I have over 26k of unsecured debt and have entered into many DMP's without success. I have recently lost available overtime at work snd now can not afford the usual bills not to mention the debts or raising the BR fee. I have not paid my debts for over 3 months as i was saving for BR then had to pay 650 for my car to pass its MOT i not owe my mum 150 towards the repare bills. If i do not pay will the creditors make me bankrupt? How will the OR react if i get a loan to pay the fees? There is no way anyone can afford to lend me the money as my mother is on pension and partner lost his job. I am scared to answer the phone or door. I am also hoping to go to university in march and will recieve a small bursery for this rest i will have to make uo with shifts at the local hospital when available will this be considered when they review my possible payments after BR
It is unlikely that your creditors will make you bankrupt as it costs them a lot more than it does you. If they did, I imagine it would be a fair time before they did.
You should not use credit to pay your fees - you would be taking out credit knowing that you can't pay it back and the OR will not look kindly at that.
Your bursary may be safe - one of the experts will be along to advise on that.
i can not possibly see another way to pay the fee's as i am struggling to pay my priority bills. what if i loaned the money and put it away for a month or 2 before ging bankrupt? if i continue to not pay what are my creditors likely to do?
"what if i loaned the money and put it away for a month or 2 before going bankrupt?"
If you take credit knowing full well that you are declaring BR the OR would implement a BRO (Bankruptcy Restriction Order). This would increase the time the BR restrictions applied and could be implemented for 16 years. If you are in a DRO I presume you shouldn't be taking any credit until the DRO is completed so this isn't something you should do.
"if i continue to not pay what are my creditors likely to do?"
They will become increasingly threatening but will only threaten you with BR. It isn't likely that they will actually take you to court and if they do it will save you the BR fee.
I agree with Kallis and gettingoutofdebt and add an extract from the CAB website on DROs.
Have a look at their site too for yourself as there is a lot on their site that may assist you:-
You can only apply for a debt relief order if you meet certain conditions. These are when:
•you have qualifying debts of £15,000 or less. These debts must be of a certain type •you have spare available income of £50 or less a month after paying your normal household expenses •the things you own (your assets) and any savings are worth £300 or less. However, if you have a motor vehicle, this must be worth £1,000 or less unless it has been specially adapted because you have a physical disability •in the last 3 years you must have lived, had a property or carried on a business in England or Wales.
Their website address is:-
www.adviceguide.org.uk You are likely to have a CAB near to you - it may be worth making an appointment to see them - it is free and confidential
I have over 26k of unsecured debt
Posted - 23 November 2009 : 22:07:36
