Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • Shelleypink0
    • By Shelleypink0 17th Apr 18, 8:41 PM
    • 1Posts
    • 0Thanks
    Made redundant help wanted
    • #1
    • 17th Apr 18, 8:41 PM
    Made redundant help wanted 17th Apr 18 at 8:41 PM

    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 canít 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 ??
Page 1
    • sourcrates
    • By sourcrates 17th Apr 18, 8:47 PM
    • 15,875 Posts
    • 14,924 Thanks
    • #2
    • 17th Apr 18, 8:47 PM
    • #2
    • 17th Apr 18, 8:47 PM

    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 Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see :
    • MEM62
    • By MEM62 18th Apr 18, 11:03 AM
    • 1,884 Posts
    • 1,514 Thanks
    • #3
    • 18th Apr 18, 11:03 AM
    • #3
    • 18th Apr 18, 11:03 AM
    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
    • #4
    • 18th Apr 18, 11:19 AM
    • #4
    • 18th Apr 18, 11:19 AM
    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:

    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.

    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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

230Posts Today

1,635Users online

Martin's Twitter