Debt Advice

merrydance

Hi

Just discovered one of my relatives has a £50,000 debt spread over credit cards. His income is not high state pension and about £40 per week other income. What do you think is the best way to repay this could he go on a DMP.

Thanks

NorSharPei

Hi there,

Does your relative have any substantial assets such as a property?

At that debt to income ration Bankruptcy might be a sensible option?

merrydance

Yes he owns a property, that doesn't have enough equity to sell and buy somewhere else.

Thanks

Pixie5740

Your relative should contact one of the debt charities such as CAP UK or Step Change.

They will be able to go through his finances and suggestion solutions. That could be bankruptcy or it could be something less extreme.

merrydance

Thanks will get him to do this. Just wondered if there is a cut off age for a DMP?

Pixie5740

Not as far as I know.

pmlindyloo

merrydance wrote: »

Yes he owns a property, that doesn't have enough equity to sell and buy somewhere else.

Thanks

This link might be useful

http://www.stepchange.org/Debtinformationandadvice/Debtsolutions/Bankruptcy/Bankruptcyandyourhome.aspx

National_Debtline

merrydance wrote: »

Thanks will get him to do this. Just wondered if there is a cut off age for a DMP?

Hi merrydance


There's no cut-off age per se; it's more about whether he can realistically settle his debts through the DMP, which might be tricky based on what you've told us. Stepchange will explore all of the options available and explain their respective pros and cons.


Dennis
@natdebtline

HappyMJ

merrydance wrote: »

Yes he owns a property, that doesn't have enough equity to sell and buy somewhere else.

Thanks

Doesn't necessarily need to buy. He could sell repay all of his debts, pay the deposit, fees and 6 months rent up front on a property and claim housing benefit for future rent.

I wouldn't want to do that. I'd rather choose a different option but if the debt is too much then it's something to consider.