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  • FIRST POST
    • teamcullen
    • By teamcullen 16th Jun 17, 8:45 PM
    • 202Posts
    • 48Thanks
    teamcullen
    After some advice...Re: DRO
    • #1
    • 16th Jun 17, 8:45 PM
    After some advice...Re: DRO 16th Jun 17 at 8:45 PM
    Hello,

    I apologise if this is in the wrong board - if it is could a moderator please remove it for me.

    Okay (and I'm super hoping people won't judge). I've been in a terrible situation for years whereby I just let debts run away with me. I'm very fortunate in that I live with my parents and have a cheap(ish) car to get me to and from work. However thanks to my stupidity and taking out a logbook loan, and guys coming to my home to collect the car due to two payments being missed from seven so far, I'm in the situation of needing to face up to things.

    I've checked my Noddle credit report and I have unsecured debt totally £15,575. Something I just cannot afford to pay, after paying these debts and also my car insurance, car payment (my Uncle bought it and I pay him back), tax, petrol (£200 a month alone) and also money for rent and what I owe to family, I'm on a minus figure before I even start the month.

    Looking online, tonight I discovered a Debt Relief Order, this is something I'm keen on exploring further if in fact I'd be eligible for it. Does anyone have any idea on the circumstances to be eligible and what the implications are for me? I don't forsee my situation changing in the next 12 months, but I'm literally dreading the phone ringing or someone at the door.

    If anyone could help on what would be best to do, it would be much appreciated.

    Many Thanks
Page 1
    • Flyright
    • By Flyright 16th Jun 17, 11:04 PM
    • 297 Posts
    • 163 Thanks
    Flyright
    • #2
    • 16th Jun 17, 11:04 PM
    • #2
    • 16th Jun 17, 11:04 PM
    You will not be able to pay your uncle back if you enter into formal insolvency.
    • ToxtethO'Grady
    • By ToxtethO'Grady 17th Jun 17, 3:53 PM
    • 38 Posts
    • 17 Thanks
    ToxtethO'Grady
    • #3
    • 17th Jun 17, 3:53 PM
    • #3
    • 17th Jun 17, 3:53 PM
    http://forums.moneysavingexpert.com/showthread.php?t=1385275
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