How to quantify my debt?

toby_lerone

Hi all

I want to apply for a debt relief order.

Unfortunately I have sat on my debt for several year's and I no longer have any idea of who / how much I owe.

If i request and receive my credit report's from the main provider's - will this be a fair judgement of what debt I owe in order to apply for a DRO?

thank you for your time

wba31

Your credit reports will go some way to indicate your debt level, however some accounts may be out of date, and not all creditors update your credit report.

If you are unable to confirm all of your debts you may find it more beneficial to declare yourself bankrupt. Bankruptcy includes all debts, even if you miss them off the forms. If you miss a debt off your DRO it cannot be added on after approval, and you will be left liable for the account

mwarby

You can estimate your debts this way, but if you get close to the £15k cutoff you need to think about bankruptcy, as any other debt or extra inrerest or fees could take you over limit and get dro cancelled.

fatbelly

I agree with wba - but the potential £705 fees compared to £90 may prove a barrier.

If the debts were defaulted more than six years ago they would not show on your file (but equally may be statute barred and therefore unenforceable anyway). Other debts that do not show are: council, water, electricity, gas (in most cases), fines, benefit overpayments, CSA, tax, student loans, local debts, private debts.

I think the fundamental question is - why do you want to declare yourself insolvent if no-one is pursuing you for your debts?

fatbelly

Based on your pm, a DRO does seem a good option, and getting a credit check seems a good start - the DRO Unit will check Experian so maybe get that and see what's on it.

MUMZ2BEE

The criteria for debt relief order has changed.

It has gone from £15K to £20K in October.

I'd wait until October.