How Do You Get Out Of Debt When Unemployed?


5 Answers

Chips Ters Profile
Chips Ters answered

Hello, in order to find out if a loan has been written off, you need to file an objection to a claim for debt collection, in which you indicate a possible write-off and insist on checking this information. If confirmed, you have the right to challenge the bank's claim for debt collection. For help, you can contact a company that provides a service to regulate such problems. Take a look at reviews, you may need the services of such a company.

Crystal Love Profile
Crystal Love answered
The fastest way to get out of debt is to find a new way to get money.
See if you qualify for any type of assistance programs. If you qualify they will be able to help you get into a work help program, so you can get assistance in finding a new job or training for a new field of work depending on your situation.
Another option is seeing if you could go to college. Most financial aide covers more than the expenses of the school fees, so it may give you some extra money to manage your debt while training for a new career. Most schools also have work study programs, so you may be able to get a job on campus.
Another option is finding a job online or at home that will allow you to start for free. There are many jobs available, but out of all the options this is the most time consuming initially and the success depends on the individual as well as the product or services being sold.
If they have them in your area you could go to a temporary employment agency to find work. This may be a good option to consider if you can work right away. The pay varies by job they send you out on, but the added benefit is finding companies that are looking for employees.
Anonymous Profile
Anonymous answered
Declare yourself bankrupt !
Mike Davis Profile
Mike Davis answered
True! When you're unemployed you'll hardly find a debt relief company willing to work with you. You'll not be able to stick to your new repayment plan if you don't earn. That's why many of us here would advice you to file for bankruptcy.
Shalin Choksi Profile
Shalin Choksi answered
This is a very risky thing to do. Debt can only be paid off if you have the money on you. In case you are unemployed, it would be really difficult on your part to pay off your debts as you will not have a steady income. In this case, you need to consult your bank, on giving you a personal loan. With the help of a personal loan, you will be able to pay off all your debts. But, getting a personal loan is not easy at all.

The bank will check your personal details such as your employment status and your credit report. If you have a good credit report but are unemployed, you will have no difficulty in getting a pre-approved loan. But, if you do have a bad credit history, there is a very rare chance of you getting a loan.

If this does not work, you need to consult your state's office for a remuneration of the unemployed and that way you will able to pay off your debt.
thanked the writer.
Joseph Hernandez
Joseph Hernandez commented
No bank would EVER fund a loan to someone without employment. With no job, how would the borrower repay the loan, let alone make the monthly payments.

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