Have no way of paying off debts. Have recently become unemployed.

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Jamied0215

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Post by Jamied0215 » Sun Jul 13, 2014 6:51 pm
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Hi I've got debts of around £1500 and have recently become unemployed, I have no way of paying them off and fear they will rise if I cannot, is there anything I can do? Regards
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Foggy

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Post by Foggy » Sun Jul 13, 2014 7:17 pm
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Hi Jamie -- Is that £1500, or have you missed off a zero ?

If only £1500 your best bet is to try to come to an arrangement direct with the lender.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Mon Jul 14, 2014 5:22 am
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Welcome to the forum ... Presuming you have only £1500 debt then a informal arrangement with your creditors whilst you seek new employment would be the best way forward.

If as foggy suggests, you have left a '0' off then a chat with two or three insolvency practitioners would inform you of your options based on your circumstances ...debt relief order, debt management plan, iva or bankruptcy are all options but taking professional advice is critical to ensure you take the right approach to clearing your debts.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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