Need valuable advice

sham11

Hi,

I have gather a lot of courage to post on this forum today regarding my debt.
I am currently in debt of approx 37k on cc and loan.

I have not defaulted on any of this. I am now jobless and worried how to make min payment to them.

What are the options available. Please advice.

Many Thanks
s

poorandindenial

Hi sham11

Well done for making your first post on here. There will be options available to you but the first place to start is understanding what position you are in on a month to month basis. This is called a Statement of Affairs (SOA) and there is a calculator to help you with this at www.makesenseofcards.com

If your outgoings will exceed yout incomings (it sounds like they will, are you eligible for benefits?) then you can use the free services of these groups:

http://www.moneysavingexpert.com/loans/debt-help-plan#help

They can tell you what options are available to you and can even negotiate with your creditors on your behalf.

In terms of what else you can do, well you can minimise your spending. Look on the old style board for advice on eating cheap (meal planning, home cooking etc) and you can trim everything else - if you post your SOA on here then we can help you look at this (there is a button on the calculator that I posted above that formats it for this forum) and help you to spot areas where you can cut back.

minimee_2

You need to pot a SOA the people can see the problems, and help.
Are your loans secured un unsecured?
How long do you think you will be out of work for? Are you 'valuable' ?

beanielou

Well done on your first post & welcome to MSE.