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pcdave23

Not sure what to do next - Jobless

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Hi all, firstly sorry if this is the wrong section. But im from scotland :)

 

Im in the process of losing my job and pretty certain its going to happen. Really just wondering where to go next. I have quite a bit of debt from my teenage years. Silly really.

 

Bank of Scotland Current AC OD - £1045

Alliance and Leiciester Current AC OD £1045

Bank of Scotland loan - £9145 left to pay

Bank of Scotland Credit Card - £4095

Virgin Credit Card - £3980

Barclaycard credit Card - £790

 

Thats all the debt I have at the moment from cc and loan I also have my car on a payment plan. which is for about 5k but I have paid about 1.5k of it over a year. I understand I will probably end up losing the car.

 

I have 2 current accounts both with overdrafts now as my wages just went in I have taken that all out aswell as my other account, So have 2.5k cash to tide me over while job seeking.

 

Just wondering do I start writing to all these companys now saying I have lost my job and can only make token payments. And then after a few months go down the BR router with a LILA as I have no assests at all or do I stick it out with monthly payments. and then to courts etc. I want to goto college which I will get bursarys for etc, So im thinking best plan is to just keep paying monthly and not BR.

 

Never been in debt before or missed a payment or had bank charges so this all scary to me. Which I why when adding the debt up I think BR could also work.

 

Thanks all.

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Hi all, firstly sorry if this is the wrong section. But im from scotland :)

 

Im in the process of losing my job and pretty certain its going to happen. Really just wondering where to go next. I have quite a bit of debt from my teenage years. Silly really.

 

Bank of Scotland Current AC OD - £1045

Alliance and Leiciester Current AC OD £1045

Bank of Scotland loan - £9145 left to pay

Bank of Scotland Credit Card - £4095

Virgin Credit Card - £3980

Barclaycard credit Card - £790

 

Thats all the debt I have at the moment from cc and loan I also have my car on a payment plan. which is for about 5k but I have paid about 1.5k of it over a year. I understand I will probably end up losing the car.

 

I have 2 current accounts both with overdrafts now as my wages just went in I have taken that all out aswell as my other account, So have 2.5k cash to tide me over while job seeking. Im actually thinking of going back to college.

 

Just wondering do I start writing to all these companys now saying I have lost my job and can only make token payments. And then after a few months go down the BR router with a LILA as I have no assests at all.

 

PS. never been in debt before or missed a payment or had bank charges so this all scary to me. Which I why when adding the debt up I think BR might be best avenue.

 

Thanks all.

 

Hi...First of all, you should be able to claim JSA, so wont have to eat in to your redundancy money, there are various other benefits you can claim for council tax, rent, mortgage interest, etc.

 

I am in same situation, I wrote to all of my cards and explained the situation and i had also conntacted Payplan who gave me some info and an I & E sheet to send.

 

Im now paying Egg and Cap One £1 per month and Barclaycard £7, interest is frozen on them all.

 

I also wrote to gas, elec, water, etc and enquired about paying a smaller amount and if \i were eleigible for any special rates.

 

You should consider CCAing them all, before contemplating bankruptcy, chances are, few (if any) have a valid ageement.

 

Andy

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Thanks for the quick reply, will most likely be looking into JSA and rent as I private let I will hopefully get help with that. Also writing to my cards etc, about paying a smaller amount sounds great paying that little. And would certainly help. I tried to find out what CCAing them would mean sorry, its a big site. Is this a template letter to them asking for the original credit agreement to make sure its correct?

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Thanks for the quick reply, will most likely be looking into JSA and rent as I private let I will hopefully get help with that. Also writing to my cards etc, about paying a smaller amount sounds great paying that little. And would certainly help. I tried to find out what CCAing them would mean sorry, its a big site. Is this a template letter to them asking for the original credit agreement to make sure its correct?

 

My experience is that the card companies wernt very helpful untill I re-wrote to them saying id been in contact with payplan and enclosed the payplan I & E, so you may like to investigate contacting them, they were helpful.

 

Andy

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Check to see whether you have any payment protection insurance (PPI) for your credit card debts and your loan.

 

Regarding your car - double check your agreement to verify whether it is a Hire Purchase agreement or a personal loan. If it is on HP then it is likely that the car will be repossessed for non-payment or you can voluntarily surrender it BUT if there is less than 50% paid under HP then you will face having to pay any shortfall. However, if the car was financed by a personal loan then it cannot be repossessed.

 

 

When you are claiming for JSA be sure to claim for housing benefit.

 

If you are considering bankruptcy then that will not affect any student funding if you are entering into further advanced education.

 

Check National Debtline website for further information http://www.nationaldebtline.co.uk/scotland/

 

Also consider seeking advice from a money advisor at CAB or local council.

 

Best of luck!

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Thanks that website is very handy, and will give them a call tomorrow for advice. As for the student loans and finance etc that was going to be my next question So thanks for clearing that up. After checking my car documents its actually a loan from suzuki and is not secured on the car so thats great news.

