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stressed
Starting Member
20 Posts |
 Posted - 16 January 2009 : 20:23:37
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Hi,
I'm a young mum, cohabiting with my partner and i have debts of approx £12k and I'm seriously struggling.
I haven't been able to pay any of my debts for the past 2yrs as everyone I owe money to are not being very helpful. They all want high monthly payments and none will lower to accommodate the others.
I've been told by a friend that there is a new law coming in in April that will wipe debts of £15k or below.
Does anyone know if this is true. If so does anyone have any details.
Thanks |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 January 2009 : 22:22:11
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Hi
yes it is true and it will be a kind of fast track bankruptcy.
The fee will be lower, around £100 I think.
To qualify your debt must be less than £15K ; you must have no assets and your monthly disposable income must be less than £50.
The new arrangement is known as a Debt Relief Order and is due to come into play sometime in April this year.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 16 January 2009 : 22:22:52
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hi stressed,
i have heard about this too, but dont know ant details, criteria etc, but someone on here should be along to help you soon
i am also interested in hearing about it :-)
moving forward to new beginnings |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 17 January 2009 : 11:09:03
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its nice to see there is some help out there for peopke wh are struggling, what a good idea.
are there any web pages that hold info about this new scheme ?
moving forward to new beginnings |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 January 2009 : 11:11:08
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I found this link, its gives you some basic info but as of yet nothing is final:
http://www.debtrelieforders.co.uk/
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 11:19:31
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Thanks for all your reply's, very much appreciated.
What is meant by Assets?
I have got a car on Hire Purchase which I have had since July 2008, Will this be affected.
Also, does this new "scheme" mean I will be going bankrupt?
Thanks again for all help received |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 January 2009 : 11:38:07
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Hi Stressed
Assets are things like your home or yes your car.
How much is it worth and how long is left on it?
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
24 Weeks down
28 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 January 2009 : 11:39:50
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If you use the new scheme technically YES but not completely, they are working it out a slightly different way to actual bankruptcy but you would be protected like in bankruptcy and the debts cleared off in the year.
I think its a case of watch this space though as they are still doing the final bits on it.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
24 Weeks down
28 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 11:41:11
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Hi Jo, Thanks for your reply.
The mortgage is in my Partners name.
The Car is soley in my name, Repayment contract is 4yrs, and its a new contract! The car BEFORE interest and extra's is £5k! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 January 2009 : 13:11:30
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The 12k debt is that including the car balance?
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
24 Weeks down
Yippeee!
28 to go
Im getting there!
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 13:12:50
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| No its not. So far my car payments are up to date. |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 17 January 2009 : 14:04:42
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Hey Stressed
I have no advice for you (useless i know), however I just wanted to welcome you and hope that you will be eligible for the new debt relief orders.
There will be an answer out there for you.
Good luck and keep posting
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 17 January 2009 : 14:08:11
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Im not sure how you go about it having the car loan and then the 12k, it may be worth either waiting for John, Julian or Paul to shed some more light on this or call the helpline on Monday and see what they can offer you.
This new thing is still up in the air and i dont know what regs they will bring in with your car as an asset.
Sorry that i cant help anymore.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
24 Weeks down
Yippeee!
28 to go
Im getting there!
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Edited by - Needafriend on 17 January 2009 14:08:50 |
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 14:09:24
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Hi Jenny
Thanks for the welcome.
I'm glad my friend recommended this forum, everyone is very helpful and I'm really hoping to be able to sort out my debt soon. Its starting to become too much to deal with! |
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 14:10:28
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| Thanks for all your help and support Jo x |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 17 January 2009 : 14:12:51
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This forum is like an extended family and you will feel better in no time. I promise - i came on here in such a state last september, and within the first few days i was so positive. It wont be long before you are feeling that way.
The most important thing at the moment is you and your family.
I would do as Jo suggests (she is great as im sure you will find out, and is always there for anyone) and call the helpline on monday to go through your options.
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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Topic |
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New debt laws regarding wiping debt below £15k
