Author Topic: Debt,Debt,Debt  (Read 2633 times)

Aldo

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Debt,Debt,Debt
« on: Mar 06, 2013, 10:41:43 AM »
Hi
over the last few years i have managed to build up £15k personal Debt 11,4 on 2 creditcards the rest a loan .In december i was made redundant ,I struggled to find employment so decided to go self employed . work is very slow i cant make the payments and i cant see the wood for the trees ,its getting to the point i need to call the bank . any advice of my options would be great

James Falla

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Re: Debt,Debt,Debt
« Reply #1 on: Jun 14, 2013, 04:58:19 PM »
Hi Aldo
 
Your options will really depend on whether you have any income at all. It sounds from what you have said that you have not. That being the case and given that you owe £15k I would suggest that you could consider a debt management plan but that would require you to maintain monthly payments of at least £100. If that is simply not possible then the alternative you could consider is bankruptcy. This would mean that all the debt is written off after a year. It would not affect your self employed status but there are implications if you are a home owner.
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