Debt relief

[Deleted User]

Asking for a friend .

I've been sat with my friend today , trying to help him out, I'm here asking for advice.

He recently got made redundant , after 5 months in his new job , now he is on a zero hour contract .

His debts are around £14k , bank loan and credit card. 
He's not registered to any house as he's a ft van lifer , 

Is a debt relief order the way to go for a fresh start. 

elsien

He needs to post a full statement of affairs. No one can comment on what is the best solution for him on such a limited information. 

fatbelly

Are you saying he has no fixed address and lives in a van? Could do with some more detail including value of that asset.

Average wage is going to be difficult. Maybe let the zero-hour contract run for 3 months and take an average

[Deleted User]

fatbelly said:

Are you saying he has no fixed address and lives in a van? Could do with some more detail including value of that asset.

Average wage is going to be difficult. Maybe let the zero-hour contract run for 3 months and take an average

Average wage is around £100 per week , and the van is under £1000 value .

No fixed address.

fatbelly

Ok, make sure he claims UC and give us a statement of affairs

https://www.lemonfool.co.uk/financecalculators/soa.php

[Deleted User]

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

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

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

Monthly Income Details[/b]

Monthly income after tax................ 300

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 300[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 120

Management charge (leasehold property).. 0

Council tax............................. 0

Electricity............................. 0

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

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

Water rates............................. 0

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

Mobile phone............................ 30

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 0

Groceries etc. ......................... 120

Clothing................................ 0

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

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

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

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

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

Medical (prescriptions, dentist etc).... 0

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

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

Contents insurance...................... 0

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

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

Presents (birthday, christmas etc)...... 0

Haircuts................................ 7

Entertainment........................... 0

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

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

Total monthly expenses.................. 277[/b]

[b]

Assets[/b]

Cash.................................... 500

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

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

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

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

Total Assets............................ 500[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

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

Barclays loan..................6500......246.......0

Aqua...........................5400......180.......0

Vanquis........................1000......90........0

Paypal.........................700.......50........0

Sainsburys.....................1700......90........0[b]

Total unsecured debts..........15300.....656.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 300

Expenses (including HP & secured debts). 277

Available for debt repayments........... 23

Monthly UNsecured debt repayments....... 656[b]

Amount short for making debt repayments. -633[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 500

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

Total Unsecured debt.................... -15,300[b]

Net Assets.............................. -14,800[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

[Deleted User]

I advised my friend to contact step change 

RAS

Step change don't offer DROs. And we need to know the value of the van before advising further.