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Lindsay.gr
Starting Member
2 Posts |
 Posted - 12 January 2012 : 22:52:50
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I took our a bank loan of 5k with repayments over 5 years in 2004.
2 years one, I had a phone call from a bank sales-team member offering me a further 2k, the limit on my earnings. The money went into my account two days later and to my surprise, I discovered they had given me not the 2k I was expecting, but 7k on top of what I already owed. All unsecured as I had no property, savings or car etc.
I was in a bad place at the time and foolishly went into the bank and signed the paperwork, later realising that on my salary, there was no way I could repay the money. Foolish, foolish!
I got onto a DMP, however lost my job 2 years ago.
I am now working again, but don't think I could afford more than 50 pounds per month if I could get onto another DMP. I now owe around 14k. I have no assets or savings and now in my 50's, don't wan't the spend the rest of my life in hiding from my creditors. Any advice greatfully received.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 January 2012 : 08:11:46
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Hi Lindsay,
If you have less than £15k of debt, no assets, low income and no more than £50 of disposable income per month, then you may qualify for the debt relief order.
I suggest you make an appointment with a money advisor at your local CAB to discuss this.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Lindsay.gr
Starting Member
2 Posts |
Posted - 13 January 2012 : 23:52:28
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Thank you very much Viki.
I wasn't aware of a DRO, but have since read up on it and it seems the best solution for me.
Many thanks once again.
Lindsay
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Don't want to spend the rest of my life hiding from creditors
