Can't pay off cards. What next?

binaryuniverse

As some of you are aware I lost my job in December. I'm using this as a once in a lifetime opportunity to go back into education. First college then a university degree. I'm planning on moving back in with my mother in a couple of months and currently have no income apart from my housing benefit, council tax benefit and ESA (I have been signed off for stress).

So it's impossible for me to meet even my minimum payments now on my £5300 over 4 cards. I'm prepared to make a token amount should the interest be frozen and I can continue paying them off that way. So how do I go about all this?

ILW

Not sure if they will be that sympathetic if you are refusing to take paid employment.

**Upsy_Daisy**

ILW wrote: »

Not sure if they will be that sympathetic if you are refusing to take paid employment.

Being signed off for stress is not the same is refusing to take paid employment

UD

cifpower

I would complete a statement of affairs to see what available money you have. Remember that rent, council tax, gas, electric and water MUST come first. Then ring your credit card companies and make an offer. I would start off with something nominal like £5pm. As you will not be able to meet the minimum payment your credit file will be affected.

ILW

**Upsy_Daisy** wrote: »

Being signed off for stress is not the same is refusing to take paid employment

UD

Deciding to give up work and go into full time education is.

binaryuniverse

cifpower wrote: »

As you will not be able to meet the minimum payment your credit file will be affected.

That's fine. It's going to get trashed anyway either way.
ILW - If were to tell them I were signed off for stress and that the end date is indefinite are they more likely to play ball?
Personally I have no intention of going back in to another dead end job and realise 10 years down the road I should have took my chance when it came. I want to make something of myself.

jonesMUFCforever

If you find your current job stressing how do you think adult education feels especially when it comes to exam time and money will be extra tight?

Good luck to you but I can't help thinking you may have made a mistake - how will you finance the tuition fees - with a crushed credit rating I can't see even Student loan company wanting to help you?

binaryuniverse

jonesMUFCforever wrote: »

If you find your current job stressing how do you think adult education feels especially when it comes to exam time and money will be extra tight?

It's not the job that stressed me out. It was the circumstances of why I lost my job and what happened after.
And yes I know money will be tight. That's why I will moving back home and doing it from there. I will more than likely take out a part time job to bolster my funds over the summer and weekends.