I’ve Been Stupid With My Debt. I’m Unemployed and Living in the UK. – Sarah

 

Dec. 14, 2009

“Dear Steve,

I have been stupid i have about 10 debts all together i owe o2, voda, 3, loyds tsb, NatWest, capital 1, and 3 pay day loans of the internet i just don’t want the debt collectors to come to my home, im very worried IM ONLY 20 AND IM IN 10,000 POUNDS WORTH OF DEPT

How do i solve my debt if im unemployed, is there some thing i can do to stop this?

Sarah”

---

Steve’s Answer:

 

Dear Sarah,

Ultimately this comes down to expectations. If there if there is no expectation you will be back earning money again in the near future then your only logical option in the UK is to petition for bankruptcy. Once you do you then you will not be required to pay anything more towards your debt and you will be fully released from the debt in about nine months.

If you would like with this process then I suggest you look at this page for help and call Jon at 0800 1116 885. He will be happy to advise you.

After you go bankruptcy you may find it difficult to open a new current account but Jon can help steer you to banks that can help with that.

You can also watch a number of videos online about bankruptcy in the UK.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’ve Been Stupid With My Debt. I’m Unemployed and Living in the UK. – Sarah

Other Related Articles to Read

• I Was Told to Max Out My Credit Cards Before I Go Bankrupt. – Adrian (3)
• I Have U.S. Student Loans But I Now Live in the UK. – Ben (0)
• My Son Has a Huge Mobile Phone Bill. Does He Have to Pay It? – Martin (0)
• American Express is Chasing Me in the UK. – Lee (0)
• Man Uncovers Credit Card Scam and Judge Awards Him £500. (0)
• My Contract Mobile Fone is Overdrafting My Current Account. – James (1)
• It Will Take 93 Years For People to Get Out of Debt (1)
• We Now Live in the UK but We’ve Maxed Out Our Credit Cards in the U.S. – Carol (0)
• Will My UK Creditors Hunt Me Down? – David (0)
• My Husband Owes £10,000 But His Credit Report Shows Nothing. – Sarah (0)

Tags: NatWest, O2, petition for bankruptcy, uk, Voda