I've failed - DMP

HappyMJ

If you think you might get a good well paying job some time in the next 12 months then making token payments may be an option but all of your debts will default and your credit ruined. If you can't see yourself getting a good full time job in the next 12 months then DRO writes everything off with no further payment due. Your credit is still tarnished but just for one year. After 12 months if you got a job then you can start rebuilding your credit.

With £15,000 of unsecured debt and no assets you should be looking to earn at least £23,000 per year to comfortably pay that off in a reasonable time frame.

jimmy*c

I was earning between £18,000 and £24,000 depending on overtime. However I think there will be a problem with me applying for DRO - I think have more than £1000 worth of assets and my car is worth more than £1000...

sourcrates

jimmy*c wrote: »

I was earning between £18,000 and £24,000 depending on overtime. However I think there will be a problem with me applying for DRO - I think have more than £1000 worth of assets and my car is worth more than £1000...

In that case your other option would be to lay £1 a month to each creditor, along with an initial letter explaining why.

jimmy*c

Thanks again - I will be back tomorrow following the phone call to stepchange.