unemployed and with debit HELP

Mick0208

Hi, pay or run away (still have to laugh in hard times)

I really do need advice where to go and what to do shall I take money and run to Panama or stay and repay.

I have around £10.000 unsecured debit £6.000 as loan and rest on 3 debit cards. 2 debits cards I am paying no interest ( balance trsf promotions) and on third I pay min payment.
Problem is I applied recently and got refused for credit card (wanted balance trsf promotion).

I am unemployed now for 11 months and on JSC and DSS last 6 months.
Contract colapsed and not able to find job.

I am unemployed and managed to make payments with my savings that will be gone next month.
So from 1st of december I only have £64 JBC allowance per week ad my rent is being paid by council.
My loan repayments are £190 a month to all 4 loan providers

Money that I recive will cover that loan payments and TV licence ( I will not have for rest of bear living

What shall I do regarding Loan, I really need help and advice.

Thanks in advance

Tixy

If your only income is benefits then you cannot afford to repay your debts - one option would be to offer just token repayments of £1 per month until you find a new job

This template letter may help http://www.nationaldebtline.co.uk/england_wales/temp/8606_81871.pdf (although it is better to offer £1 repayment rather than no repayment).

This will affect your credit rating but may still be a sensible option.

Mick0208

Thanks a lot at least I go from there

Panama forget me I love weather here

ON Serious note what happens if they refuse it.

Tixy

Well at first they will probably refuse and it may take one or 2 letters and showing them a income & expenditure account. Usually most will agree at that point.

If they still won't agree then in theory they could take you to court to get a CCJ against you - in which case you would tell the judge that you are paying all you can afford as you are out of work - it is quite normal for a judge to grant a CCJ with a repayment plan of just a few pound per month. (if this happens and you receive court papers at any point come on here for advice in completing them)

I assume you don't have any assets or savings? Another option could be a DRO (debt relief order), which is a form of insolvency. You could look into this as an option (I don't know enough about them to advise).

Mick0208

thanks

I ll go do that and keep you posted