Being Made Redundant . Help lots of debt

[The GodMother]

My advise cut the card up ad go from there no temptation then. 

The one with only £300 on pay of at a higher rate then close and pay off the next highest one. rinse and repeat. 

 

Not a lot you can do about the redundancy just get threw. 

 

[unclebulgaria67]

Be careful about mid life crisis and thoughts which you think are logical, but are really about running away.

 

Seen too many examples of people who have run off abroad, spent all of any money they got hold off and then had to return to the UK a few years later. And when they come back, they often end up sofa surfing on benefits or living in a rental caravan on benefits. And they have the problem of CCJ's on their records causing them difficulties e.g. trying to rent anywhere decent , some types of employment. 

 

Best to try to cope with redundancy and your current position.  Get a new job ASAP and get advice about how to deal with issues one at a time.

[The GodMother]

hey my friend has just done some of that tho he has fully sold up paid of his debts and left the country. His girlfriend/fiancee was refused permission to be here so he has gone to her. 

 

Living it up like a King in the Philippines 

[SkintBadger]

Thanks again for all the contributions. Now I've sobered up, I'll take all viewpoints on board!      Ta. 

 

SB.

[Ethel Street]

I'll also emphasise the advice given earlier in the thread about keeping all the letters you wil be sending and receiving and all your records of payments, paperwork you have relating to when you took out the loans. Basically keep everything, whether as originals or scanned.  If in some years time things get difficult having all the paperwork will help you greatly., being able to prove precise dates etc.  

[SkintBadger]

Happy New Year everyone,

 

I'd be grateful for opinions on when is the right time to keep servicing debt at a cost to leaving myself with nothing every month; when is the time to contact OC's and ask for a payment plan, or when to simply default and say "take me to court I've got nothing spare, 6 years and you can 'do one mate'?

 

Is there a general rule of thumb?

 

My financial situation will not improve in the foreseeable future due to age, skillset, illness, but hopefully nor should it deteriorate. However due to moments of drunken madness over the last 5 years, I have saddled myself with an unaffordable level of debt.

 

All my own fault, not looking for excuses or get-outs - although I do feel they shouldn't have lent me such large amounts in the first place, given my previous DROs in the noughties. 

 

Any thoughts, and non judgemental advice welcome.

 

[dx100uk]

merged with your existing thread.

 

this has already been answered within the posts already here really.

 

simply keeping payments up just Because you dont want defaults, IS ONLY PREVENTING THE OBVIOUS ENEVITABLE a default .

the quicker you get defaulted , the quicker the debts will be removed from your credit file in 6yrs time regardless to balance nor payment. (doesn't mean they are not still owed mind!)

and don't forget prorata info here around post 12

 

as for oC's doing court... extremely rare. they will sell the debts on 

[unclebulgaria67]

Yep agree.  Prioritise essential spending only and any debt you are paying which is not essential, then contact the bank, credit card or loan company etc to advise that you are in a position of hardship, so are needing to stop payments to prioritise essential spending only.

 

Seen a number of examples recently where people were paying some debts, when they had no food and were facing going to local food bank for supplies.  

 

And on a temporary basis, local Council Authorties have welfare grants and other funds available to help.

 

Have you obtained budgeting/debt advice and applied for any benefits you may have entitlement to.  Run your details through an online Benefit Calculator such as Entitledto or Turn2us.

[SkintBadger]

OK, thanks for advice guys.