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foretfire123
Starting Member

5 Posts
Posted - 05 March 2010 :  11:34:46  Show Profile  Reply with Quote
I have a outstanding debt with 3 creditors around £12000. I am currentley not working at the moment and am still living at home wth parents, was told my best option would be to go bankrupt via CBA??
is this my best option?

Richard P
Senior Member



United Kingdom
1701 Posts
Posted - 05 March 2010 :  13:00:57  Show Profile  Reply with Quote
Hi FF123

do you have assets , car or anything of value ?

if not you may wish to look at applying for a debt relief order (DRO)

i do not have the link to hand but i am sure one of the other nice people on the forum will provide the link.

have a read about the DRO it may be appropriate to your circumstances

regards Richard
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gettingoutofdebt
forum expert



2418 Posts
Posted - 05 March 2010 :  13:02:24  Show Profile  Reply with Quote
That depends upon your assets and income. A Debt Relief Order (DRO) may be better if you don't have a car worth more than £1k.

There is information regarding DROs and their criteria at http://debtrelieforder.org.uk/commonly-asked-debt-relief-order-questions and companies that are approved intermediaries at http://debtrelieforder.org.uk/debt-relief-order-competent-authorities

Without knowing more about your situation (i.e. job prospects, etc.) it is impossible to say what is the best option for you but speak to the CAB and see what they advise. No matter what they advise take time to think about your options rather than rushing into anything.
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