“I left Uni with £35,000 worth of debt!”

For Laura Farley, a recent law graduate leaving University didn’t bring all the excitement it’ was supposed to instead it brought A LOT of debt!

Laura, 22, studied Law at Sheffield University. She nearly left university with around £35,000 worth of debt from credit cards, overdrafts and the usual Uni expenses. Luara whos problems first started in her first year of studying said,

“Being away from home and having the independence that I’ve never had before made do stupid things, I wouldn’t stop and think if I could afford the things I was buying”

Laura was spending her money on new clothes, laptops, expensive shoes, and nights out. Before she knew it her bank balance was running low and she needed more money. Her only option was to take out a second overdraft with a different bank, something she now regrets.

By the end of her first year she had already spent her student loan, taken out two overdrafts with different banks and even started dipping into a student credit card.

“I lost control! I didn’t actually stop and think about how I was going to pay this all back, I just kept buying clothes and shoes, not even checking the prices”

With first year over, Laura started receiving letters from the bank of her second overdraft

“As soon as the money ran out I got letters saying I needed to pay my overdraft off NOW because I’d broken the agreements with the bank!”

“I had no other money, no one in my family who I could have paid it, so I had to up my limited on my credit card with the bank I had my first overdraft with, least then I knew my student loan would be going into that account so they couldn’t demand the money, like last time.”


Although this was a wakeup call for Laura paying her overdraft off was making it hard to pay her bills and she released she needed to ask for help.

“I rang my mum, it was about two o’clock In the morning. I couldn’t sleep thinking about what a mess I’d gotten myself into. After a telling off, she agreed to pay my credit card and second overdraft off if I got a job to pay the overdraft”

Laura agreed and just after graduating she finally paid her overdraft off.

“I definitely learnt my lesson and if I didn’t have my mum to help me out I’d still be paying my debts off. Instead I’ve found a good job were I was even able to pay mum back with a spa weekend.”

Written By @AshleyJadeFD


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