What would you do?

January20

mayfield wrote: »

Hi again.
I have read on another site, that you are only in 20k worth of debt, but on here you are saying that you are in 35k of debt. :mad:

http://bankruptcy.informe.com/dmp-and-freezing-bank-account-dt308.html

Post dated 28 September. A lot can happen in 2-3 weeks...
Anyway, does it really matter?????

backontheup

mayfield wrote: »

Hi Chubaa

I am also disabled with a disability pension. I was told that if you go bankrupt, you will lose your DLA for good. I was told this by the CAB. Be careful about making yourselves bankrupt, because you could be worse off.:eek:

Let me rest assure you that this is totally and utterly NOT true. The OR would never take ANY benefits (JSA, WFTC, CB). The very fact that you are on benefits means that you are living on the breadline.

philnicandamy

Chubacca wrote: »

Is this true? Why would you lose DLA? I don't understand???

Can anyone confirm this?

sorry to nip across from the BR board guys but thought I could shed some light......


Chubacca loosing your DLA due to BR is untrue as others have said, i've been on DLA for many years due to various disabilities, I became BR back in Jan this year put down DLA as my only source of income on all relevent paperwork, the OR didn't impose an IPA or take anything away from me as my only source of income was benefits, the benefits agency are well aware of my BR & are not taking anything away (I informed them the OR was closing my bank account & gave them my new co-op account details for payments to go into) & I also still have a motability vehicle (again the OR not interested!) and mobility are also aware i'm BR

so rest assured you'll be safe nothing will be touched in the way of benefits you receive...try not to worry & hope this helps in someway

Please PM me should you need any more advice

Phil

SortingIt_2

Hi Chubacca,

Just wanted to reassure and confirm as per other's post that you will not loose your DLA through any of this, no matter what option you take to deal with your finances.

I really hope you find your solution. You have def come to the right place for help and support. Good luck! x

Chubacca

kipwilliams wrote: »

hi, my first post here, but thought it was worth making something clear based on what i know:

The snowball technique/method would mean taking the £220 'spare' you have each month and paying it off of one debt of your choice - normally either the most expensive or the one that is easiest to clear. So if you have a loan that costs you £150 a month you pay it off of that loan (or save it until you can pay the loan off completely). Once you've paid off the loan you then have £370 a month to pay off of your debts and so on, in effect your debt repaying 'snowball' continues to grow.

That's based on my interpretation of what you said earlier, which is that you are currently paying off £980 a month and have £220 'spare' over your living expenses.

In theory, although you have a lot of debt, there is no need to panic as you can afford to make your repayments based on that.....or did you not tell the CCCS people the real amount you need to spend in a month?

The people asking for an SOA are asking to see if they can help you choose anything in particular to pay off first or help with, so it may help you out to do it anyway....in my eyes it can't hurt, there's no shame in posting it.

first and foremost, don't panic! There's a solution to every problem, i promise.

Hi, the 220 spare a month does not take into account the 980 debt payments. Only general living expenses have been calculated in the SOA WITHOUT adding the debt payments, and there is £220 left.