What is my best options ? Can I have a DRO?

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 4
Number of children in household......... 0
Number of cars owned.................... 3

Monthly Income Details

Monthly income after tax................ 1170
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1170


Monthly Expense Details

Mortgage................................ 0
Secured/HP loan repayments.............. 135
Rent.................................... 100
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 30
Clothing................................ 40
Petrol/diesel........................... 100
Road tax................................ 13
Car Insurance........................... 75
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 14
Pet insurance/vet bills................. 100
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 5
Haircuts................................ 10
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 752



Assets

Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0



Secured & HP Debts

Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 4792.....(135)......9
Total secured & HP debts...... 4792......-.........-


Unsecured Debts
Description....................Debt......Monthly...APR
Sunny..........................347.88....16.37.....0
Quickquid......................156.8.....20........0
118............................1950.8....98........0
Wagedayadvance.................170.......170.......0
Virgin active..................200.......45........0
Vodafone.......................200.......49.75.....0
Piggybank......................149.4.....45........0
Myjar..........................300.......20........0
Lending stream.................230.56....20........0
Paypal.........................803.71....30........0
Tesco creditcard...............3297.52...50........0
Total unsecured debts..........7806.67...564.12....-



Monthly Budget Summary

Total monthly income.................... 1,170
Expenses (including HP & secured debts). 752
Available for debt repayments........... 418
Monthly UNsecured debt repayments....... 564.12
Amount short for making debt repayments. -146.12


Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -4,792
Total Unsecured debt.................... -7,806.67
Net Assets.............................. -12,598.67


I have been dealing with uncontrollable debt for quite a while and have been trying to manage it without success but it is now having a detrimental effect on my mental health and simply there are now more important things in my life than a credit file. So what is my best option to take this strain off my shoulders ?

Thank you
«1

Comments

  • sourcrates
    sourcrates Posts: 28,717
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    edited 9 August 2018 at 8:57PM
    Hi,

    You cannot have a DRO when you have 3 cars and £410 disposable income unfortunately.

    But your SOA makes no realistic sense at all.

    No council tax, water, electric, food only £30 is ridiculous frankly.

    It needs doing again correctly.
    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 forumteam@moneysavingexpert.com. 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.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • sourcrates wrote: »
    Hi,

    You cannot have a DRO when you have 3 cars and £410 disposable income unfortunately.

    But your SOA makes no realistic sense at all.

    No council tax, water, electric, food only £30 is ridiculous frankly.

    It needs doing again correctly.

    Hi

    I live with my parents and 2 of the cars are theirs, the question asked household cars.

    My rent contribution covers the things you mentioned

    Does 'disposable income' not consider my debt repayments ? ? ? I can assure you I have none after these.
  • fatbelly
    fatbelly Posts: 20,380
    Name Dropper First Anniversary First Post Cashback Cashier
    Forumite
    and tell us a bit more about the HP: are you in arrears? When does it complete? how much is the car worth?
  • fatbelly wrote: »
    and tell us a bit more about the HP: are you in arrears? When does it complete? how much is the car worth?
    I'm not in arrears with HP, its 5 years and has about 44 months remaining

    The is worth about 3k - am I considered to own this ?
  • If the car is worth £3k then no DRO the max allowed is £1k
  • venison wrote: »
    If the car is worth £3k then no DRO the max allowed is £1k

    Thank you, so if it's on HP it is considered mine today just to clarify ?

    What are my other options if this is the case?

    Thanks
  • Use your spare cash to overpay your debt- you have sufficient income to cover your debts.
  • Use your spare cash to overpay your debt- you have sufficient income to cover your debts.

    No I don't.

    And after checking the budget I provided it seems to show that ? Although it has been pointed out twice i should have plenty of money ? Where is this coming from ? The budget has a line showing a deficit each month
  • sourcrates
    sourcrates Posts: 28,717
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    EffynTimmy wrote: »
    No I don't.

    And after checking the budget I provided it seems to show that ? Although it has been pointed out twice i should have plenty of money ? Where is this coming from ? The budget has a line showing a deficit each month

    To be eligible for a debt relief order, your debts must be less than 20k,
    You must have less than £50 left at months end, not including debt repayments, a car worth 1k or less, and not be a homeowner.

    You may have to look at a debt management plan, unless you re-jig the budget.
    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 forumteam@moneysavingexpert.com. 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.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • sourcrates it won!!!8217;t let me quote your post but thanks for your reply I understand now.

    How much realistically could I expect to repay each month under a dmp ? The reason I ask is I!!!8217;ve already told all my creditors of my financial difficulty and the above repayments are based on their reduced repayments, and I have tried budgeting for these and still fall short every time. And it is causing too much emotional stress. For example I am short for tomorrow!!!8217;s repayments due and arrears are about to commence.
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