Help with applying for bankruptcy or deo

Ghostt

sourcrates wrote: »

Very simple, you write to each creditor explaining your circumstances, and include a copy of your budget, work out how much you can afford to pay, even a pound if that’s all that’s available, ask them for their bank details, make the payment by online banking.

How much is the CCJ debt wanting ?

You can apply to the court to reduce the payment if it’s unafordable.

Going bankrupt for £5000 is far too extreme, if you’d owed 50k I would have said yes, go bankrupt, but not for five.

It’s like 3.5k ish and The court has contacted me is there anyway I could get them all grouped into one like a DMP or something? And if I’m paying £1 a month will it eventually get written off ? And will it stop me from building credit?

sourcrates

Ghostt wrote: »

It’s like 3.5k ish and The court has contacted me is there anyway I could get them all grouped into one like a DMP or something? And if I’m paying £1 a month will it eventually get written off ? And will it stop me from building credit?

Why don’t you run your concerns past one of the free debt charities in my signature below.

They are best placed to help you.

WhenIam64

Since you have debts of less than £5K and a CCJ, you look like you are a fit for an Administration Order

https://www.nationaldebtline.org/EW/factsheets/Pages/administration-orders/what-is-an-administration-order.aspx?gclid=EAIaIQobChMIrPGozOO_4QIV7b3tCh1_0QgPEAAYASAAEgLiL_D_BwE

Ask about it when you call a debt charity. See Who can apply? in the text. It looks costly in the short run but may be cheaper in the long run if you can get a composition order.

fatbelly

I've done quite a few DROs at less than 5k. True about the admin order but you make payments for (typically) 3 years.

If you meet the criteria for a DRO, and can be sure that you won't get into more debt problems in the next few years, go for it:

•Must not be a homeowner,

• Debts less than £20,000,

• Can have a car worth up to £1000,

• No other assets of more than £1000,

• Must have £50 or less left at month end, after all essential payments have been made (not inc debt repayments),

• Cannot have had a DRO in last 6 years.

Tillyjack3

Can someone pls advise me what o do if you can not afford bankruptcy. I’m drowning in debt. And just been made redundant.

MovingForwards

Tillyjack3 wrote: »

Can someone pls advise me what o do if you can not afford bankruptcy. I’m drowning in debt. And just been made redundant.

Start your own thread as you will get advice specific to your circumstances