Dro

simon_grimshaw

Hi me and my wife are currently lookin into a Dro each
Just need a bit of advice guys

my debts in my name loans credit etc come to 8700
Wifes debts around 6k
But we have also a joined loan together of 17000
Our housing situation is private rented.
Just wondering is a dro possible as we shared debts
Thank u guys

MovingForwards

How much is outstanding on the loan and what was the purpose of it?

Do either of you have a car or anything of value?

simon_grimshaw

Car wise worth around 900ish mark
The loan i have had for years cars house and to get through life when we had are ours kids
When wife was on maternity cover.
I left work a bit bk to become carer for our kids one being autistic and that

sourcrates

Hi,

You are both liable for the full £17,000 joint loan here, so you need expert advice as to how this will breakdown if you both do a DRO.

You may be looking at bankrupcy as a possibility, but without seeing an up to date SOA, its impossible to advise further.

Fatbelly may be able to help here, otherwise you should speak with an intermedary.

fatbelly

Sourcrates is correct - you are both over the limit for a dro, being at £23k and £25700

There are certain debts that are automatically excluded - Child maintenance arrears, student loans, tv licence arrears, social fund loans, criminal fines.

There are some that can be excluded with a bit of work - statute barred debts and unenforceable debts.

simon_grimshaw

Thank u for your replys guys

A just thought because our joint loan is 17000
This wud be halved 8500

fatbelly

You can do that with a tax credit overpayment where the two parties have separated but that's the exception to the rule.

The 20k limit relates to your individual liability and because joint debts are subject to 'joint and several liability' the whole amount counts against each person.