Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Richs85
    • By Richs85 3rd Mar 18, 6:56 PM
    • 3Posts
    • 0Thanks
    Richs85
    Help please... DRO
    • #1
    • 3rd Mar 18, 6:56 PM
    Help please... DRO 3rd Mar 18 at 6:56 PM
    Hi guys..

    New here... and struggling a bit

    I left a well paid job due to absolute stress of managing 150 people daily and took out new employment 7 months ago. I earn 25k a year my partner does not work as we have 4 small children .

    We receive tax credits and child benefits but our commitments and debts just don't fit with this new income level. I need to make changes as we just have no money most of the time. I got paid 2 days ago and have 200 left for the month and a mountain of u paid debts.

    All my priority debts are paid i.e council tax and rent.

    My partner has 0 income and about 7k of debt

    I have about 11k of debt.

    I've been looking at DRO's as we no have no spare income.

    Can we literally hand back our mobile phones as they are extorinate and accept this as debt?

    Will I lose my car as I travel to work each day it's worth about 2.5k my partner has a hire purchase vehicle as she needs this for the kids schools..

    Would this have to go back.

    Indent want the world I just can't deal with all these outgoings and having nothing to live on.

    Any advise would be appreciated as to the above..
Page 1
    • Richs85
    • By Richs85 3rd Mar 18, 7:10 PM
    • 3 Posts
    • 0 Thanks
    Richs85
    • #2
    • 3rd Mar 18, 7:10 PM
    • #2
    • 3rd Mar 18, 7:10 PM
    Just to add.. all I want is enough money to pay for food, school.shes etc etc without having to borrow or find it from elsewhere.. we just want a normal not extravagant family life !!!55357;!!!56852;
    • Richs85
    • By Richs85 3rd Mar 18, 7:16 PM
    • 3 Posts
    • 0 Thanks
    Richs85
    • #3
    • 3rd Mar 18, 7:16 PM
    • #3
    • 3rd Mar 18, 7:16 PM
    And our leftover money after bills food and everything included is about 30 this just doesn't touch the debt and I'm petrified of court action etc
  • National Debtline
    • #4
    • 6th Mar 18, 10:06 AM
    • #4
    • 6th Mar 18, 10:06 AM
    Hi Rich and welcome to the forum. I'm sorry it's taken this long for you to get a reply but sometimes messages posted on a weekend can be less prominent - we at National Debtline will generally only be on here during the week.


    My initial advice would be as follows:


    Put your various income/outgoings into a Statement of Afairs (SoA) and paste it here so we can more fully assess your situation and offer appropriate advice. The following link can be used as it's easy to copy and paste the results into this thread:


    http://www.stoozing.com/calculator/soa.php


    It would be better to start there and work out suitable options based on the results, rather than starting with a fixed idea like a DRO and working backwards from there. In any case you would definitely be ineligible for it as things stand as your car is worth >1,000.


    I will check back in later and hope you can come back in the meantime.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

208Posts Today

1,887Users online

Martin's Twitter