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Bankruptcy/DRO queries
Flatwhite
Posts: 1 Newbie
Will try and cut a long story short...
Current debt mainly comprised of:
£16,300 on a DMP
£500 credit card
£1000 loan
Repayments on these currently around £220/month. Income is £2054/month, Budget for household is £1840 for basics, so just about scraping by. Can't really see a way that debt is ever realistically going to be paid off though, so am considering my options.
From my interpretation, as I am currently paying over £200/month to service the debts then because that's more than the £50 threshold after essential costs, then I would not be eligible for a DRO?
If alternative is Bankruptcy then, would I likely have to make some kind of contribution towards these debts for a fixed period? The loan and CC are relatively recent too. Would that be frowned upon?
Other query is am on cyclescheme salary sacrifice, so £80ish taken form gross salary monthly for that. Any thoughts on how that might be treated?
Thanks in advance!
Current debt mainly comprised of:
£16,300 on a DMP
£500 credit card
£1000 loan
Repayments on these currently around £220/month. Income is £2054/month, Budget for household is £1840 for basics, so just about scraping by. Can't really see a way that debt is ever realistically going to be paid off though, so am considering my options.
From my interpretation, as I am currently paying over £200/month to service the debts then because that's more than the £50 threshold after essential costs, then I would not be eligible for a DRO?
If alternative is Bankruptcy then, would I likely have to make some kind of contribution towards these debts for a fixed period? The loan and CC are relatively recent too. Would that be frowned upon?
Other query is am on cyclescheme salary sacrifice, so £80ish taken form gross salary monthly for that. Any thoughts on how that might be treated?
Thanks in advance!
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