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Kyle.4
Starting Member
1 Posts |
 Posted - 01 November 2011 : 18:27:57
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| I am currently in an debt management plan to which I can not afford the payment nor can I lower the minimum amount. I am considering bankruptcy to write off these debt as the total is above £6000. I would like info on my options |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 November 2011 : 18:38:41
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Hi Kyle,
I advise you make an appointment with a money advisor at your local CAB and see if you qualify for a debt relief order.
If you don't, the advisor will go through your options with you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 01 November 2011 : 18:40:32
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Hi and welcome.
If you have less than £50 DI once your priority bills have been paid, don't own home and have little in the way of assets then a Debt Relief Order might be an idea for you.
If you go bankrupty then you will have to find £700 to pay the court fees.
Have a word with an expert via the link on the left hand side of the page to see what your options are.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 04 April 2012 : 12:10:00
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A Debt Relief Order is exactly the same as bankruptcy in its restrictions and implications, and is governed by the same act 'The Insolvency Act'
It was brought in for individuals with debts below £15k with a dispoable income of £50 or less and no assets,(car under £1k in value) as a quicker process as no court or Official receiver attendance is required, it is also a far cheaper option than bankruptcy, if you qualify as the fee is only £90 as opposed to £700 for bankruptcy.
Hope this helps
Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have please do not hesitate to get in touch -I can be contacted at www.lifestylemoney.net or via the experts tab
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 04 April 2012 : 12:14:28
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Sorry forgot to add, if you would like to contact either Viki, Myself or indeed any of the experts on here direct via the 'experts' tab onthe left hand side of the screen , either of us would bo only too happy to go through your options with you to see what the best solutions are for your particular circumstance, it may well be that you qualify for a Debt Relief Order (DRO), and as Viki stated in her earlier post you can then make contact with your local Citizend Advice Bureau (CAB)and schedule an appointment with their Money Adviser to apply for a DRO - it is all done via your CAB
Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have please do not hesitate to get in touch -I can be contacted at www.lifestylemoney.net or via the experts tab
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I am currently in an debt management plan
