Help dro self employed taxi driver!!!! Please

Neiltiger · 29 November 2018 at 1:03PM

Hi I’m currently in around 12000 worth of debt. I’m lost and don’t know where to turn I suffer with panic attacks and anxiety so this is a big step for me.
All the debts I have are in my name I’m currently married with 3 children and I feel as though I have let them down with this burden. My credit score is appalling and the have no way of consolidating these debts.
I have absolutely no money spare and I work all the hours available to me which is impacting me as a husband and a dad!!!
I own a car on hp which I sue for work and me and my wife own a car that is valued to around 2000 which is my wife’s main car.
I’ve looked at iva and dro and dro seems the best option to me.
My overdraft alone is 2800 and interest alone is about 100 per month and I can never see myself clearing that one also my cc is 5000 and Barclays have luckily put it I. Hold. I’ll stop rambling on sorry
What I’m after is just a bit of reasurrance and it’s the right thing to do’
My accounts are messed up as I have money coming in from my wife, my work and then transferring all over the show!!! What next??????

sourcrates · 1 December 2018 at 1:08PM

Hi,

You would not meet the DRO acceptance criteria when you own 2 cars, worth over 2k each, the limit is 1k for DRO purposes.

As for an IVA, its a possibility, but i think your best bet is a debt management plan, as a first step, you should stop paying your unsecured non priority creditors, such as credit cards, loans etc, go to the stepchange website and seek advice from them.

I would also write to each creditor explaining your in financial difficulties and are seeking advice from the debt charities, your accounts will all get an automatic 30 day hold put on them in order for you to sort out a strategy.

In your situation you need to draw a line in the sand, and start again from a more positive, in control position, than you currently are in.

dont_use_vistaprint · 1 December 2018 at 3:38PM

Hi

£12k is not a lot of of debt in the great scheme of things, many people have much more debt, so keep things in perspective, with the right advice and some adjustments you will get out of debt.

I dont know if its possible , but a plan where interest is frozen, assets into your wife's name, and you pay £100 a month for 5 years after which the remaining is written off would be my plan/offer.

Do you mind saying how you've gotten into debt ?

As said above, draw a line and really try and go no further into debt and talk it through with you wife if you haven't already done already.

Neiltiger · 1 December 2018 at 4:09PM

Thanks guys I’ve done my own plan and should be debt free within 2 years, I just don’t agree with 90 per month interest from my bank!!! I had a credit card with 2000 spare on it and I was going to do a cash transfer to clear it and the bank put my limit down so no where to go really. Think I was having a bad day and bear Xmas etc I will do it I just need a plan and thank you

Help dro self employed taxi driver!!!! Please

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