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Subject: Redundancy and debt!

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Tango
Posts:10

20-03-2009 6:25 AM Alert 

Just a quick question.

I was recently made redundant and recveived a cash lump sum. I do also have debts with credit cards. When I was working I found it easy to keep up with the payments.

However now that I don't have a regular income, what should I do??

Do I pay off some of the cards, or use the money to pay the monthly minimum payments?

Johnny Debt
Posts:326


25-03-2009 7:18 AM Alert 
If you had enough money from your redundancy, you could possibly do a full and final settlement of your debts. If say you had debts of £1,000 you might be able to get them settled at £500.

However this means using funds that you might just need to continue to survive!!!

You could also for the short term go into a debt management plan, where you are paying the creditors a reduced monthly payment, this could be as little as a token payment of £1.00.

I suppose it all really boils down to future work prospects, and what you want to achieve for the future??

Please give us more details of your situation, so that we can advise further.

Johnny Debt
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wnsgdfskgn
Posts:55

07-01-2012 4:45 AM Alert 

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jameswilliams92
Posts:18

04-05-2012 5:37 AM Alert 

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