Worried

MoneyWaster2007

how do you cope with a debt of £3,686.66 and zero income?

the debt is my personal loan.

i have no income because i was sacked for gross misconduct.

there are very few jobs available at the moment and many people looking for work.

i know i did wrong in my last job and it cost me my job, but now im panicking because i can only meet this months loan repayment and then my money is all gone. then what? my loan will fall into arrears. how far will it fall into arrears before i get a new job?

and between job hunting, what are you supposed to do with all the spare time? i cant sit on my !!!! all day its doing my nut in.

catmiaow

Apply for Jobseekers allowance, then go down to citizens advice they will help you work out what you can avoid and help you contact your loan company to agree a sum you can afford to pay each month.

Plenty of things to do with your spare time, do a part time college course, charity and volunteer work, have a big clear out in your house, help out family with their housework, and fill out applications.

Marcheline

Hi I don't know what to advise you as have no real experience in this area, but as you mention debt - as well as employment - I wonder whether you would consider posting your problem on the Debt Free Wannabee board, as well as here? They're very knowledgable on there about the processes to go through when in debt etc and they have all sorts of ideas as to how to up your income. Hope you get it sorted.

bookduck

the obvious is to firstly get a job. Minicab, parcel deliveries, porter in a hospital. If you can't find employment volunteer your services, but do for a large organization (in their premises) where it will give you an in-road to better things and cash. Don't volunteer for something that offers no skills or opportunities, unless you want to waste your time.

Own your property of one bedroom empty, or could you live in the lunge and rent your bedroom out (or build a corridor to separate the bedroom from the lounge) and take in a lodger.

Have any skills you can sell? Tried window cleaning?

jobbingmusician

Get on to the Debt Free Wanabee board.

Go to see the CAB.

Keep in touch with the people you owe money to, warn them that you are having problems meeting the repayments, and offer them £1 a month in part repayment. (The DFW board regular posters will tell you more about this). I would not use the end of your money making a full payment this month if you have no prospect of any money coming in - even debt recovery agencies (usually) understand that you need money to live on.

DO NOT consider going to a debt management company. The debt charities probably won't want to work with you as your debt is not big enough, but you should get lots of useful free help from the experts on the DFW board and at the CAB. The overall theory (and practice) is that people you owe money to are often willing to settle for a small payment which they WILL get regularly and reliably from you rather than spending lots of their time and money chasing large payments which they may never get.

Good luck and try not to worry - you've taken a great first step posting here!