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Zoe.33
Starting Member
2 Posts |
 Posted - 03 October 2011 : 14:08:16
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Hi,
I am 24 years old and am struggling with debt.
I have around 8-10 creditors (sorry have lost count) totalling around £12,000 - £15,000 at this stage I think it is still under the £15,000 mark, I stopped paying all the creditors about a year ago as the repayments were getting too much for me to handle and I did not have a permanent job to enable me to keep up with any repayment plans and I am now looking to sort out all this mess, I cant go on ignoring it for much longer!
As far as I am aware none of the creditors have yet obtained CCJ’s but I am not certain as the letters that come through regarding the debt are also buried in the sand.
I need to know where to start really, someone told me I could be eligible for a debt relief order but I am not sure what to do to get one or how much I spend on my monthly outgoings, all I know is that I go to work 5 days a week and still have no money!!
What is reasonable for a single person’s living expenses and how do I factor in the fact that my MOT, or dental treatment or birthdays cost money too?
I am desperate to get the debt sorted and feel ready now to face it all any advice on how would be greatly appreciated!!
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 03 October 2011 : 14:30:23
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Hello there, and a warm welcome to the forum
A DRO Debt Relief Order is for individuals with debts under £15,000 no assets and a disposable income of under £50 - to see whether or not you are eligible for one, and to apply for one you would need to make an appointment with a Money Adviser at your local Citzens Advice Bureau (CAB)who administer the DRO. There is a one-off cost of £90 to apply for the DRO, no need to go to Court or the Official Receiver as everything is done by the CAB.
However, if your debts are over £15,000 - and all debts would need to be included, or if you have a disposable income of over £50 you would not be eligible for the DRO and would need to file for bankruptcy instead. The CAB would go through all the 'allowances' for expenditure with you as part of the service they provide.
If you were to consider bankruptcy (or if you area aware that you have a disposable income over £50 ) I would advise you to speak direct to one of the experts on here (via experts tab on left hand side of the screen) or any other advice provider, so that a full review can be done of your full situation, and advice given on all the options available so that your are 'armed' with all the information you need to make the right decision.
If you do decide to file for bankrupcy the fee is £700 and you make application yourself via your local County Court (give them a ring and ask for a pack of the forms to enable you to file to be sent to you - or indeed you can look on the Insolvency Service website and download the forms direct)
Hope this helps
Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Zoe.33
Starting Member
2 Posts |
Posted - 03 October 2011 : 14:53:26
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Thanks very much for your advice, I shall go the CAB and see what they say.
I have not kept track of all the creditors that I have, How do I find out who my creditors are, is this done through a credit check?
Many thanks again :)
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 03 October 2011 : 17:37:45
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The onus is on you i'm afraid to provide a full list of your creditors. If you have no idea obtain your credit report from Experion or Equifax
Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Hi, I am 24 years old and am struggling with dept
