Any advice gratefully received....

azoklats

I'm currently in a pretty dire situation. I'm in considerable debt and not sure how to get out of it as my income seems to never be enough. Currently, I owe:

Capital One: £5120 @ 5.9% for life of balance
Marks & Spencer: £2700 @ 3.9% for life of balance
Halifax: £2080 @ 0% til August 08
MBNA: £700 @ 17.5%

That's not including the £8000 I owe from my Student Loan.

I'm currently an unemployed junior school teacher (moved to an area that's next to impossible to get a job - 20 letters, 3 application forms sent to me, 0 interviews). I've done some supply but it's not enough to pay off my immediate bills (rent, council tax, electricity, etc.) as well as make any dent in my debt. I'm just about managing to buy food!

I think I'm going to have to bite the bullet and move back with my parents in Feb when my tenancy is up and hope they'll let me live there for free whilst hopefully getting a full time teaching position. Am just not looking forward to the months in between with Christmas coming up and what seem to be a lack of supply teaching coming in.

Help?!?!?

Fortheloveofmoney

Hi There

Just bumping your thread and also want to ask you if you're currently working at the moment? I know you can't get the job you want but how about temporary work? Anything just to tide you over. Maybee something in the evening when not doing supply work such as working in a supermarket or a bar.

Have you registered with temping agencies for office work?

Are you claiming benefits? You may be entitled to some.

GeorgeUK

Have a look at http://www.entitledto.co.uk/ and see if there are any benefits you should be claiming.

Post up a copy of your SOA and we'll see if there are any savings you can make.

hazel34

Hi

I think in that situation I'd definitely consider writing to my creditors to try to arrange a temporary "arrangement to pay". Explain that you are currently out of work, but that you are doing all that you can to rectify that situation, but offer them an amount that you can afford each month in the meantime (even if it's very low). Also ask them if they will freeze your interest for this period. Most creditors will be pretty sympathetic to a short term problem like this and it should buy you a bit of time to find yourself a job and get your head back above water.

You have to bear in mind though that doing that will probably affect your credit rating - I seem to remember that when I've made arrangements in the past, my credit record was marked with the "arrangement to pay" which shows potential creditors that you have problems paying. However, when you are already in financial trouble, I've found that being unable to obtain additional credit is the best thing that can happen to you because it forces you to sort it out rather than let it spiral out of control!

Good luck, and remember you are far from on your own in this situation!