Thread: BR, DRO?? Advice Needed Please!!!

I need some help and advice if possible.

I'm 27 years old and have never been good with my finances, as soon as I was 18 I had a credit card and by 20 I was in debt, then my bank gave me a loan to clear my old debts and start afresh, but I was 20, and was given, what appeared to be, free money. Over the course of a few years I managed to run up a chunk of debt, credit cards, bank loans, store cards, etc etc.
It got to the point where I had defaulted on my bank loan and they placed me into a higher interest loan as a last resort for them!

Then in 2006 my father died, I don't really know my mum and my sister lived away so it was a bit of a shock and I kinda went a little off the rails, was signed off work with depression and stress etc etc but then was given a little bit of money from what was left in my Dads bank account.

I tried to decide what to do with it and ended up deciding to go travelling around the the world, I wanted to get away from everything and it seemed like a good idea! It was only meant to be for a few months, a year max, so I went along to the bank, explained the situation to them and asked if they could freeze the loan for a few months. They said they couldn't so I left!!. I emptied my bank accounts, sold my stuff and left the country!

A few months became a year, and then a year became 2! Last year I got back to the UK. Since then I've been living off the radar, the bank account I use is in my partners name, everything that requires a credit check is in my partners name.

I know i can't live my life like this, I have no idea how much I owe now, I've got no idea what to do. I can't afford to pay anything back (victim of the recession!) but I don't know what to do! If I open a bank account, will I be arressted!! If I claim bankruptcy will they come round to my partners flat and take everything.

I know I kind of brought this on my self by running but I needed to do it and now I'm back I'm scared!!

Originally Posted by timmeyboy

I know i can't live my life like this, I have no idea how much I owe now, I've got no idea what to do.

Well you could consider getting a copy of your credit files from the various agencies such as Equifax and Experian; the only problem with doing this is that it will alert your creditors to your whereabouts. This would, at least, give you an idea of who you creditors are and how much you owe them.

If I open a bank account, will I be arressted!!

Nope, being in debt is not a criminal matter at all.

If I claim bankruptcy will they come round to my partners flat and take everything.

not usually (unless you are sitting on expensive art or antiques!) - most household items would be exempt and they cannot take anything which doesn't belong to you.

I know I kind of brought this on my self by running but I needed to do it and now I'm back I'm scared!!

I appreciate how you must be feeling. I really suggest that you give one of the debt help charities a call. National Debtline can be reached by calling 0808 808 4000 (free call) or you can read their website:
National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

Bear in mind you can only have a DRO if your debts are below £15k and have less than £50 disposable income and less than £300 in assets. Bankruptcy is much more involved (and a great deal more expensive as an option)

if you have any questions just shout