Made redundant help wanted

Shelleypink0

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 ??

sourcrates

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.

MEM62

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

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