In alot of debt in the u.k , what should i do?

Question

Well i have always liked shopping and i got 2 credit cards and a £8,000 loan (inc intreast). i was in a good job on a good wage so it was ok. i got made redundant in march (was neverput in writing to me and have no head office or HR department as it is an inderpendant company) and i wasn't happy about it so i did something really silly... i rang a customer that put 70percent of the business in and told him in breakdown how he gets ripped off by the company i was employed by. he pulled out and i cost them alot of money. i had insurance from my loan but needed a stamped document from my ex employer and as a way of getting me back, which i must say fair play to them i got my just deserts for they told the insurance company i walked out so they wont pay out. so i am now in a stupid amount of debt with no job and unemployable as i have just found out i am pregnant. i am considering going bankrupt, do you think this is advisable? besides hanging myself lol, (just being dramatic) please dont give me a hard time, i no how bad this is and i have been going out my mind with worry.

Answer 1

There's a lot of good debt advice out there (bad too), fortunately, as so many people are having problems with debts.

Try this debtline:

http://www.nationaldebtline.co.uk/englan...

The Citizens Advice Bureau can also be good for debt advice.  I had debts once, and the advice I got really eased the problems.

There are better solutions than allowing some company to consolidate your debts into a single high interest repayment plan.

Answer 2

Hi Friend,

Your are caught up in a big problem don't worry be calm. Which has been passed its an history look forward for your future. There are several ways which can be helpful to take you out from this situtations. There are many loans like bad debt consolidations loans,Bad Credit Mortgage these can be good options for you at this hard time. Dont worry everything will be fine. Need more assistance just visit my blog

Answer 3

Because it is likely that you have debts of over £15,000, there is Government legislation concerning voluntary arrangements that can help you.  Go to the Citizens Advice Bureau, you can find their number in the local phone book, and make an appointment.  

There you can get legal advice about your old job, as there are employment law solicitors available to the Bureau.  They have to clarify whether or not you were made redundant or left of your own free will.  You could, if you wanted to get akward, make a claim for constructive dismissal if they insist you left voluntarily, and claim they made working there impossible after you revealed to a customer their underhand practices.  If they don't want a messy court case they might concede that you were made redundant and are entitled to your loan insurance.

If they don't, then you need the help of the debt counsellers (also at the Bureau).  They may recommend an IVA which is a legal agreement to pay what you can and have the debt written off after 5 years.  It isn't quite bankruptcy. but it will affect your credit rating.  Try to avoid bankruptcy if you can, as you will not be able to buy a house or get any kind of loans for years after the judgement.

Try to get this sorted out, as the stress will be affecting your baby.  Find out from the Bureau what benefits you may be entitled to while you are pregnant.  The services of the Bureau are free, and if you are on benefits you can get legal aid for your solicitor if you need one.  

Good Luck!

Answer 4

Hi

You can take a debt management advice from http://www.shakespearefinance.co.uk/debt...

They will give you the best possible solution.

Answer 5

mmmm bit of a sticky situation your in. My best advise would be to call the citizens advise, they are experts in helping people deal with their debt.

Keep your chin up and your head high, we all hit lows every now and then, most important is the welfare of your baby, try not to stress too much, help is there for you.

good luck x*x

Answer 6

You need to :-

1) Cut up the cards.

2) Get in touch with the companies you have the debts with and explain the situation.  Say how you want to pay the money back and *will* pay it back, however, you will need to make reduced payments for a while and when your situation changes, you'll make bigger payments / clear the loan.

Also - always give preference to the loan that has the higher interest rate OR the one that you have the most amount to pay off on, whichever works out the greatest.

Just because you are pregnant doesn't mean you are un-employable, employers cannot discriminate in this way.  You can work but (if you are UK) you will not get the full range of maternity benefits and pay that you would if you'd been in the company for about a year.    There's nothing to stop you doing part time jobs, this'll all go in your favour for paying off the debts too.

Answer 7

I promise not to give you a hard time as you have managed that yourself already. If you have no assets i.e. a house, a porsche or expensive jewellry, bankruptcy is the answer. There are sites that will tell you the procedure. Make sure you look at official government sites, not ads from parasites. Avoid IVA's at all costs they look attractive but are the con of the financial world as you end up paying more and often the scheme fails anyway, which some are almost designed to do.

Do plenty of research on banckruptcy. In cases like yours where no fraud is present it is quick, easy and painless. And often only lasts for 6 months. Good luck.

Answer 8

Well, this can't take care of the whole thing of course, but there is a way you can make a little extra money from home (you won't have to find a job and you can stay home with your baby when it is born).

Sign up as my referral here at treasuretrooper: http://www.treasuretrooper.com/416006

This is a site where you get money for taking surveys, simply clicking through a series of ads, or get money back from shopping! It's not a scam I promise you. It costs nothing to join, you don't even need a credit card for many things, and you can always message me if you have a question or go to the forums. I will contact you as soon as possible if you are my referral, or you can just email me at [e-mail].

Hope things work out for you! And put your hope in God - with Him all things are possible!