Please help

Brenster

You have a detailed breakdown which basically shows your outgoings being almost cost neutral to your incomings (without your partners income, which i presume he has been working and earning in the past, so this should have shown a surplus before he was laid off).  So have you got to the bottom of why / how you accrued your debt ? As without understanding this and putting measures in place to resolve it, paying off this debt will be difficult.  

lordmountararat

Your car insurance seems very high at £70 a month; is there any way of reducing this when it come up for renewal? Shop around more?

fatbelly

Steph8821 said:

That would be nice  many sleepless nights atm. All the debt is in my partners name
but i am on the loan which is a joint debt ;(

Then it's bankruptcy for him and a DRO for you if the loan lender can't be persuaded to give up.

PS who  owns the car and have you valued it on Parkers Guide? It's a free valuation - tell us the lowest value it gives.

PPS I've had a look at that SOA and it works for both solutions. 

Steph8821

Hiya the parkers guide showing car value as 1500 and its my name.
My car insurance is rather high but  this is the cheapest sadly.
Steph x

fatbelly

Steph8821 said:

Hiya the parkers guide showing car value as 1500 and its my name.
My car insurance is rather high but  this is the cheapest sadly.
Steph x

OK
That scuppers a DRO for you till its value drops but a bankruptcy for partner would have no effect on it.

Make that your priority. as soon as you can pay £680 by card,  - simple online application. 

Steph8821

Gutted:(
If i could get my partner to ring the loan company ask about removing me of the loan, whats the likely hood of they doing so
do you know.
Thank you got taking the time to help x

Kakiste

Pretty much non existant I would imagine. I was in a mirror position to you with lots of debt in my name and my husband only liable for a £3500 overdraft on a joint account (that he had never used the card for) in both our names. I asked on here, rang and wrote to HSBC and went into the bank in person with my husband for a meeting with our bank manager and the same response from every avenue was pretty much 'why would they let him off liability when currently it gives them 2 people to chase and potentially more likelihood of repayment?' 

fatbelly

Yeah, pretty much none at this stage. get him to do the bankruptcy. Wait for them to contact you and  then put the situation to them as hopeless and ask them to write it off. If you have to have a biit of a delay before doing the DRO, that's no big deal.

The rules are changing for DROs but the one rule they don't seem to be changing is the £1000 car rule

Steph8821

Morning could i still possible do a dro
say if parents pay  the extra money over 1000 for the car  to the Or
Steph x

fatbelly

OK, concentrate on partner's bankruptcy first.

Then look at what the rules are for a DRO (they're changing)

If you find that the car you own is still disqualifying you and you still want a DRO  you have maybe three options:

• Sell the car at a market price and buy a cheaper one, keeping cash less that the asset limit (currently £1000)
• Sell the car at a market price and use someone else's - wait until your cash lump sum is eaten up by normal spending to below the asset limit
• Wait till the car value decreases to below the car value limit

No you can't give the OR money for the car