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T O P I C R E V I E W
damien,ot
Posted - 08 May 2010 : 13:23:32 i am 23 years old and am 10k in debt i have sold all my stuff to pay my rent because i am unemployed and my JSA claim is in dispute im on the verge of homelessness and i cannot afford the repayments on my debts due to no real income. should i declear bankruptcy. or should i try to make the payments and become homeless .. or is there another option ?
4 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 09 May 2010 : 10:57:42 I would agree that potentially the attractive option of bankruptcy may not work well for you.
There are other options - potentially a Debt Relief Order which is a little like Bankruptcy Light - that may work for you a lot better.
Additionally even with job seekers allowance it will cost you £450 to petition for bankruptcy.
CAB is probably the best course and ask about the DRO
As has been said, £10K is not an exceptionally high level of debt.
I suggest that you speak to the local CAB and I am sure they will assist you through this tough time.
You talked about homelessness - are you in arrears with your rent? If so, what has happened sofar?
Richard
quote:Originally posted by damien,ot
i am 23 years old and am 10k in debt i have sold all my stuff to pay my rent because i am unemployed and my JSA claim is in dispute im on the verge of homelessness and i cannot afford the repayments on my debts due to no real income. should i declear bankruptcy. or should i try to make the payments and become homeless .. or is there another option ?
"There are no problems - only solutions"
debtinfo
Posted - 08 May 2010 : 14:24:13 Although it may seem like a mountain at the moment £10K is not a lot of debt when you are only 23. Go see the CAB they may be able to negotiate a temporary payment holiday for months whilst you sort your employment status out
gettingoutofdebt
Posted - 08 May 2010 : 14:18:55 Definitely do not become homeless. Your priority debts are the rent, utility bills and then your other creditors.
You should speak to the CAB as they may know of a way to help with your debts while you are unemployed. They will also be able to tell you about a Debt Relief Order (DRO), which is an alternative to bankruptcy for people with low incomes and debts of less than £15k. Give them a call on Monday morning and make an appointment.
