Jon your advice to people is greatly appreciated, and I need some of it.
I was made redundant a few years back, and entered into a debt management plan at that time. I have only found part-time work here and there over the past few years. When the pandemic hit I went to a token payment arrangement where I pay £1 a month to my 3 accounts I owe.
The issue is I am over 60 and no real work prospects in place. I can continue with the £1 payments, but I am not getting anywhere out of debt.
I understand your question and concerns, and a token payment plan is a good way to get relief from creditors constantly contacting you for payment, but it is really only a temporary relief.
A few quick questions and I may be able to advise you further:
- How much in total do you owe and to how many creditors?
- Are the accounts in just your name?
- Do you own any property or other assets, anything of value, even a car?
- Are you receiving any benefits, such as Universal Credit?
Depending how much you owe, and if you have any assets, and also what you wish to do, a Debt Relief Order or Bankruptcy could be an option be completely out of debt, and get a fresh start.
Get back to me and we can look more into what options are best for you.