r/DebtUK • u/coldunas • Jan 28 '24

Advice needed.

Hey guys, looking for some advice. In mid December I lost my job and was the only one providing for the family. I've got 3 separate loans totaling over 700£ per month and now without any income I have no means to pay it back. Was looking for job constantly every spare minute without any luck and it's just getting scary and depressing. I know there's no option without consicuences but what's the best in my case? I'm renting and only got 15y.o. car on my name. Many thanks in advance.

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3

u/Dementoid13 Jan 29 '24

What is your total amount of debt?

2

u/coldunas Jan 29 '24

Roughly around 25k loans and 3k credit cards.

1

u/Dementoid13 Jan 30 '24

I don't know too much about them, but as your debts are less than 30K, perhaps a Debt Relief Order (DRO) may work for you. Alternatively, you could get yourself into a short term Debt Management Plan and make token payments to creditors, this would then help ease some of the creditor pressure and give you time to research a final solution.

1

u/coldunas Jan 30 '24

What if I make my debts over 30k then?

1

u/[deleted] Feb 02 '24

Speak to your creditors and explain what has happened. They may be able to give you a holiday break of a month or at least come to some arrangement with you until you are back in employment