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Hello guys,

 

Apologies if this is in the Wrong section but I really need some help.

 

I have debts totalling £12,000. I have about 13 creditors.

They are all credit cards, catalogues and payday loans, all unsecured. I am happy to list them all if needed.

 

I have been with Payplan paying £160 per month for the last 2 months as it got a bit out of control but now I find myself unemployed!

I have told payplan that I have lost my job and they said that I can just pay token amounts until I am working again.

 

I live with my partner. He is so supportive. I have had many many personal problems which has resulted in myself having a shopping addiction. I have been through therapy (about to go through more) and my life is a complete mess.

I have already been bankrupt once, this was back in 2003.

 

Because of my spending my partner and I have kept all of our finances separate. The mortgage & bills are in his name so I have no assets except a car worth about £1500.

 

I'm starting to get phone calls and letters every day.

what can they do? Will they take me to court?

 

Some of the debt has been transferred to DCA and they are getting heavy handed.

 

My biggest debt is £5000 with Littlewoods, my next biggest is with Vanquish which is £2500.

The rest are all under £1000.

 

Any help would be great

 

Thank

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Well, one option, as your debts are under £15,000 would be a Debt Relief Order, which is like bankruptcy but cheaper. You would absolutely need to take professional advice on that a) to make sure it's the right option for you and b) because you have to be referred by an agency such as the CAB, it's not something you can do yourself. The only problem that you have is your car - I believe that you can only have assets of £300 for a DRO.


"Then they came for me--and there was no one left to speak for me". Martin Niemöller

 

"A vital ingredient of success is not knowing that what you're attempting can't be done. A person ignorant of the possibility of failure can be a half-brick in the path of the bicycle of history". - Terry Pratchett

 

If I've been helpful, please click my star. :oops:

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Thanks For replying,

I'm signing on tomorrow so I may pop into CAB about the DRO.

 

What would happen with this once I find a job

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It depends...from memory, if you find employment, but have less than £50 a month disposable income after paying your priority expenses (e.g rent, Council Tax, etc.) then the DRO will continue for the full 12 months. If your income goes above this, you would have to start paying your creditors, I believe.

 

Just as a head's up, you may want to phone the CAB before you pop in...appointments are at a premium these days.


"Then they came for me--and there was no one left to speak for me". Martin Niemöller

 

"A vital ingredient of success is not knowing that what you're attempting can't be done. A person ignorant of the possibility of failure can be a half-brick in the path of the bicycle of history". - Terry Pratchett

 

If I've been helpful, please click my star. :oops:

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