Can anyone help me with what my finances might look like this time next year?!

[JulietteLeGall]

I am just about to take out a Debt Relief order writing off £18k of debt.

I am a single mother on Universal Credit currently studying an access course at college. This is funded if I go on to complete my degree.

Next September I am hoping to start University, and will be entitled to the NHS bursary of £7000 per year, and student loans.

I am unsure about how all these things will link. Will I still be entitled to UC, will the bursary payment wipe out my DRO? I have asked StepChange for advice but they have just said we would need to review at the time but I am so stressed about it. I have looked online but it is all so confusing!

Any help gratefully received.

I have been unsuccessful with CAB - phone just rings out so hoping someone wise on here might be able to help

I've no idea about the DRO, but any bursaries or maintenance loans relating to your degree will reduce your UC.

Have you looked into a DMP rather than a DRO? DMPs mean you do a budget, a reasonable one and step change will write to your creditors with a monthly payment offer. If accepted you make one direct debit payment to stepchange who pay you’re creditors. Likely your bursary may reduce the UC entitlement. I know there’s calculators online where you could get a rough idea of what you’ll receive it may be worth a look.

Also have you checked if a Debt relief order will impact future jobs when they do CBR checks etc and you’re fully eligible? A quick google says your can’t have a disposable income of more than £50 a month

I have looked into a DMP but Stepchange have advised a DRO is my best option. My financial situation isn’t set to improve for many years, and the stress of this debt is having a huge impact on my mental health

I’m hoping to become a nurse and as far as I am aware a DRO won’t have any impact on this.

Bumping in case anyone around tonight

I’d post your question on. Money saving expert in the debt free wannabe section

Thank you for the advice. IK’ve read some really helpful stuff on there now