What next?

hullcityfanc

Need bit of help please,
Owe £25000 on c/c and just about keeping head above water.
Spanner been thrown in works as probably going to be layed off and not many jobs in Hull at moment.
No way can i afford debts out of work. I am looking for work just in case but if all goes wrong what would be best option.
Thinking bankruptcy would be only option but some of debts are gambling hear this changes things.
Starting to worry any advice please

HappyMJ

Bankruptcy is an option not to be taken lightly. You can still declare bankruptcy even if some of the money was gambled away. You can also choose not to pay anything more towards your debts. They will go into arrears and then default and the creditors will stop charging you interest. They may obtain a CCJ and may petition for your bankruptcy. The quickest way out is for you to declare bankruptcy. Do you have the money or can raise the money to pay the bankruptcy fees of about £700?

Fuzzy14

Depends on what line of work you're in but can you not get a job somewhere else? It's tough going but I moved away from my family for 6 months to work up north, huge stress but I managed to clear most of my debts in that time, 6 months now saves 5 years of pain.

happy_bunny_2

Try calling one of the free debt charities, stepchange, CAB, national debtline. See what they think.

dancingfairy

Bankrupcty is normally recommended for particularly large debts (in relation to your income).
You can go bankrupt but due to the nature of the debts (ie due to gambling) you may be under bankruptcy restrictions for longer.

Another option for you is to make token payments whilst you are out of work (and ask that they suspend interest and charges) and then, when you are back in work, pay what you can reasonably afford each month. If they don't like it they can take you to court (where a judge will decide what is reasonable).
I second phoning one of the debt charities to talk through your options. You can also go to the stepchange website and do their debt rememdy and it will give you a rough idea of what it recommends.
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hullcityfanc

Cheers for all replys will give stepchange ring 2moro and keep fingers crossed about job.
Thanks all