www.iva.co.uk

I have approx £50,000 in un-secured debt. 2 loans, 4 credit cards , overdraft. I have no job and not claiming unemployment benefit although I am looking for work. I have missed 1 months (soon to be 2) payments. I rent with my wife and the rent payments are covered by her. Any advice gratefully received. Mark.

Few years back I was in a similar situation, except I was working and had just recieved a 25% pay rise in my relatively new job.

This gave me enough to pay roughly £400 per month into an IVA, and now a couple of years on it seems to be working quite well

Bankruptcy was also suggested at the time (we had no house or any other assets ot note). There are quite a few posters (and bloggers - have you checked them out?) who have gone down this route too

Hey Mark, welcome to the forum. I would suggest telling your creditors of your situation, asking if they can wait until you have secured employment to start repaying, were you managing to repay before or do you feel that the wages you might get will still not be enough? In that case, there are other options for you. You would need a regular wage to propose an IVA and I think bankruptcy might be a bit premature as you could gain employment soon. Could your wife maybe make token payments to your creditors for you until you have a job? Token payments can be as little as £1 but it may show the creditors that you are willing to sort something out. Please wait for an expert to advise you. Viki X

Viki's advice seems sound to me,talk to creditors and get some breathing space(could even go to citizens advice and get them to contact your creditors on your behalf).

Admitting a problem is the 1st step to finding a solution.