my stress levels are going through the roof

[future.thought]

I was made redundant on January 31st 2008, i have a personal debt of around £45,000 (I'm not a home owner) & if i don't find a job within 1 month i'll have no way to continue paying my debts. My salary in my last job was £26,000 & so i was struggling to pay my debt even when i was employed, i'm beginning to panic & my stress levels are going through the roof, where should i begin? If unemployed what are my options? Thanks.

[MelanieGiles]

Hi there and welcome to the forum

Your first priority is obviously to find a job - and until this time I would merely write to your creditors to advise them that you cannot pay anything at present but hope to recommence payments once you are back into employment. At that time you can then decide what to do.

Did you receive any redundancy money?

[sblack]

Hello and welcome,
I hope you find a new job shortly, did you receive a redundancy package?

[future.thought]

Hi,

Thanks for the quick replies. I received the basic legal minimum for redundancy, that money has been sitting in my bank account & used to pay my debts each month, i now only have enough money for 2 more installments to each of my lenders. I agree that i need to tell the lenders my situation but i'd like to know how they might react as i've never had any payment protection on my loans / credit cards.

[MelanieGiles]

I would personally keep the money you received to cover your basic living expenses until you find a job. Your creditors can and will wait until you get sorted, and you might find it sensible at this stage to consult an insolvency practitioner who would also be able to write to your creditors to explain the situation - which sometimes brings more credibility to what you are saying.

What line of work are you in and where do you live?

[future.thought]

Thanks Melanie,

Just knowing that my lenders will probably be understanding of my situation is an instant weight off my mind.

I live in Hackney, my last job was Office Manager / Library & Despatch Manger .

[future.thought]

one other question, how much would it cost to get an insolvency practitioner to write to my lenders?

[MelanieGiles]

Nothing - providing you do intend to recommence payments to your creditors once you get back into work. I would have thought it will not take you long to find alternative employment?

[future.thought]

Hopefully i'll be back in work very soon but even though my skills are highly transferable i'm still finding it hard to even get interviews & responses from sending my CV, fingers crossed though. Thanks again.

[aguise]

All the best for finding another job asap. Hopefully it wont take long and you can get back on track. I also think you should keep what you have for your living expenses, at the end of the day a roof over your head and food is more important than missing these payments for a couple of months. Speak to the creditors and tell them the situation hopefully they can give some help.
All the very best to you.

Ang

[future.thought]

Thanks aguise, i definitely agree. I honestly feel so much better for coming here, its put things into perspective, thanks again, everyone [:D]

[aguise]

Keep in touch and let us know how you get on.

Ang

[future.thought]

I certainly will [;)]

[lily]

Hi

I think that in the time that you are spending looking for work you could find out more about insolvency options, ie Bankruptcy and IVA or DMP. That knowledge will certainly help to clarify things and certainly help to lift the fog you must be in right now.

I understand that your stress levels are very high and understandably so, however just remember that there is an answer to every problem. Anything you meet along the way we will be happy to help with.

I do feel for you right now, being in limbo like this.

Good luck and keep posting.