Can anyone advise my options please?

Miriams,_brother

Im new after reading a while, i have been self employed for 10 years now run out of work, but have some comig in new year so cash flow is problem.

I have 3 loans and 1 credit card which i am struggling to pay, could i ask them to freeze the interest if i ran up.

Or is option to default?

In |scotland if this makes a difference.

GeorgeUK

Unfortunately there's not much that the banks will do for you. If you stop making payments, they will probably default you and this will affect your credit score for 6 years.

Can you check if you have Payment Protection Insurance on the loans (PPI)? There are quite a few of these that won't pay out if you are self employed so may have been missold.

Can you post up a statement of affairs to see if there are any savings in your expenditure you can make or if there is a way to continue to make the payments? If not, you may have no option but to contact the banks and request a repayment plan.
http://www.makesenseofcards.com/soacalc.html

CeeBeeDeeBee

Hi, are you currently fully up to date with your payments?

How soon in the new year will you be back in work and getting a decent income in?

Miriams,_brother

Yes am up to date just until Tuesday this week sadly.

Should be okay by end of January.

Dont have any Loan insurance

CeeBeeDeeBee

Ok - is it just one payment you will be missing or two?

When are they due - are they on DD and are you able to make any payment at all?

Miriams,_brother

No i have 2 DD payments of £300 on 1st, one of £290 on 8th. and credit card due on 2nd december for 70 pounds.

Could probably make small payment to all of them but thats it.:embarasse

CeeBeeDeeBee

If they are all up to date so far you could probably get away with 'missing' one payment and making it up in January, although this will show on your credit file.

Being self employed I guess it is pretty difficult to get credit anyway so this litle blip might not hurt you too much - someone more knowlegable might be able to let you know better.

It would probably be worth spending an hour or so trying to speak to someone on one of the debt charities first thing in the morning to see if you should cancel your dd's so you don't get hit with charges for them bouncing.

I would imagine if you phone your cc companies they would accept a token payment for one month and not hit you with extra charges if you make up the amounts early next year.

Miriams,_brother

Thanks i appreciate any advice.

CeeBeeDeeBee

No worries

Its probably worth checking back on here in the morning to see if anyone more knowledgable than me has any better advice lol

Do you know how to contact the debt charities - they are all really busy but can help alot and give impartial advice - I have used the CCCS and National Debt Line and they are both good.

I hope you get sorted and don't worry - if its just this one little blip you will be ok no lasting damage done!

Miriams,_brother

Are they the ones for Scotland as i believe there are different organisations?

CeeBeeDeeBee

Not sure, I think National Debt Line has a different number to ring for Scotland, not too sure about the CCCS I cant see anything on thier site for a different number.

http://www.nationaldebtline.co.uk/scotland/
https://www.cccs.co.uk/