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laura_742
Starting Member
1 Posts |
 Posted - 18 March 2009 : 04:49:59
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| Im 21 years old, i've been made redundant, i live in a rented property, i own my own car (worth approx £2000) i am around £10k in debt, i cannot afford to pay the monthly repayments, my rent etc. Would i be considered for declaring bankruptcy? |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 March 2009 : 07:27:21
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Hi laura
yes you would if that is your choice.
If it were not for the ownership of the car you may qualify to apply for a Debt Relief Order which come into force April 6th.
Basically your debt must be less than £15K, you must have no assets and you must have a monthly disposable income of £50 or less.
If the criteria is met you would go to the CAB and complete the forms with them and pay approx £90 in fees.
You would not go to court or be interviewed by the OR but you would, effectively, be bankrupt and have your debt written off.
John White
England Jackman & Spacey |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 18 March 2009 : 08:23:18
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Hi there Laura - if you wish to go down the Debt Relief Order (DRO)route, have a look on Parkers online valuations for your present vehicle value (use the lowest figure shown) Provided your vehilce is under £1,000 you would qualify for a DRO. If the vehicle is worth over £1,000 you may wish to look at selling the vehicle as an option.
The fee for the DRO is £90 which is considerably less than the bankruptcy fee of £495 (although if you are in receipt of JSA you may qualify for a reduction in the court fee of £150)
You would need to make an appointment with the Money Advisor at your local CAB to apply for the DRO.
If you need any further assistance/advice on DRO or bankruptcy please feel free to post
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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pix1
Average Member
689 Posts |
Posted - 18 March 2009 : 10:26:18
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| that dro thing could be a growth industry! |
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Im 21 years old, i've been made redundant
