Losing job with debt & no savings

JoshyBoy_2

Company looks like going out of business.

I have maxed out credit cards and cataloge accounts, mobile phone contract etc.

At best I see my out goings once I lose my job to be circa £250 p/m. (still live with parent so have no assets)

With no income - other than benefits - and no savings...

What should I do.

rockm87

Hi and welcome to the boards.

obviously you've learnt your lesson and will be sorting yourself out some emergency savings for next time eh? ;-)

You need to look around for another job, even if it is just delivering takeaway in the evenings or stacking shelves at the supermarket, you need to get money coming in (and if you work evenings you can get some money coming in before you lose your main job).

andyfromotley

You need a new job asap.

If you fail to get one one you need to contact one of the debt charities at the earliest opportunity to discuss your options.

egoode

See if you can return or eBay some of the things you have bought to pay off some of the debts and get out there and look for a new job asap.

chasingfreedom

Sign up with a load of temp agencies to keep yourself in work while you are job hunting. You'll need CV's and will have to go for interviews to register with some of them but after that you could at least keep yourself ticking over. Good luck x

National_Debtline

Hi Joshyboy,

Make sure you are claiming all of the relevant benefits when your employment comes to an end. This should help you to maintain your living costs – do a SOA to send to your creditors - any remaining money (after your living costs) is for them.

Write to each of them with a letter explaining that you cannot afford the payments you used to make and make them an offer based on what you can afford (and attach your SOA). Only offer what you can – even if that is £1pcm or Nil. It is also important to make sure that you are not banking with any of the companies you owe money to – get a basic bank account with a new banking group to keep your money safe.

We have letters available on our website to help you,

Laura
@natdebtline