Noob hi

bigbassman

Hi all thought i wouldnt be in this situation again but yet again i am struggling with debt , now my question is what is my best option DRO, B/R , or IVA

i have a report :-
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1586
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 635
Management charge (leasehold property).. 0
Council tax............................. 73
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 135
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 22
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 150
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1354

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................5155......147.2.....17.9
credit card....................6000......150.6.....27.9
credit card....................1400......67........34

is dro my best option

thanks all
simon

bigbassman

sorry this is the report corrected
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1586
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 635
Management charge (leasehold property).. 0
Council tax............................. 74
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 135
Clothing................................ 10
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 22
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1234

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................5155......147.......17.9
credit card....................6000......150.6.....27.9
credit card....................1400......67........34
Total unsecured debts..........12555.....364.6.....-

Monthly Budget Summary
Total monthly income.................... 1,586
Expenses (including HP & secured debts). 1,234
Available for debt repayments........... 352
Monthly UNsecured debt repayments....... 364.6
Amount short for making debt repayments. -12.6
Personal Balance Sheet Summary
Total assets (things you own)........... 100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -12,555
Net Assets.............................. -12,455
Created using the SOA calculator at

cs101

Add holiday also ;about 25/month:D

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

miss_spooky

Hi bigbassman,

Had a quick look and can easily say that you have too much surplus to go down the DRO route. I believe that the surplus is £50.00 and they can revoke it if you go over that amount - unless rules have changed & I missed them.

Have you had a look at snowball calculators? I think there is one on this website somewhere - I'll try and find it. FOund one ion the makesenseofcards website. http://www.makesenseofcards.com/snowcalc.html

Put in your debts etc, follow instructions and it'll tell you the ones to pay first & how to do it. Etc.

I set this up for someone who only had a few debts, so it maybe worth looking into as your surplus is quite high.

I'd advise to try and avoid BR if poss esp for such a small debt.

BUT - as others have said you need to seek proper proffessional help from one of the free debt charities.

HTH

tigerfeet2006

bigbassman wrote: »

Hi all thought i wouldnt be in this situation again but yet again i am struggling with debt , now my question is what is my best option DRO, B/R , or IVA

i have a report :-
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1586
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1586
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 635
Management charge (leasehold property).. 0
Council tax............................. 73
Electricity............................. 100
Gas..................................... 0
Oil..................................... 0
Water rates............................. 47
Telephone (land line)................... 35
Mobile phone............................ 10
TV Licence.............................. 14
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 135 £200
Clothing................................ 10 £40
Petrol/diesel........................... 80
Road tax................................ 18
Car Insurance........................... 22 is this fully comp. with breakdown cover, if not then get that if you can.
Car maintenance (including MOT)......... 20 £35
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 5 £20
Pet insurance/vet bills................. 150 um! I think not. you pay this a month? the max is £20
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get some contents insurance with accidental damage. £20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10
Entertainment........................... 0
Holiday................................. 0 £25
Emergency fund.......................... 0
Total monthly expenses.................. 1354

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 100

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
loan...........................5155......147.2.....17.9
credit card....................6000......150.6.....27.9
credit card....................1400......67........34

is dro my best option

thanks all
simon

Phone one of the debt charities and get some advice on your situation. You will have to much surplus for a DRO. The figures I have put is how a OR might look at it in BR.

Have a look at the snowball calculater that Miss Spooky has posted and you may find that with a bit of cutting back you can pay it off without haveing to go on a DMP etc. The chaps on the Debtfree Wanabe board can help with that and finding ways of earning extra pennies.

If the debt charities suggest BR then come back here and we can help and support you with the forms and emotional support.