To be upset about this? Debts!

[JourneyToTheStars]

7 years ago I was in a very bad financial position. I’d just finished university and got my first graduate opportunity in a city on quite a low wage but it was a great stepping stone- it required that I had a car so I got one on finance and I also had some credit card debt from seeing myself through uni. In the end in 2017, I missed a few payments and ended up in a default.

Since 2018, I’ve had a perfect payment record. Immaculate and despite these defaults I’ve managed to sort of get through despite my credit rating taking a massive hit for a few years.

Now almost 7 years on, things are good, defaults are gone and although I still have car finance and a credit card it’s manageable as I have a well paid job in a solid industry- or so I thought.

I recently left a job of 6 years to go to a new company for a higher paid position. I’ve been in this role for 8 months and have just found out I’m being made redundant with an end date of the end of March. I will get pretty much nothing from the company and I only have enough savings to cover me for two months. So I’m going to end up defaulting again and going back to square one with my credit rating and I’m so upset.

Im crazily applying for jobs but I’m not hearing back. My old company are not taking on anyone either and I’ve even looked at lower paid roles or even temp work but nobody seems to want to take on.

just a little winge I suppose

It's OK, you'll get through this. Loads of us have been there!

I would recommend temping in the interim and continue to apply for perm, have you called into agencies? Also apply for UC. Sounds like you're trying hard and something will come up in due course.

Work out what you need as a minimum then try everything to get enough income to cover that. Tutoring, temping, care work always crying out, bar work. Look at your transferable skills.
Good luck.

You can get through this. Keep looking.

With temp roles they frequently want you immediately available and you aren't available until the end of March.

Also talk to everyone you know and make it clear you are available for work as lots of roles aren't advertised.

One thing though when you do get back on your feet don't run up any credit card debt that you can't easily pay off in full the next month. I learnt this the hard way.

Start applying now. Look for temp roles. Look for gig roles (Uber, Dominos) Look at what your full drop dead outgoings are and what you need to do to get there. Contact all your creditors and see if they can pause interest or reduce payments.

Try to make a 3 month plan to get through. I'm sure after you leave work end March you will quickly find something.

Credit shouldn't take too much of a hit, cc companies are generally quite good at helping people in difficult situations and it wouldn't matter very much if you pay min balance for a few months. Really not sure about the car finance, speak to them.

(It's fine to have a whinge!)