Losing job with debt

MWAUGH1983

Hi,

Just wondered what happens with debt people carry if people are sacked.

Are credit card companies flexible with payments ?

Cheers
MWAUGH

sourcrates

Hi,

They may be flexible for a time, but not for the long term.

Your best bet is first to cancel any recurring payments you have with creditors, then to write (or email) all your creditors, explain your work situation to them, that you are currently not working, and cannot afford to make any payments until you are in work again.

If you are on JSA or the like, you cant afford to pay them anything.

They may hold your account for a time, it depends how long you are out of work for, chances are they will let your accounts go through the collection process, default, and eventually get sold on.

National_Debtline

Hi MWaugh


Yes. credit card companies can offer flexibility if your circumstances take a turn for the worse - whether it's through redundancy, ill-health or something else altogether. The key thing is making them aware as early as possible and seeking free, impartial advice - there may also be other lenders/suppliers with whom you can also rejig/reduce payments while you are in financial difficulty.


Dennis
@natdebtline