to much debt

nowheretoturn123

Hi

I need advice on how to get rid of these debts with a limited income

£140 a fortnight

i owe

Indigo Michael LTD
£ 215
01/05/2014 late payment

Gothia LTD
£ 456
13/12/2013 Default

Motormile Finance UK Limited ND
£ 185
09/09/2009 Default

Lowell
£ 500
04/10/2011 Default

Lowell
£ 2,066
22/03/2011 Default

Arvato Financial Solutions LTD T/A Buchanan Clark & Wells
£ 965
20/09/2010 Default

Lowell
£ 368
19/04/2011 Default

Arrow Global LTD
£ 1,579
23/01/2011 Default

CCJ
06/10/2010
Amount £ 268

any suggestions please?

Thank You

Tixy

Hi and welcome to the forum,

It would help if you could give a bit more information so people can offer you the best advice.

-Is the £140 a fortnight what you have to put towards debts each month? or is that your total income and you also need to pay living costs etc from this money first?

-Are the above balances, which total £6602, the current outstanding balances that you are being chased for? or are these balances just what is showing on your credit file?

-Are you paying anything towards the debts currently?

-Do you know if the holder of CCJ has taken any further action? e.g. do you know if bailiffs have been instructed?

nowheretoturn123

Hi

I get £140 a fortnight i pay £100 a fortnight rent then £25 a fortnight towards utilities and food so i am left with £30 a month to pay debts

All the creditors are chasing for the full amounts except the ccj which i knew nothing about until a few days ago as it transpires that the court papers when sent to the wrong address so i knew nothing about it until i checked my credit report a few days ago and i can not find anything about the company on line seems like they are no longer trading it was a pay day loan with Tower Capital Bournemouth.

I spoke to stepchange and they advised me to go bankrupt but it costs to much to do it .

I also offered to split the £30 a month equally between all the debts but they are all refusing saying they want full payments.

Tixy

I would speak to stepchange or another debt advice charity again.

It sounds like you may be eligible for a debt relief order (which is a form of insolvency like bankruptcy but suitable for people with relatively low debts and low assets and income). If you are eligible for a DRO the costs are much lower than bankruptcy - £90 and I believe you have 2 months from completing your application for to pay the fee.

Some info on DROs here https://www.nationaldebtline.org/EW/factsheets/Pages/37%20EW%20Debt%20relief%20orders%20(DROs)/Default.aspx

With your income as it is at the moment then at best all you could afford would be token payments to your creditors. I would not make any offer for more than £1 per month to each creditor (although I wouldn't even offer that until you have spoken to a debt charity).

Is your income from benefits? is it JSA? if so have you checked to see whether you are entitled to any other benefits (such as housing benefit for example).?

[Deleted User]

I don't see there is any realistic chance of clearing the debts on the income figure you provided: bankruptcy might be an option worth thinking about.

longtermplanner

nowheretoturn123 wrote: »

Hi

I get £140 a fortnight i pay £100 a fortnight rent then £25 a fortnight towards utilities and food so i am left with £30 a month to pay debts

Could you post what your total debts are (not hat the weekly / monthly payments are supposed to be but the total month owed.) And also say something about what work you are doing. Are you a student and this is a part-time job?

Is your income situation likely to improve soon?

If you are not British (sorry if I am guessing wrong here) what is your visa status?

R_P_W

You need to earn more money