Managing Debt For Un-Employed Peopleposted on 17 August 2011 | posted in General Category | ( 0 ) CommentsWith the recent rise in un-employment figures Advisors at Integrity have released some advice on what to do if you face mounting debt and are un-employed. Although they`re designed to help people in financial difficulty, most debt solutions require you to have a regular income. This means most debt solutions can be out of the reach of unemployed people. Even if you claim Jobseeker`s Allowance (JSA), it probably won`t be enough to put towards your debts while still covering your other living costs. However, it`s still important that you take action fast - and there are things you can do to improve your situation. What to do if you`re un-employed and in debt...1. Talk to your lendersThe first thing you should do if you can`t afford to repay your debts is contact your lenders to explain the situation. A lot of people assume their lenders won`t be understanding, but this really isn`t the case. Your lenders will want to come to some kind of agreement just as much as you will - after all, it`s in their interest to get back everything you owe them, and they probably won`t get this by forcing your bankruptcy. They may agree to a `moratorium` - a temporary break in your payments while you try to get your finances back on track. If this goes on for too long, though, they may start making demands for payment again. 2. Make sure you`re claiming everything you`re entitled toA lot of people don`t realise just what they`re entitled to when it comes to benefits. Most people know about JSA, but there may be other entitlements that could really help you.www.entitledto.co.uk is a quick and easy way of finding out what benefits you might be eligible for.3. Look at your optionsIf you can`t find work and your financial circumstances don`t improve, you may have to accept that you simply won`t be able to pay your debts off. In this case, your better option may be bankruptcy - or, depending on the value of your debts and assets, a Debt Relief Order. But both have long-term consequences, and you should therefore always talk to an expert debt adviser to discuss your situation, and we would always look to put you into a solutions that is rigt a fair for you.Contact us now if you have any concerns about debt on 01743 272900 Share this blog entry:
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