What Are My Options With My UK Debts?

“Dear Jon,

I am soooo stressed out about my debt situation and just don’t know where to turn. Every month I get more and more notices and fall into arrears. I have looked at getting a payday loan to try and get through the month, but am afraid I’ll be turned down.

I have over £20,000 of loans, credit cards, 2 overdrafts, and all of it is out of control.

What are my options?

Thanks in advance”

The options you have with the debts really depend on a few things, but first, taking out a payday loan may seem like a quick fix, but it really is not a good idea. Your just borrowing more money, and it won’t solve your problem, it won’t even make it go away for long as payday loans are short-term loans, usually 30 days or so.

Do you own any property? Are the debts in just your name? Are you working? Can you afford anything towards the accounts each month?

Answers to these questions will help in determining what options are best for you.

If you have no property, no real surplus of income each month, and want to be out of debt in the shortest period of time, then bankruptcy is the solution.

If you own property and don’t want to lose it, then possibly an IVA or a debt management plan are solutions.

You need to sit down, or speak to a qualified debt adviser and have them go over this with you and do a detailed income and expenditure form. This will determine what it is you can afford, and also what form of debt management will work for you. Or if bankruptcy is your best option.

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.

If you have a question you’d like to ask about how to get out of UK debt, just use the online form. I’m happy to help you for free.

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