In debt and work limited :(
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stu
Apprentice
Joined: 07 Jun 2006
Posts: 18
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 Posted: 09/04/07 - 06:09 Post subject: |
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I have a serious financial situation. I'm in debt and work limited. I tried to borrow some money from my family but they are obviously aware that I can't repay for a long time. What should I do? Is there any way to borrow from a bank? Is there a loan I can get? If not are there other options to borrow money? Please help me!
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liam
Apprentice
Joined: 09 Feb 2007
Posts: 10
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| Posted: 10/06/07 - 00:32 Post subject: |
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Since you are officially unemployed it's impossible to get a loan. If you think about it you'll see that you couldn't repay any loan because you can't afford it. Probably your only income is incapacity benefit, but looks like you need more. I would suggest to find out how much you can claim from incapacity benefit because there might be some possibility that you could receive more. If this is not a case try other options. Since you are work limited that means that there is a work you could do. Your limitations would not matter for some jobs. It's possible that your wage would be less then average, but it's an income you need. Limited work wouldn't cancel you benefits. You can also consider to become self-employed if it is an option for you. That way you won't lose your incapacity benefit and you would be able to get a loan like other self-employers. Think about this options and chose the most suitable one. Talking to a financial adviser could also help. Good luck!
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