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Made redundant help wanted

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Hi,

Can anyone offer any advice with the following......

I have recently taken out a 10k loan to consolidate other loans....I have been robbing Peter to pay Paul for 2 years, daughter is getting married so have helped with that. I am now in a situation where I owe £35k unsecured debt and feel as though I am drowning.......I can’t make the repayments due in May as I have been made redundant today!!!

My first repayment on the 10k loan is due on May 1st and I have no idea what to do, I am not entitled to redundancy, have no savings and nothing to sell, any advice please ??

Comments

  • sourcrates
    sourcrates Posts: 31,420 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Hi,

    We move posts if they are posted in the wrong forum, or will get more help elsewhere.
    Your post has been moved to the general DFW forum.
    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-letter
  • MEM62
    MEM62 Posts: 5,293 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Posting an SOA is your first step to receiving advice from the guys here. Stick it up and I am sure that you will get some useful feedback.
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    Hi Shelley and welcome to the forum.


    As obvious as it may sound, do please ensure that you cancel any payments due to go out for unsecured debts if you know for a fact that the funds won't be there to honour them. That will at least minimise any extra bank charges that might otherwise mount up for bounced payments etc.


    Lenders will be more likely/willing to extend you a grace period if you are seeking advice from a recognised debt charity like Citizens Advice, Stepchange or us, so please do that in addition to any help you get on this forum.


    Beyond that, as MEM62 suggests above, a Statement of Affairs (SOA) listing your current outgoings will help us all offer more detailed insight into how you should proceed - see here: http://www.stoozing.com/calculator/soa.php


    Loads of help and support available here and from debt advice charities, so I hope and trust that you will seek impartial and free advice from suitable sources.


    Dennis
    @natdebtline
    We 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 Steps
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