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Additional Details
Thanks DCGIRL - I am UK based.... |
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masonv80 | What the hell can I do? :-(? |
Can anyone give me any real and useful advice? I owe debts of over £15,00 and currently have no income (the job centre have only just sorted out my job seekers allowance and everything I did get paid went to my bank on charges straight away).
What do I do? the debts are getting worse, I can't afford to go bankrupt and I'm losing the plot.
By the way, before you all judge, I have worked all my life and am only out of work now due to illness.
Additional Details
Been to Citizens advice too, and they weren't much help :-( |
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werdsmyth_2000
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Don't think you can't declare bankruptcy. It's actually a lot more harmless than you think it is.
I'm assuming you have no assets that the creditors can take away, so you won't lose anything physical. Of course, if you do have assets then this is how you should be raising the capital to pay off your debts!
If you declare bankruptcy most of your debts will be written off and all that will happen is for a few years you might have trouble getting credit or loans. But even then you'll probably find that you can still get them (it just might take a bit more time).
If you refuse to declare bankruptcy then you might be able to re-arrange you debts through the courts (don't use a debt consolidation service because they'll rip you off even more). in some circumstances (e.g. paying rent to the council) a judge can overrule the terms of a previous credit agreement and set a new one (such as making you pay back a loan at a rate of £3 a week for the next 50 years, rather than £300 a month for the next 3 years). This might seem like a bad move but it could free up your money a bit and give you breathing space to get back on your feet, after which you can repay the debt much quicker.
On a longer term basis obviously you need to get a job...and at this stage not be picky about what job to take. Anything that provides an income should be considered.
Most importantly of all, don't panic too much. THousands of people go through exactly the same problem every year and the ones that seek out help nearly always find a solution |
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Pete H
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You will need to come clean with all the people to whom you owe money and try to come to an arrangement. I suggest that you visit your local Citizens Advice Bureau in the first place to get some expert advice so that you know where to go next. Don't leave this as it will get very very bad. You will be able to get out of this mess as long as you don't hide your head in the sand. |
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corky123
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You could try contacting each of your creditors and explain the situation. Speak to supervisors or those who can make decisions. See if they will allow arrangements for you to make small payments until you recover and are able to work. In the US, creditors cannot file judgments if you make a valid attempt to pay the debt, even if it's a small amount each month. |
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Bob the Boat
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Hi,
Firstly, if you can show a medical document from say a GP to the system, showing that you are clearly unable to enter the workplace in any capacity, and fill in an Incapacity Benefit claim form, I think a UB50, then you are entitled to a weekly allowance of some £80, plus costs involved in respect of rent or mortgage allowance from your local council.
I am not a scrounger, and I don't owe anyone a bean, so getting into debts that you can't pay off easily is probably not the best road to choose.
That is not a personal judgment on you, as I was in a similar many years ago. I nearly lost a leg in a motorbike crash, so I thought "Hold on I have paid thousands into the system, so time to claw a bit back until I am back on my feet".
Your debts should be at least put on hold, and I'm suprised that the CAB did not arrange that for you.
I wish you well, if you are truly due to financial help, and entitled to it, that is surely what it is there for.
Bob |
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Baron Von Svele
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Contact the people you owe money, and explain your situation. Try to freeze your loans/debt and ask them to reduce your monthly payment. I am sure if they review you "payer historic" they will cut you some slack... Best of luck sorting this out.. I'm crossing my fingers for you :) |
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scottie
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Pete H on spot on go with that. lenders are happier if you contact them instead of burying your head in the sand.
Good Luck |
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MinibabeUK73
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You need to contact all your creditors individually. The sooner you do it, the more willing to help you they are. I have been in a similar situation for ages.
I was on job seekers allowance (JSA) for ages and ended up getting a long term temping job - it pays less than I would normally accept but its more than JSA - it also shows to the creditors that you are willing to work to clear your debts.
Some companies will freeze the interest for you.
Dont put it off - call them ASAP.
Good luck with it all x |
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dan m
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Hi.
Sorry to hear of your financial problem.
Here is a site that has companies that deal with debt management and bankruptcy advice and it is FREE advice.
http://bestukloans.co.nr |
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it's me!!
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can u not go to a citizens advice place.....there might be someone there that u can talk to who have more knowledge than us on here...........xxx |
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sian
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have u tried going to the citizens advice bureau they normally put u in touch with a debt management service |
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Jane A
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Prostitution AND you can claim benefits at the same time. |
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