSAP loan. Call OSAP and get them to stop your payments. You don’t have to actually pay until you finish school if you are enrolled full time in school. With only 2 days a week of classes why aren’t you looking for more jobs? How many jobs have you applied to so far? If I were you I would be applying to 10-15 jobs every day. Also your resume might not be that good, go to your university career Centre and get them to review your resume to give you feedback on how to improve. It’s a free service from the university. If you are on OSAP you can usually apply for part time work at the university. Have you looked into that?
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Jan 8, 2006
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alias68 wrote:
Mar 21st, 2018 7:23 pm
I am just in a rut, playing video games, don't really have the motivation to do anything. My parents just nag at me all the time. My university classes are 2x/week, and they think I don't go school. They are very traditional and believe in the going to school Monday to Friday.

Does any one know how having a bad credit will affect my future? I know it will be harder for me to rent, or buy a car. But will it impact my employment?
Don't self handicap your self. If you are still in school do well in exams. In summer do two jobs (you can do minimum wage jobs). When I was a student and minimum wage was less than $10 I used to make 7k-8k in four month summer vacation. Yes I used to work 10-12 hours 7 days a week. As long you can get good 7-8 hour sleep you will be fine.
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Mar 9, 2012
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Kitchener
This is what you should do:
  1. When school is out, find full-time work. Competitiveness aside, there is always Tim Hortons, cleaning, detailing cars, car rental agencies. Plenty of work.
  2. Go see a doctor regarding your mental health. No shame in doing that. Perhaps you have a medical condition that can be treated with some sort of therapy.
  3. Call up your creditors and make a deal with them. Obviously this requires a job first. It's better to sort this out than not, because....
  4. I believe bad credit stays with you for 6 or 7 years, after last payment. You could ignore the creditors, but you won't easily get a car, at least not at a good rate. Some jobs will do credit checks.
How can we fly like eagles, when we're governed by Turkeys?
[OP]
Newbie
Nov 25, 2010
13 posts
1 upvote
Hi Product Guy,

good suggestion - I will check out the free service at University.
I will call OSAP and ask about the payments that I am making every month.

Thanks
[OP]
Newbie
Nov 25, 2010
13 posts
1 upvote
Does anyone know if the banks will reverse my interest for me?
At least some of it.. I know not all!
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Mar 4, 2016
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BMO (mom) -> Bill Payment -> Scotia I trade (me) -> TD Bank (me) -> TD Bank (back to mom).
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alias68 wrote:
Mar 21st, 2018 9:19 pm
Does anyone know if the banks will reverse my interest for me?
At least some of it.. I know not all!
It's always negotiable. Perhaps if you plead with them and express that you'll make more disciplined installments, they may credit you one month interest out of good will. Don't expect much from them. I've found that you'll always get more off new activation offers and (almost) never get a re-rate off an existing balance.

Read the threads, gain some wisdom. Now is not the time to play video games. But hey, if that's your passion, try getting a job as a game tester or even go work at an arcade (most arcades now are kids recreational facilities, but at least it pays minimum wage).

Since you're in school, if you haven't done so already, work up a working ability in French. You'll never be unemployed in Toronto if you have a working ability in French. Once you'll be done school, you'll likely have next to no time to pick up the skill. Opinions aside on the importance of French in the workforce, it's likely the best ROI you'll get off a single skill (number of hours and expenses put in vs. the opportunities and boosted income it'll get you).
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