Frightened about my future

pixiechick_2

I'm off to bed now - though whether I'll sleep is another matter!!

Goodnight x

pixiechick_2

George - I've just PM'd you.

Now I'm off to bed - I can't cope with 2 late nights in a row!!!

savingwannabe

Gosh, Pixiechick. Have you seen Clash of the Titans? It seemed frightening but they were discussing ideas, which is good as it ensures progress to find the best strategy for you.

(Social scientists might say they are forming a paradigm).

I hope you are having a nice drink and about to sleep. Things are always clearer in the morning.

Goodnight all.

GeorgeUK

Pixie, just replied.
Lots to look at but i won't be able to do anything much until after work.

I'll see everyone tomorrow.
:wave:

swanfan02

Morning everyone. :wave: Cold & sunny in Suffolk today again!

never-in-doubt

GeorgeUK wrote: »

Even though some of the older ones may be unenforcable?
I take it 2207 isn't the full list then?

George,

She would not be eligible for a DRO - regardless of how you look at it as her overall debts exceed £15k, she has assets worth more than £300 and she will be on more than £50 p/m disposible income - Pixie is looking for a job don't forget (and will get one when term starts again i'd suspect)!

So, lets look into this theory - just so you can see where I am coming from.

First off - take a look here to learn about DRO's and their affect:

1. http://www.checkmyfile.com/debt-advice-centre/out-of-control.htm
2. http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/droguide.pdf

So, as things stand the total debts exceed £27k. However you mention about unenforceability on a few of the accounts, lets assume then going on my list here *2207 that we manage to get the debts, as mentioned, made unenforceable - this would mean the balances remaining are around £14k or so.

However the key point here is that *what if* we cannot invoke unenforceability, then what? Total debts would stand above the DRO threshold, also whilst unenforceable the debt does remain and would legally have to be declared to the intermediary at the point of DRO application - even if you say you're fighting for UE on them, they will still have to be included.

If not, then Pixie may struggle to go b/r assuming this was the only option left, at the end of everything - as you know, you cannot have a DRO then go b/r 6 months later.

I personally do not like DRO's, period. It is another way of b/r and has the same stigma attached and they really should be considered your second last move - prior to actual bankruptcy.

If a DRO was in Pixies best interests i'd have picked up on this, the fact I never is because there are way too many variables and outcomes, ergo I personally feel the UE route is the best way to begin and then see where that leads. BUT we cannot forget that the debts are still live for a period of 6 years (until Statute Barred) and therefore must be included in the figures for the DRO - if not, you're in essence witholding info from an official receiver which would invalidate any DRO and hold you liable, in essence you could find yourself in more bother..

Also, a DRO will remain on your credit file for 6 years, as will any default however a lender will only search back 3 years so there is a chance to get back on the credit ladder sooner as a default is not classed as being as adverse as any court officiated process such as a DRO.

You can only utilise a DRO if you cannot afford to make yourself go bankrupt - Pixie can, by using one of her cards. She could more than afford it, per se.

Now back to the amounts, the only exception to the £15k limit is for any unliquidated/excluded debts which does not include unenforceable debts. So when you actually consider applying for a DRO - the amounts will already exceed their limits and as Unenforceability is not exempt, these amounts will have to be included - lie, and you could be subject to a DRRO (Restrictions Order) - plus if at any time you earn money again the DRO can be cancelled at any given time.

The above are some of the reasons I personally think that Pixie is not eligible for a DRO. I am going on the notion that it "could" be best to try for unenforceability and then see what happens at the end.... worse case scenario, she could apply for b/r and still be at the same place she would have been at had she not came here. Otherwise, do a DRO and then be heavily restricted with the stygma attached to it, lie to the OR and risk severe trouble.

As I say, I think Pixie needs to sit and have a think about things, although I am still confident the way forward it to pursue unenforceability first and foremost then if that fails we can look at alternatives.

jinny

morning everyone wow last night was facinating didnt want to clog up the threadwhile serious stuff was getting sorted for Pixie so just read and listened. Watching and learning tho in lurkdom. will call in later with glass in hand have agreat day and peeps stop worrying

never-in-doubt

jinny wrote: »

morning everyone wow last night was facinating didnt want to clog up the threadwhile serious stuff was getting sorted for Pixie so just read and listened. Watching and learning tho in lurkdom. will call in later with glass in hand have agreat day and peeps stop worrying

Morning!

Its not going to get any clearer today either I don't think (sorry Pixie)!! At the end of the day we have to give the right advice and so long as we have "options", then each should be explored until Pixie is happy and confident in whatever one she chooses.

Have a good day, catch up with you later!

swanfan02

pixiechick wrote: »

Hi Niddy

Thank you for the time and effort you are putting into looking at my debts.

I must admit that I haven't been concentrating on my job applications as much as I should have because I've kept popping back on here, and the unenforceabitlity thread, to see if there was any news from you.

If you feel confident that my debts could be sorted by going down the unenforceability path, then I have every confidence in you!

One possible snag I mentioned yesterday is that I wrote to most of my creditors informing them that I couldn't afford the minimum payments and I signed the letters myself. I didn't know any better then and thought that I was doing the right thing by keeping them informed.

You know that I was thinking very seriously about bankruptcy and was advised to follow that path by one of the debt charities. Unlike Ann, I rent my house so don't have that worry hanging over me. Either way, my credit rating is going up in flames, along with all the fantastic deals I had!!!:D

Looking forward to hearing from you.

Hi Pixie, I did the same writing to creditors & signing the letters. It hasn't come back to bite me yet! Also forgot to send the initial CCA request recorded despite reading Niddy's thread, sorry Niddy.:o

never-in-doubt

swanfan02 wrote: »

Also forgot to send the initial CCA request recorded despite reading Niddy's thread, sorry Niddy.:o

Haha - that's not to say it is suggested by the way, it protects you by having proof of delivery - that's all...... :eek: