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Debt advise redundancy
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Karli
Posts: 1 Newbie
Hello,
I have around £18k on various credit cards. Which I have been paying minimum payments on zero interest. But those promotions have ended and I have just been made redundant.
I have around £18k on various credit cards. Which I have been paying minimum payments on zero interest. But those promotions have ended and I have just been made redundant.
What do I do about repaying and not being stuck in the loop of paying off only the interest every month?
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Comments
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How easy will it be to find another job and will you get any redundancy money?
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While you are between jobs, either make the minimum contractual payments, or nothing.
The choice is going to depend on whether you have a redundancy payment and how sensible it is to dip into it.
If you end up on UC, then I wouldn't try to service 18k of debt. Defaults take typically 3-6 months of nonpayment
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