 

Will keep this updated Thank again.

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Dave,

 

You should get local housing allowance to help out with your rent, this is for a set amount regardless of your rent. If the appropriate level for your area, age and circs is more than your rent you can keep up to £15 of the difference. If it's not enough you should apply for discretionary housing benefit which may help make up the shortfall.

 

You might also want to contact your local regeneration agency as they can help out with advice, training and jobsearch and can sometimes help out with costs for travel to interviews etc.

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Me and my husband are in a similar situation. He was finished from work on Friday 13th November with no redundancy pay as he hadnt worked long enough. As I work part time and earn £120 per week all he can get is JSA £64.30 per week. We have taken a payment holiday on mortgage £1117 per month for December payment then from 1st Jan we have to pay interest only of £280 per month. We have a car loan of £340 per month with £8,000 outstanding. We have tried to sell the car, valued at approx £12,000 but so far have been unsuccessful. We also have a bank loan £110 per month, outstanding balance £2,000 and a credit card £170 oper month balance £7,500.

 

I have heard that there is a letter that you can send to ask these people to freeze the interest and pay a token amount each month. Any info on this would really be appreciated.

 

Thank you.

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Me and my husband are in a similar situation. He was finished from work on Friday 13th November with no redundancy pay as he hadnt worked long enough. As I work part time and earn £120 per week all he can get is JSA £64.30 per week. We have taken a payment holiday on mortgage £1117 per month for December payment then from 1st Jan we have to pay interest only of £280 per month. We have a car loan of £340 per month with £8,000 outstanding. We have tried to sell the car, valued at approx £12,000 but so far have been unsuccessful. We also have a bank loan £110 per month, outstanding balance £2,000 and a credit card £170 oper month balance £7,500.

 

I have heard that there is a letter that you can send to ask these people to freeze the interest and pay a token amount each month. Any info on this would really be appreciated.

 

Thank you.

 

See my posts above.

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You can obtain a copy of a self help pack and a copy of letters on the National Debtline website: National Debtline Scotland – Free Debt Advice & Debt Management Tools

 

However, due to your financial circumstances I would recommend that you contact a money advisor at your local CAB or local council. Check the following link to find a local money advisor:

http://www.moneyadvicescotland.org.u...ind_agency.php

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Thank you for your help.

We have now managed to sell our car for £12,000 so we can pay off the car loan and the bank loan and have a little left as a safety net. I am having a major sort out to sell stuff on ebay and at a car boot sale so it looks as though things are looking up.

Thank you

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Hi All, first post so apologies if posted in wrong place!:(

am getting made redundant on wed and have been to see CAB re LILA and was advised this was my best option. Was given the form to make myself Bankrupt and have the £100 to send the form away however had a last minute panic and cant get hold of the lady at CAB.

 

On the form to qualify for LILA without creditor concurrence is to satisfy the low income test, daft question but it says on the form if you receive income based JSA then you are deemed to satisfy this, however when I sign on I wont get income based but contribution based - any idea of this causes a problem? You dont get income based unless you been unemployed for more than 6 months or havent paid NI contributions in last 2 years...........am hoping this is ok but worried all the same.

 

:? any advice much appreciated.

 

Also I bank with RBS, and have done so for about 2 years, at the time of applying to them they knew I had a Debt management plan, however with them my rating is good, ive no borrowings with them, never had any late charges and run my account well - am worried that they will tell me to leave once I do LILA.......anyone had any experience of them? find it a bit hard to take that a bank who had government bailout is telling me to take by business elsewhere

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You should be fine as lila shows

 

Low income means gross weekly income of no more than the standard national minimum wage for a forty hour working week. This is equivalent to £229.20 a week.

 

So even if your on contribution based it will be less than that. You need to be careful if you get a large redundency possibly look at not holding it in an account where it can had. Also I assume you dont have any assets worth more than a £1000

 

As per your bank account I think the best bet is to just see if they allow you to keep it after lila. If its a basic cardcash with no overdraft I dont see a problem, if however your wiping off debt with them Ie. overdraft I dont think they will be so forgiving.

 

Hope that helps.

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Thanks very much for your reply, thats what I thought but last minute panics seem to be taking over!:) Just because it specifically said income based JSA.

 

Re bank account, i dont have any borrowing with RBS and no overdraft so will wait and see what happens, fingers crossed! I hope they dont tell me to go elsewhere as Co-Op and Barclays already knocked me back (i tried to apply in advance of the LILA).

 

Re redundancy, it will be gone before LILA on rent so should be ok:)

 

Thanks for your guidance - much appreciated

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No problem I will be going for a lila within the next month so were in the same boat wish you luck :D

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thanks pcdave23, best of luck to you too. CAB lady got back to me today, the income is below the minimum as you said so its ok:cool:

 

im looking at the LILA as a way to start again, it draws a line under lots of years of worry and deals with it for once and for all. you should do the same...........

 

best of luck

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