Student in large amount of debt from personal loans, credits cards and overdrafts

[Erelgone]

Hello,

I appreciate anyone who takes the time to read this post and give me some advice as I do not feel I can speak to anyone in person about the matter yet.

I am currently in around £40,000 worth of debt through loans from my bank and credit cards, I lost all of the money in crypto trading. I know I have an issue and it spiraled out of control by thinking I could make it all back, consistently losing and getting money from old credit cards which I had previously paid off selling my van and finally taking out a personal loan which I lied to my bank to get.

my current outgoings including rent and all of my debts will be £800+ a month. the debt will be around £400 a month. As I previously mentioned I am a student and I told the bank that I am not, by telling them I earn £1500 a month.

I am not sure what to do as I will not be able to afford these payments, I am not sure what will happen if they found out that I lied if I go to them and say I can't afford to pay these debts. I have read online about people giving false information and it was the fault of the lender for not doing any checks. I was very surprised when I saw that I was accepted for the loan given that I had not had anywhere near the amount of income I had stated. The debt in question is for £15,500 payable over 6 years for 367 a month total of around £24,000 (which really pains me to write).

Any advice or response is greatly appreciated to help me get my thoughts together.

Thank you for reading.

[Scot22]

So sorry to hear of your problems. I can understand how it has happened.
In my experience most stress comes from people trying to pretend things are different to what they really are.
I understand you don't want to speak to anyone yet but the longer you wait the harder it gets, believe me. You need to talk with a financially knowledgeable person. I suggest you make an appointment to see your bank manager explaining it is a serious issue. Unload all of your problems. Hopefully he or she is a human being and will help plan a recovery.
On a personal note, have you a gambling problem ? Contact Gamblers Anonymous if you think it needed.
Just my ideas it is your decision as to what to do next.

[echat11]

I would contact CAB, they can advise on the debt. Things like this need to be 'managed'.

a) How they allowed you to borrow such an amount? the due diligence they 'undertook', lack off.

Irresponsible Lending - https://www.lendingstandardsboard.or...e-Nov-2009.pdf

b) Can they write off the interest? if you repay the principal over XX years, no doubt you'l be able to pay more when you start full-time employment.

[MIKE770]

Irresponsible lending comes to the fore here???? no assets !!!!!!!!!!!!!

[DE DOGS]

Irresponsible lending comes to the fore here???? no assets !!!!!!!!!!!!!

We have a family member in a similar situation C/C issued with not one check that this family member did not even have a Bank Account, yet issued a C/C for the sum of four figures

[Scot22]

How's it going ?