Stepchange, or any other free advice centre, can only advise on what they think is the best solution for you.
In your case, its a 20 year DMP or Bankrupcy, the only other option would be IVA, but as you have no assets to protect, its not really an option, you may as well go bankrupt instead.
However, lets look at this logically, you only have 3 credit card debts and one loan, all are non priority debts, you could just pay £1 each per month indefinitly, going bankrupt would rid you of your debt, but your disposable income would remain the same, and an IPA would be made don`t forget, if you don`t have the money to service the debt, then theres not a lot anyone can do about it really.
You could write and tell your creditors your situation, see how they react, just pay the £1 per month each, see how that goes, save up the bankrupcy fee just in case a CCJ or two come your way, then go bankrupt if no other choice to avoid attachment to earnings etc.
What i`m trying to say is there is no rush, debt collection takes a long time, months, even years from now, they may not have taken further action.
Can i ask, have you done CCA requests ? how old are your debts ?
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.
Stepchange, or any other free advice centre, can only advise on what they think is the best solution for you.
In your case, its a 20 year DMP or Bankrupcy, the only other option would be IVA, but as you have no assets to protect, its not really an option, you may as well go bankrupt instead.
However, lets look at this logically, you only have 3 credit card debts and one loan, all are non priority debts, you could just pay £1 each per month indefinitly, going bankrupt would rid you of your debt, but your disposable income would remain the same, and an IPA would be made don`t forget, if you don`t have the money to service the debt, then theres not a lot anyone can do about it really.
You could write and tell your creditors your situation, see how they react, just pay the £1 per month each, see how that goes, save up the bankrupcy fee just in case a CCJ or two come your way, then go bankrupt if no other choice to avoid attachment to earnings etc.
What i`m trying to say is there is no rush, debt collection takes a long time, months, even years from now, they may not have taken further action.
Can i ask, have you done CCA requests ? how old are your debts ?
So the fee isn’t a problem as a family member is prepared to gift it to me if I chose this route.
Sorry, I’ve not heard of CCA requests? My debts are only 4 or 5 years old.
Well it requires work on your part, and will drag out your predicamant, if its closure you want, then bankrupcy is probebly the route to that end.
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.
Thank you for the advice. Do you know of a thread on here that I could read through to answer any questions and prepare myself? Thanks again
Just post your question on this thread, keeps everything in one place and peoples circumstances are so different its tricky to answer generic questions.
"You've been reading SOS when it's just your clock reading 5:05 "
Sometimes dragging your heels a bit while you get your ducks in a row, isn't a bad thing. There is a similar £1000 rule in DROs but there you can't (or it would be silly to) submit the application unless the car is worth under £1000. Cars depreciate around 30% per year so there have been several occasions where I've put an application on hold and just watched the valuation figure until it dips under £1k.
Hi all some help needed please i applied for BR yesterday had it approved today. I beleive the OR will het in touch with me. How is the OR? If anyone has recent experience with an OR i have anxiety and im already panicking.
Someone will be here soon who knows more, but if you read through others threads who were anxious about their OR “interview” it was much more of a quick chat and really nothing to worry about. Please don’t panic, it’s literally an easy phone conversation and they’ll want to clarify any points they are unsure about, but it’s not a hard-nosed interview or anything of the sort for your case.
Did you sort out the car? What was the Parker’s valuation?
Replies
There is a similar £1000 rule in DROs but there you can't (or it would be silly to) submit the application unless the car is worth under £1000.
Cars depreciate around 30% per year so there have been several occasions where I've put an application on hold and just watched the valuation figure until it dips under £1k.
If you've submitted the application today, you should hear from the adjudicator tomorrow.
What are you thinking/hoping for with the car?
Thanks in advance xx