“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”
The 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.
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.