Debt/Dro help!

Emz92xxx

Hiya im Em just recently joined.
Looking for some advice  on a dro or anything else whats best in my situation.
Been reading through Quite a few posts to help me understand bout debt solutions. I think a dro is my best solution but not 100%, i will fill in my out goings best as i can
Thanks EM x

Emz92xxx

Hi again. I have filled out the best i could.
Things to bare in mind  my income is carers allowance, the benefits are universal credit and child benefit  and the 340 is my youngest Dla( wasnt show if i should of put this in). 

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 2

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 309

Partners monthly income after tax....... 2588

Benefits................................ 470

Other income............................ 340[b]

Total monthly income.................... 3707[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 775

Management charge (leasehold property).. 0

Council tax............................. 113

Electricity............................. 230

Gas..................................... 0

Oil..................................... 0

Water rates............................. 29

Telephone (land line)................... 0

Mobile phone............................ 78

TV Licence.............................. 14

Satellite/Cable TV...................... 30

Internet Services....................... 35

Groceries etc. ......................... 700

Clothing................................ 60

Petrol/diesel........................... 300

Road tax................................ 13

Car Insurance........................... 60

Car maintenance (including MOT)......... 50

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 12

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 11

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 70

Haircuts................................ 35

Entertainment........................... 50

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 2665[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Bank loan......................10800.....0.........0

Credit card....................7500......0.........0

Credit card....................5200......0.........0

Very...........................1050......0.........0

Car outstanding debt...........3100......0.........0[b]

Total unsecured debts..........27650.....0.........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 3,707

Expenses (including HP & secured debts). 2,665

Available for debt repayments........... 1,042

Monthly UNsecured debt repayments....... 0[b]

Amount left after debt repayments....... 1,042[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -27,650[b]

Net Assets.............................. -27,650[/b]

fatbelly

Hi. That looks pretty good. Is that not do-able with your £1000 surplus?

If you could put the contractual amounts in that would help.

Are all the debts solely in your name or is some joint, or your partner's? We need to particularly think about the car. Is it HP, or an unsecured car loan?

Emz92xxx

Hiya the car i had was repossessed a year ago and thats the balance i owe.
The contractual payments im unsure,  has they have all been defaulted bar 1
Which is the loan.
I currently dont own a car by my partner does thou which is on finance but unsure of what he pays  i think its around 400.
Would i be eligible for a Dro would this be the best approach.

Em x

MalMonroe

Hiya Em, welcome to the Forum.

I had a DRO in the past and I would advise you to contact one of the free debt help agencies - StepChange or National Debtline or Citizens Advice.

StepChange helped me so much when I was really at the end of my tether so I always recommend them. They are kind, helpful and non-judgemental and they helped me to apply for the DRO as well. Information is in the following link -

https://www.stepchange.org/

It's a free phone call too - 0800 138 1111 (Best phone call I ever made as I am now debt free. Not wealthy though!)

You have already filled out your Statement of Account which is good, as you will need to have that to hand when you speak to someone who can help you. (That is if you do decide to contact them.) Although the suggestion for me was to apply for a DRO, they may have a different solution for you to consider. They'll go through all the options with you and advise which they think is best but you are never under any obligation to accept their suggestions.

You've taken the all-important first step to solving your problem by coming to this forum and now you just need a bit of professional help. As I said, it's out there and it's free, so it's worth spending a little time speaking to someone who can help.

Good luck!  

sourcrates

You won`t be eligible for a DRO with £1042 surplus in your budget.

To meet DRO criteria, you must have £75 disposable income, or less, you are currently way, way off the mark, even adding in some missed categories, your not going to meet it, also your oncome is quite high, most DRO applicants earn a lot less than you do.

You could throw that grand at your debts every month and have them cleared in a little over two years.

JCS1

Emz92xxx said:

Hiya the car i had was repossessed a year ago and thats the balance i owe.
The contractual payments im unsure,  has they have all been defaulted bar 1
Which is the loan.
I currently dont own a car by my partner does thou which is on finance but unsure of what he pays  i think its around 400.
Would i be eligible for a Dro would this be the best approach.

Em x

You would not qualify for a DRO at the moment as your surplus is too high.

Do however make contact with one of the free debt charities for advice, it may be that a DMP would be suitable for you.  But please do take advice.

Grumpelstiltskin

Emz   Contact Stepchange  see link in Sourcrates reply.

What ever you do do not fall for the adverts on social media promising you the earth, they are trying to con you into having an IVA.

Emz92xxx

Hiya thanks for the comments 
i have no were near that surplus, even thou i have included it on statments off affairs dla a use for my son.
My partner has his own out goings in his wage a car a family loan and he spends a fortune going watchin liverpool home and away. Unsure if its relevant or not but non of the debts are his  they are all mine.
I never have money he just gives it me when i need it if that helps also
Em x

fatbelly

I wouldn't rule out a DRO as quickly as some others did. 

As a DRO intermediary I would disregard the child DLA. Hence the family surplus comes down to 700ish.

It appears you contribute around a tenth of the family income, which is the Carers Allowance in your name.

Therefore you should pay a tenth of the expenditure and only a tenth of the surplus is yours. The maximum allowed is 75 per month.

You are in rented accommodation with no car nor other valuable asset and you haven't previously had a DRO in the past 6 years.

Having said that, you may find the intermediary you use quibbles with your numbers. You won't know till you start to engage. Contact stepchange and take it from there.

One more question if I may - when did you stop paying these debts? Anywhere near six years ago?

Best of luck. A debt management plan wouldn't be a disaster if that's what they suggest.

Emz92xxx

Errr pretty recent 2-3 years
i know it looks like i have lots of money to play with but it really is not the case. My partner has is own bank account and has is own additional outgoings. Only reason i know his earnings is because its on the universal credit statements each month. X