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the best way to go?
Jacko_amz
Posts: 254 Forumite
Hi everyone,
My partner has unsecured debt of just under 16k, he entered a DMP 6months ago with stepchange and was paying £1 token payments, he's just had a review and has upped it to £10 payments. He has a total of 4 creditors, 1 of which has been sold on to a recovery agent.
What is the best way forward for him? unless he gets a new job which is unlikely at this moment he won't be able to up the payments by much.
He has around 5k in an account in which he got from a recent house sale with an ex partner.
Does anyone have any advice on how to move forward?
My partner has unsecured debt of just under 16k, he entered a DMP 6months ago with stepchange and was paying £1 token payments, he's just had a review and has upped it to £10 payments. He has a total of 4 creditors, 1 of which has been sold on to a recovery agent.
What is the best way forward for him? unless he gets a new job which is unlikely at this moment he won't be able to up the payments by much.
He has around 5k in an account in which he got from a recent house sale with an ex partner.
Does anyone have any advice on how to move forward?
Tesco Loan - 9177
0
Comments
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Hi,
Need to know more information about your partner really.
What type of debts are they, how much income/expenditure he has, how old are the accounts, the full monty really !!
Otherwise it's impossible to advise.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
2 are credit card, 1 over draft and 1 loan. after child maintenence he has 1200 in which his expenditure is around 1150. hmm as to how old they are not sure, not older than 3 years.Tesco Loan - 91770
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2 are credit card, 1 over draft and 1 loan. after child maintenence he has 1200 in which his expenditure is around 1150. hmm as to how old they are not sure, not older than 3 years.
Ok, is he a homeowner or does he rent ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Has he just received the £5k? Could do some f&fs?Loan 1 £5200/£8000
Loan 2 £300/£5800
Total £5500/£138000 -
We currently rent so not a home owner, he's had the money for a couple of months, the debts aren't that old and only 1 has been sold on so couldn't do f&fs yet could he?Tesco Loan - 91770
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We currently rent so not a home owner, he's had the money for a couple of months, the debts aren't that old and only 1 has been sold on so couldn't do f&fs yet could he?
Original creditors wont offer much, if any discount.
Debts that have been sold on, he may have more luck with.
Has he considered a debt relief order ?
you must not own a home, have less than 20k in debts, and have less than £50 a month left after essential payments have been made, there are other criteria, the 5k savings may be a problem though.
Google DRO.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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