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  • #1

    What do I do?

    Hi guys, been recommended to join here and ask your advice so here goes....

    I'm currently paying money for bills and credit cards each month with my last credit card seeing me through as I have no spare cash. Once that credit card is maxed out I have nothing so now's the time I need to get sorted. I've been looking at IVAs, DROs, DMPs and bankruptcy. I've done some research and I'm angling towards a DRO but any help or advice you could offer would be appreciated.

    I get paid £1350 after deductions each month.

    My debts are as follows:

    AvantCredit - £53/month until April 2017

    Halifax Ultimate Reward Account (where my wages get paid and all my DDs come out) - maxed out my £2000 overdraft and get charged £15/month account fee plus £28/month OD fee

    Halifax Mastercard - £2828

    Vanquis Visa - £1521

    Nationwide Select Visa - £2628

    Nationwide FlexDirect account - £0

    Barclaycard Visa - £1320

    MBNA Visa - £1837

    Dad - £9000

    Rent - £425/month

    Mobile - £18/month

    Gas - £7/month

    Electric - £15/month

    Council Tax - £49/month

    Car on Ford Options - £215/month

    Internet/TV - £52/month

    Water - £25/month

    Car insurance - £350/year

    Plus contents insurance, food, etc.

    I currently share a house with my mate but our tenancy ends in August and he wants to go back home to live with his parents ASAP leaving me with no option but having to do the same.

    If you need any other info please let me know. I need as much help as I can get.

    TIA.
    Tags: account, advice, april, assets, bankruptcy, bills, boss, car, cards, cash, civil, con, credit, credit cards, debt, debt repayments, debts, default, dmp, fee, finances, help, home, insurance, issues, mail, mas, mastercard, mat, mobiles, money, monthly, overdraft, paid, parents, payments, personal, repayments, share, smart, stop, tax, unenforceable, useless, visa, wages
  • #2
    Re: What do I do?

    Hi

    Can you clarify, are any of the debts older than 2007? Have you considered UE -> http://forums.all-about-debt.co.uk/f...dit-Agreements
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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    • #3
      Re: What do I do?

      Hey Niddy, quikkie is my friend from the real life world. Advised he join here as i know hes in safe hands with you.

      All of his debts are post 2007 sadly. I dont know alot about DRO's so thought you could advise on what he does.

      He has no assets, only thing creditors could do is attachment of earnings. Advised whatever he decides its likely he will be defaulted anyway, so its really about whats best for him.

      One thing im sure you would agree, is as his outgoings are greater than is income, hes prob best to stop paying for now while he sorts out how to move forward?
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: What do I do?

        I would get another bank account for a start, shouldn't have that one cos it's costing not helping.

        Get a basic account with no overdraft and get your salary moved to it, then your money is yours to sort out. If no assets I would have thought a DRO would have been the best way. You just need to be aware of all the implications.

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        • #5
          Re: What do I do?

          Info: https://www.nationaldebtline.org/EW/...lieforders.pdf

          If you weren't paying creditors, what surplus would you have per month? If you have been considering IVAs/DMPS, I assume there must be some?

          Have you had a debt advisor calculate a surplus based the figures they use for spending allowances? One done with that may result in a very different figure to what you may think.

          I make your debts about £10K, or £19K if you include your debt to your dad?

          DRO is basically as bad fro long terms credit history as bankruptcy, and you may have to declare it in the future if you want a mortgage etc even if it's no longer on your credit report.

          Have you taken any advice from a free debt advice source that is also a DRO intermediary?
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #6
            Re: What do I do?

            I'm basically paying back about £450/month to creditors excluding my car, excluding bills and Virgin and stuff and excluding £250/month to my dad.

            Comment

            • #7
              Re: What do I do?

              He's done a I and e with step change I believe Riz

              From what I gather he is having to use his wages to repay the debts then draw it back out the cards again so interest increases each month. And at some point will max out all cards soon.
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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              • #8
                Re: What do I do?

                I'd not do a DRO or anything else like it. With no assets - what can they do?

                There will be no AoE - regardless. Just doesn't happen for civil debts.
                I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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                • #9
                  Re: What do I do?

                  I think his main worry is he's about to move back home to his parents and doesn't want the bombardment of letters and phone calls directed there. I suggested he set up a mail redirection and forget to let creditors know change of address. That way he keeps informed of what they are doing but keeps his parents out of it all. Also keep off the electroll roll. No plans to get a mortgage or credit in the future but his car is on options and has a year or so to run so could potentially be without a car once his credit is shot. I'm not sure what the answer there is personally.
                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                  Comment

                  • #10
                    Re: What do I do?

                    Save up the £450 (monthly debt repayments) X 12 = new car.
                    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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                    • #11
                      Re: What do I do?

                      LOL. Missed the car!

                      I struggle based on that how they might be under the £50 per month surplus and assets criteria.

                      Especially given the car and £250 payments to the father which if they are paid out of surplus, as they surely must be, would nix the DRO from the start.
                      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                      • #12
                        Re: What do I do?

                        How essential is a car for work or otherwise?

                        I mean essential. Not just convenient, or desirable.
                        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                        • #13
                          Re: What do I do?

                          So what do I do? If I went down the IVA route I would be able to pay a monthly payment?

                          Comment

                          • #14
                            Re: What do I do?

                            I'd say essential. Work is only a 20 minute walk but his partner and child live about 30 miles away so would need to keep the car for that reason.
                            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                            Comment

                            • #15
                              Re: What do I do?

                              Originally posted by Riz View Post
                              How essential is a car for work or otherwise?

                              I mean essential. Not just convenient, or desirable.
                              Work is just down the road but I have other branches to go to as well from one side of the borough to the other. Also I'm in a long term relationship and my gf has a child. Not sure if that makes any difference.

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