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wayne87
Starting Member
3 Posts |
 Posted - 27 May 2010 : 18:00:10
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Hello,
I am a 22 year old trainee teacher who lives with his parents. I am currently in £9500 debt, and i'm with the CCCS on a DMP. However, the interest and charges being added by my creditors means that i'm hardly chipping away at my debt at all. I have no job, and the only form of income I get will stop this month. I will therefore be left without a wage for the forseeable future. I have a car which is worth approximately £1000 and other personal belongings (tv, pc, phone) which are worth approximately £500.
Bankruptcy now looks like my only option. Please advise.
Regards,
Wayne |
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a.s
Starting Member
26 Posts |
Posted - 27 May 2010 : 23:34:39
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not an expert just a bankruptee, you have your whole life ahead of you and are young enough to start again with a clean credit file, good luck!
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 May 2010 : 00:43:48
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Hi Wayne
have a look at debt relief orders however your value of the car may be over the limit (just)
regards Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 May 2010 : 08:54:50
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It might be worth speaking to a debt management company other than the CCCS as I've heard that companies who charge for their services often have more success than the so called free companies.
I don't know how true this is, and I mean no disrepect to the CCCS!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 28 May 2010 : 09:22:09
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Hi Wayne87
From what you say it sounds like you might just fit the criteria for a debt relief order - your debts must be under £15,000 and your assets excluding basic household items must not exceed £300 - your car must not be worth more than £1,000, so you might just squeeze in
CAB is usually a good place to go for advice on these
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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wayne87
Starting Member
3 Posts |
Posted - 28 May 2010 : 17:28:57
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thanks for your suggestions guys... i've just spent another couple of hours on the phone to creditors, trying to get them to stop interest; they're not interested.
I will have a look into DRO's. Do you have any advice with regards to DRO's or suggestions why this would be a better approach rather than bankruptcy? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 June 2010 : 08:33:03
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A DRO would be appropriate if you qualify
same result at end of day
Richard |
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Topic |
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Bankruptcy now looks like my only option. Please advise
