Whats best?

kat17000

Can anybody help me with a couple of questions?

1)I have been made redundant, and just before this happened I was going to go into debt management, but now I do not have a salary to work out any figures, I am hoping not to be unemployed for long and can just about manage the minimum payments on my credit cards this month. Should I start by debt management anyway?

2)Does it do any good talking to the credit card companies and saying that I am unemployed? someone told me they might lower payments?

3)I have a good car (which I am trying to sell, but completely wrong time) and am worried that if I go into debt management they might take it away. Should I sign it over to my Dad so they can't?

All help will be much appreciated!

Pollycat

Hi Kat
I replied to your original post about starting to deal with your debt.

I can't help with your questions (but I'm sure somebody on here can), I just wanted to mention that there is a redundancy forum on here which you might find useful. There's also one on benefits too.

Good luck.

kat17000

Thanks Pollycat, I remember you from the last thread your advice was really helpful. Its better now its all out in the open. Also had some good news that my Australian visa application will not not be affected if I take out an IVA (not keen on that one) or debt management. Every big heavy grey rain filled cloud has a small sparkle of a silver lining, hey!

CLAPTON

-have you redone your SOA.. the one posted showed you had no money to pay anything towards your debts
-you therefore can't do an IVA..completely impossible
-you can't do a debt management plan ... who suggested these were suitable?

1. so you need to post up a new SOA to see what you actually need to spend
Now you have lost your job an IVA or DMP are even more impossible.

2. write to all your creditors saying you have lost your job ... ask them to suspend interest and charges for 6 months while you seek new employment
say you will pay then £1 nominal per month to show good faith

3. if you owe your bank any money open a new a/c elsewhere and ensure JSA etc is paid in there.

4. cancel all DD for the debts