Laden with debt - what can I do?

dirtpoor

I owe in the region of £16,500 therefore DRO is out and I believe if you have a pension this will be taken into account as well albeit a paltry sum. I am on disability benefit following a major operation. If I cash in my pension to reduce the £16,500 to £15k and therefore apply for DRO - will that work?

Also two of my debts are in my ex husband's name but I have taken responsibility for them as I was the one that caused the mess in the first place - will the creditors chase him if I declare bankruptcy or get a DRO?

Will I be able to get a bank account opened in time to set up direct debits for utility bills etc

I can't live like this any longer can someone help please :mad:

foxwales

Any money that you have as an accessible asset should be equally distributed amongst your creditors, if this brings you within the acceptable debt limit for a DRO then it would be an option worth investigating for you.

Debts not in your name cannot be included onto a DRO or Bankruptcy application, simply, they are his debts and his responsibility and creditors will chase him for payment pending your DRO.

If you are going to apply for a DRO then you should get yourself a basic bank account which will allow you to manage your Direct Debits, most banks operate basic accounts, however, most don't make this publically known and tend not to advertise them, so you have to ask.

looktothefuture

Firstly dirtpoor, welcome to the best place for support!

I'm not sure about pensions, DRO's or bankruptcy but I am pretty sure that someone here can help you sort this out! I'd fill out a SOA, http://www.makesenseofcards.com/soacalc.html, and fill it out as comprehensively as you can and the more experienced regulars will be about to give you some handy tips and advice.

Good luck!

System

Yes, welcome too. Not sure about debts being in other names. Have you spoken to one of the Debt charities, CCCS/Payplan/National Debtline or CAB? Maybe a good place to start. Len

rog2

lennymfo wrote: »

Yes, welcome too. Not sure about debts being in other names. Have you spoken to one of the Debt charities, CCCS/Payplan/National Debtline or CAB? Maybe a good place to start. Len

Definitely the way to go:

• National Debtline - https://www.nationaldebtline.co.uk/ - tel.0808 808 4000
• CCCS - https://www.cccs.co.uk/ - tel. 0800 138 1111
• A Debt Adviser at your local CAB

As it's the weekend, look at their websites first. CCCS has a 'debt remedy' facility which will advise you of your possible options.

Good luck.