High(ish) income and DRO possible?

Debtdipped

Hello, new to this forum. I am enquiring about which debt repayment method is the best for my circumstances?

My circumstances are:
15k debt including 1 recent CCJ
Aged 30, earning £26k (and likely to stay on this amount for next 10 years or so)
Currently on a DMP, will take 9 years to pay off all my debts on this current DMP
No assets - renting privately
Company car which I pay a monthly fee to rent it out

I was considering a debt relief order, but realise that my salary is not a low income. However, I would like to consider the option that gives me the fastest debt free result. The biggest impact being in debt has on my life is my living situation, where every estate agent has turned me down because of my poor credit history and lack of a guarantor, despite a decent income, and having to rent privately in rough estates, because that's all that's available for me!!

What do you think?

Thanks.
Dd

wba31

The size of your income is irrelevant on it's own, it's the entire budget that needs to be considered. It's not as simple as filling out a budget so there is less than £50 less, but you need to be realistic about what your expenditure needs to be - some things may have been cut back to pay the creditors.

The company car payment is something you will need to discuss with a debt advisor, who may need to run it by the DRO Unit. If the car is necessary for your job the cost will be heavily considered, but if it is just a useful accessory it may not be an allowable expense.

I would recommend speaking to one of the free 3, CAB, NDL or StepChange...