Shall i start my 30's with a DRO?

hayes101

Hi,
This is my first post on the site (or ever!)
I have over the past 10 years slowly gotten myself into some serious debt.
I am curently employed through an agency and earn a take home pay of around 850 a month. I am currently trying to find permenant work however as a support worker it is unlikly to be much more. I want to stay in this work as i want to start a career and give myself more earning potential. This takes time though.
Its a long story but my debts are down to things like my long term partner at the time not having enough money or credit to pay for the MOT or one year his tax! I have been foolish but felt at the time we were in it together and things for the house that we had agreed he'd help pay back but it never happened. We have no split up and i want to start a fresh. As the debts got bigger all my spare income was for paying the repayments and soon i had to use credit cards for things like the dentist and clothes and food not all the time but enough.

So my debt is totaling around £14500.
My outgoings based renting with someone £820 (before repayments)
My income £850

I am losing sleep and crying alot and feel sick most of the time.
My life at 30 was not as id expected. I want children and to enjoy my time with them but feel that non of this will happen now.
I have to find somewhere to live and my sister has agreed to rent a house with me. I have no where else to go. Once i am paying rent and bills again (i am stopping with a friend at the mo) i do not know how i will be able to keep up repayments unless i go back to spending on the cards to have the money spare for repayments.

I could try and get extra work to make min payments but it will take decades to get out of debt.

Any advice would be very welcome?

Thank you for reading my post.

FavDaughter1

Hi, the first thing is yes you need help BUT you can find a solution AND you are not alone. i was just the same as you,overwhelmed & the sress made me ill on top of usual health problems.

the first thing i would advise you to do is to contact your local CAB,ring & go for a chat there. it's free. take details of income,all debts,bills/outgoings etc. when you go to see them.


it might be that BR is a better solution for you,go & talk to someone,find out your options,you do have some. all is not lost.

life rarely goes according to "plan",i never thought i'd be in the situation i'm in with health & £. you can get this sorted in your earlie 30's & enjoy life again,you're only young.

keep posting for support too,remember - you are not alone. x

Jvic28

You are not alone and things aren't as bad as they seem. I promise. Once you start getting help things will get better and it's an enourmous weight off your shoulders. I'm on a debt management plan after I met the man of my dreams and he made me face up to my debts. I'm getting there slowly and even though he's leaving me now I feel like I can tackle this and make it on my own! This site is amazing and will be a great help to you.

hayes101

Thank you both, I will get in touch with CAB and investigate my options. Just being able to talk about it helps. I wish you both every happiness x

adyj73

Hi Hayes and welcome to the forum

I've sent you a rather comprehensive PM explaining my situation which was similar to yours with how I sorted it. I didn't want to put it all on here as some of it is personal and I was struggling splitting it out

Good luck

Adrian

scarlet55

hi hayes..dont delay in contacting one of the debt charitys as ur debt is nearing £15000 and with interest payments it could well take you over..iff this happens you will no longer qualify...good luck..:)

adyj73

Scarlett - what is this 15000 limit? I had debts of 45k when I went into my IVA using Payplan (which is a registered charity I believe)

scarlet55

adyj73 wrote: »

Scarlett - what is this 15000 limit? I had debts of 45k when I went into my IVA using Payplan (which is a registered charity I believe)

hi..iva's are different to a dro...a dro is similar to bancruptcy but it doesnt involve the courts...you cant be a home owner and you mustnt have debts over £15000..or assetts over £300..it also only costs £90..but you have the same restrictions and after a year all of you're debts are gone..:)

FavDaughter1

hi, i'm so glad to hear you having a sound of hope in your voice today,hug x.

if you have any probs getting your CAB tel number post here. our local office has a drop in day too,yours might.

as your going to have to do something one way or another you need to think about a "Basic Bank Account",this needs to be in a bank away from any creditors. we went with Co Op,you can open it over the phone,we went into branch. if you don't have a branch near you you can use the Post Office to deposit cash/withdraw.

lot's of us have been just where you're standing,but,with help we are in a better place now-working our way forward. hang on in there,you already know you're not alone x

JustinCredibleGillespie

If your debt is less than £15k then a DRO would be the best bet. I really hope you get it sorted soon, best of luck to you.

Take Care

fatbelly

adyj73 wrote: »

Scarlett - what is this 15000 limit? I had debts of 45k when I went into my IVA using Payplan (which is a registered charity I believe)

It's not a registered charity, which is why it doesn't get officially recommended by the mse team. But it is well respected and will set up debt management plans that are free to the user.