Help with dro/bankruptcy/dmp

jayster85

Hi i need some advice i dont know where to turn
i have debts to probably around 18 creditors totalling 12,500
i roughly have around 80 spare a month to pay i have been with cccs for the last year on a plan for 130 per month they cancelled this in december as i had to miss the payment because i had a reduction in hours leaving me now with the 80 spare.
my issue is i dont know what to do now.
do i reapply to ccs with the 80 should i go bancrupt as the last year hasnt ended up taking anything of the amount i owe what with all the interest being added on or can i do a debt relief order?

my other issue is i live with my partner and son who isnt fully aware of the situation and i dont want him finding out as he would probably never forgive me and leave, he paysmost of the bills

for me i get roughly £500 wages £80 chb £40 ctc
the only bills i have to pay out monthly are
my parter £350 for share of rent/bills
sky tv phone bb £70
02 for mine and his phone £50
house insurance £12
bus/taxi to work £40
others (childs treats meals dentists clothes etc) £25
how would that work with adro/bancruptcy would they need to see his income etc as i dont want him to find out.

this is such a mess can anyone suggest what i should do?

willarikk

Hello,

Well firstly sorry to hear of your dilema. Second, I strongly suggest you come clean with your partner, its inevitable he will find out. I also suggest you get back in touch with the CCCS, but you must remember the commitment to repaying your debt management plan is just that a commitment. Not something you can just start and stop when it suits. You should have advised the CCCS of a reduction in income and they would have discussed a temporary arrangement with your creditors for the time required.

The best way forward is to hold your head up and face the facts. Tell your partner, seek advice from the CCCS. If they won't help then contact the creditors yourself, I am sure some of the templates on here will assist in that process. The ostrich syndrome won't help I am afraid.

Wishing you the very best of luck moving forward....

fermi

For a DRO you need to have less than £50 per month surplus income.

Although it looks like you have more, approved intermediaries have some guidance figures for income/expenditure to assess against, and it could be that the surplus they come up with may be less than yours.

You certainly need to talk with CCCS again, or alternatively National Debtline, CAB or another agency in this link: https://forums.moneysavingexpert.com/discussion/2077631

Bankruptcy may be an option but that is expensive.

Under both your partner won't be officially notified (unless property issues in bankruptcy), but they may want to know household income expenditure as a whole to make sure your share being paid is fair.

I think it's unrealistic to think that they won't find out. If you have joint finacial accounts, it would effect his credit history at least.

A self managed DMP is always an option For example: http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp

Would take over 12 years to clear at £80 pm, even if interest/charges stop, so not sure if realistic for you.

As said, start getting in touch with the debt advice charities and discuss options.

jayster85

thanks for your help