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th19
Starting Member
1 Posts |
 Posted - 17 April 2009 : 09:32:21
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| a 73 yrs pensionner has £3k of debt frm creadit card, planed to go for bankcruptcy. Does he has other route? pls help ? |
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RHB
Senior Member
1159 Posts |
Posted - 17 April 2009 : 12:00:19
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| Seems a bit extreme for a relatively small amount of debt, what assets & income does he have? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 17 April 2009 : 12:16:51
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It would be worth seeing if he would qualify for a DRO as an alternative to BR. There is some information on here about it, so I'll see if I can find it for you.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
22 IPA payments made, 14 to go - on the home straight! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 April 2009 : 12:56:09
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Hi
Br does seem rather extreme for a debt of £3k
if the debt is with only one creditor then an administration order won't be suitable but certainly a DRO may well work depending upon assets & income.
alternatively what about an indefinate debt management plan. if the creditor agreed to £10 per month it may work well for both parties - certinly be a lot cheaper than br without the stress?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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thomaskhoo
Starting Member
3 Posts |
Posted - 18 April 2009 : 00:53:18
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quote:
Originally posted by RHB
Seems a bit extreme for a relatively small amount of debt, what assets & income does he have?
He has a pension of £130 per week and living in council flat in central london. At the moment his debt has been passed to a debt collection company, he is worries sick, no one to turn to. Pls advice, many thanks
regards
thomas |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 April 2009 : 00:59:18
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Hi Thomas
he really needs to do a full income & expenditure to see if he does have any disposable and then make an informed choice from there.
I suspect it is tight either way and the Debt Relief Order may well be the right solution
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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thomaskhoo
Starting Member
3 Posts |
Posted - 18 April 2009 : 01:23:27
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quote:
Originally posted by Reviva UK
Hi Thomas
he really needs to do a full income & expenditure to see if he does have any disposable and then make an informed choice from there.
I suspect it is tight either way and the Debt Relief Order may well be the right solution
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com
He has around£ £15-£20 of disposable income permomth, we couldn't come to agreement with his credit card as £25 was demanded 6 weeks ago. DRO was in our mind, we just don't know how it work and get its form. Thanks for the reply, Paul. |
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ripski
New Member
United Kingdom
90 Posts |
Posted - 18 April 2009 : 07:38:04
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My understanding is that CAB ( and some others) are doing them. You get the form from them and they help with the process. In the interim, Cab would I am sure be able to negotiate a lower payment. It is annoying but these firms take notice of CAB but not individuals. Debt relief Order sounds the best option to me
ripski1 |
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thomaskhoo
Starting Member
3 Posts |
Posted - 01 May 2009 : 02:08:41
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| just know that the name on the credit card is difference, ie first name Kam vs Kim. Pls advice. Thanks |
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a 73 yrs pensionner has £3k of debt
