Is Bankruptcy as Daunting and Scary as it seem

MissFlossy222

Are you eligible for a DRO? Do you have any assets you need to protect?

Mart7379

According to Stepchange and Payplan no, only things I am eligible for is an IVA or Bankruptcy. But don’t want an IVA as it takes 5 years for debts to be written off. I do not have any assets in my name. I have a car but it does not belong to me.  

MissFlossy222

If your debts are under £20k and you don't own your home, a DRO would be much better, and easier, than bankruptcy.
I'm assuming you have a surplus each month of more than £50? It would be worth looking at that in more detail. If you're underestimating how much you need to spend on groceries, clothes, haircuts etc you may not have as much disposable income as you think. 

Mart7379

I have approx £100 surplus according the the calculations on Stepchange. But again, Stepchange and another debt advisor have stated I am not eligible for a DRO

can someone also clarify as I’m being told conflicting information, when completing my income and expenditure I have no choice but to put household income and expenditure not my personal finances. This whole process will be so much easier if I only had to put my details in 

JCS1

Have you posted your household SOA on here?  Are you sure your surplus is £100?  Suggest talking to another free debt charity for their view.

Mart7379

No not yet, need to get a hold of my wife’s income and expenditure so I can complete it accurately. If I am honest I don’t think my surplus is £100 a month, as I struggle to make ends meet week to week. 

JCS1

I suspect you could be eligible for a DRO instead of BR, cost is £90 so a lot less fee to find too.

Mart7379

The fee for BR is not a problem as I have been in touch with a benevolent fund I am a member of and they have informed me they are able to pay the BR cost. 

Could someone please send me the link to a SoA, someone did provide a link in a previous thread but I can’t find it. 

fatbelly

Mart7379 said:

I have approx £100 surplus according the the calculations on Stepchange. But again, Stepchange and another debt advisor have stated I am not eligible for a DRO

can someone also clarify as I’m being told conflicting information, when completing my income and expenditure I have no choice but to put household income and expenditure not my personal finances. This whole process will be so much easier if I only had to put my details in 

We're expecting (not confirmed yet) that the surplus income rule for DROs will change to £100 per month on 4 May..

It's judged on your sole income and your proportionate share of the household expenses.

sourcrates

Wait till May, when the DRO rules change, then re-jig your budget, you can`t go bankrupt for 15 grand, that`s just silly.

The DRO will be a much better, and far less invasive option.