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It's time to regain control of my life.

 

I have worked out my current unsecured debt is around 15000. This includes a ccj for over £2000.

 

I do not meet the criteria for an administration order as total value of debt is over 5000.

 

I have read the stepchange and cab website for information.

 

What are the disadvantages of the order apart from the 6 year credit file marker?

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A DRO may well be the way to go if you meet the criteria

 

To qualify you must

 

Be unable to pay your debts

Have less than £50 pm AFTER living expenses

No assets worth more than £1000 in total

No vehicle worth more than £1000

 

There is also a fee, think its £90

Edited by martin2006

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A DRO may well be the way to go if you meet the criteria

 

To qualify you must

 

Be unable to pay yoyr debts

Have less than £50 pm AFTER living expenses

No assets worth more than £1000 in total

No vehicle worth more than £1000

 

There is also a fee, think its £90

 

 

I'm taking payday loans to see me through the last two weeks of a month.

 

Recent events ccj have made me realise I can't bury my head and I need to act.

 

There are over 8 defaults on my credit file and now a ccj what more damage can there be ??

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Thread moved to the appropriate forum.

 

Regards

 

Andy

We could do with some help from you.

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A DRO will like any other debt, stay on your file for 6 years, even if you finish it and become debt free after possibly 1 year. Every case is different

 

You would not get any credit, it may even be a condition that you must not apply for any so payday loans would be out the window.

 

It shouldn't be looked upon as a get out of debt for free option, weigh everything up first before going ahead

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Have spoken with step change today and they will be completing the application for the DRO for me as only slected companies can submit the application. They agree a DRO Is the best course of action as costs less than bankruptcy.

 

Spoken to my bank and as they won't be included they are happy for me to keep my account with the DRO.

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I can see the logic in that, fires a dozen arrows at the same time and marks the beginning of the end of these issues.

If you need any further help, someone's always here to answer any q's.

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I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

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