Is there any way out if im on sickness benefit?

x_Suzie_x_2

Through difficult circumstances I've got myself into alot of debt on average of 20k. Less than 4 years ago I didnt owe a penny. I've been ill for over 2 years so cant work. My bank recently let me have another loan so I paid off some credit cards but I've still got 1 owing £4500 and now 2 bank loans. If I was working I'd be able to get a credit card with 0% on balance transfers but as I'm not I'm stuck. All my own fault I know but hopefully someone might be able to advice me how to atleast clear the credit card.

robertbruce

Hi
As far as I can see, it's the same guidelines which apply to most people, where you assess what income and expenditure you have and try to make adjustments to ANY of the more flexible items on your list.

One way might be to approach the companies you have the 2 loans with and ask for a repayment holiday due to your present health position. If you can show that your health improving would be the only barrier to them being repaid in full, they are likely to be sympathetic towards your request. It might be possible to pay some INTEREST ONLY on the account if you can afford that, and so keep them happy with the arrangement. Some lenders may also consider taking any arrears from a repayment holiday and moving them to the end of the agreement for you (added on at the end) thus extending your loan period by a few months, but all this depends on the extent of your illness and the liklihood of a return to full income in the near future.

It gives you a starting point at least. All the best. Bob.