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Completely F*cked
Elmly
Posts: 103 Forumite
Lost my job, debt coming at me from all direction
What do I do?!
What do I do?!
0
Comments
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Hi and welcome
Firstly and most importantly stay calm and breathe there is nothing that can't be sorted.
First things first complete a SOA (statement of affairs) so you know accurately your incommings, outgoings and debt.
This can either be posted on here for others to try to assist or you could speak to a debt charity such as Christians Against Poverty for their advice.
Don't panic, it's always sortable
0 -
Lost my job, debt coming at me from all direction
What do I do?!
A first measure you can take is to write to all your creditors telling them you have lost your job, they won't be able to help you unless you communicate with them.
If you inform them of your situation, then collection activitiy will stop, they can't take what you don't have.
You will get 30 days grace to start with, then just keep them updated, no need to panic, measures are in place for creditors to deal with matters such as this.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi Elmly,
I would agree with other posters and stay calm. Debts can be a priority or non priority based on the type of debt owed. Household bills that fall behind (rent, mortgage, council tax, fuel) are priorities, as are parking tickets, court fines, hire purchase goods etc. And credit debts, such as loans, credit cards, overdrafts etc. are non priority because they have a lower ability to chase what is owed. Please post the details of the types of debts you have so we can start discussing options to help you.
A hold action letter would be ok, to try and get a short breather from your credit debts, but first you should change banks. You should not bank with any organisation that you owe money to as they can take money directly from your account towards missed payments on the debts. You should also do a benefit check online at www.turn2us.org.uk. Good luck,
Laura
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
In addition to whats been posted, get yourself another bank account open who isnt related to a bank you already hold an account with eg rbs and natwest are the same group, Halifax, BoS and Lloyds are the same group.0
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