Advice?

Procrastinator333

Hello,

I was hoping someone may be able to offer some initial advice. A relative of mine has told us about some issues she has had over the last year. The short version of all this is as follows:

Debts £7k-£8k
No income.
No assets.

Due to mental health concerns she may not be in a posiiton to look for work for the near future.

I don't think there is any intention for future loans or home ownership.

I appreciate the £7-£8k is not a huge debt and we could pay it off. However due to the circumstances above, my thought was that bankruptcy is likely the besty route as a) these debts go away, b) no capacity for future debts and repeating the problem, c) the implications of bankruptcy would likely not limit ay future plans.

I have only just started reading around this topic, so apologies for anything stupid in the above. Any thoughs, good reading or advice would be most appreciated.

Cheers

Procrastinator

JCS1

Best thing is to take advice from one of the free debt charities and see what they say.

There is also a thread on Debt Relief Orders (DRO's) at the top of the page that might be worth reading.

Procrastinator333

JCS1 wrote: »

Best thing is to take advice from one of the free debt charities and see what they say.

There is also a thread on Debt Relief Orders (DRO's) at the top of the page that might be worth reading.

Many thanks, reading about dro's now. Didn't know there was such thing!

Does sound very much like her circumstance. Will talk to one of the debt charities tomorrow.

Any other general pointers on this sort of scenario?

debtinfo

The main thing i would point out, is that financially it may make sense for her but there can be a lot of stress going through a bankruptcy, although that largly depends on the make up of the individual going through it and the stress involved in the alternatives

fiveyearplan

debtinfo wrote: »

The main thing i would point out, is that financially it may make sense for her but there can be a lot of stress going through a bankruptcy, although that largly depends on the make up of the individual going through it and the stress involved in the alternatives

... and the support they receive going through it.

Procrastinator333

I have read a bit around DRO's. That actually sounds like a close fit to her circumstances.

Found another thread from the cccs. We will do that debt help link tomorrow and then give them a call. Hopefully they can either support the dro idea or suggest another avenue.

The level of stress any of this may cause is quite important as I think fragile is probably the best way to currently describe how she is.

Thanks again for the replies. Most welcome

Tupperware_Queen

good luck with it all, I hope you get things sorted