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 I have a lot of pay day loans and recently lost my job and still living at my parents
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Starting Member

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Posted - 20 July 2014 :  15:15:02  Show Profile  Visit Scott.77's Homepage  Reply with Quote
I have alot of pay day loans debt totalling over 9000 pound, ive recently lost my job and still living at my parents I have a vehicle valued under £500 . Would it be advantageous for me to go bankrupt as I cannot afford the repayments.. I was told by a debt solutions company that it would take up to 10 years to pay off all debts.


United Kingdom
4590 Posts

Posted - 20 July 2014 :  17:03:39  Show Profile  Reply with Quote
Hi and welcome.

Please speak to an expert as to the solutions open to you. Dependent upon your disposable income then a Debt Resolution Solution may be a good idea for you.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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forum expert

United Kingdom
2211 Posts

Posted - 20 July 2014 :  19:40:21  Show Profile  Reply with Quote
Hi Scott,

I wouldn't rush into anything at the moment as you could get another job quickly I hope.

I would contact each creditor and tell them what's happened and offer them a token payment until you secure employment.

If time ticks on and you still haven't an income, then there are solutions available for you so take advice from an expert.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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