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  • FIRST POST
    • Ja2017
    • By Ja2017 16th Mar 17, 8:32 AM
    • 1Posts
    • 0Thanks
    Ja2017
    Stuck, sinking, confused!! 😭😭
    • #1
    • 16th Mar 17, 8:32 AM
    Stuck, sinking, confused!! 😭😭 16th Mar 17 at 8:32 AM
    Hiya
    I'm hoping someone, anyone can help!

    I have debt which is under £20,000, I have been to see CAB who have said I could do a debt relief order, but I'm not sure if it would be better to tackle the debt by paying it off- this would take me years or go with the DRO.....

    I'm planning on going back to work by the end of the year and this would stop the DRO..

    I'm just so confused as to what to do for the best.
Page 1
    • Heather2603
    • By Heather2603 16th Mar 17, 9:50 AM
    • 70 Posts
    • 89 Thanks
    Heather2603
    • #2
    • 16th Mar 17, 9:50 AM
    • #2
    • 16th Mar 17, 9:50 AM
    I think your best bet first and foremost is to do a SOA and post here for people to have a look and make suggestions
    • EssexHebridean
    • By EssexHebridean 16th Mar 17, 9:55 AM
    • 7,448 Posts
    • 39,066 Thanks
    EssexHebridean
    • #3
    • 16th Mar 17, 9:55 AM
    • #3
    • 16th Mar 17, 9:55 AM
    Yes - agreed about the SOA. You'll find the link in the "sticky" post at the top of this board. Fill it in as accurately as you can and then "format for MSE" and post in here and we can take a look.

    Something else I'd urge you to do is to give some thought to what will suit you best too - some people find a DRO works best for them - others if they take that path will spend years feeling guilty about having "got out of" debt that they ran up. Without making any judgement on the rights and wrongs of the various options - from a psychological point of view you really do need to examine how each will make you feel in the future. It's very "each to their own" though and a decision you need to make for yourself.

    A DMP might be suitable as a third option to consider - was there a reason the CAB suggested the DRO first off do you know? Did they run through your full budget/income/expenditure with you?
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£412.21
  • National Debtline
    • #4
    • 16th Mar 17, 11:20 AM
    • #4
    • 16th Mar 17, 11:20 AM
    Hi

    It’s difficult to say without knowing more about your circumstances, but if you think a DRO might be revoked due to working within a year it might be best to wait until you do start working and then assess your long term options at that point.

    It would depend on your finances at the time, but it’s not unusual for people’s outgoings to increase when they start work due to things like extra travel costs, so you may even still qualify for a DRO at that point.

    I agree that it’s a good idea to post a SOA, and you could perhaps make affordable payment offers to your creditors for now. You’re welcome to contact National Debtline if you would like to discuss your situation in more detail.

    James
    @natdebtline
    Last edited by National Debtline; 16-03-2017 at 11:27 AM.
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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