Author Topic: Help! I need advice.....  (Read 1652 times)

Johndalebing

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Help! I need advice.....
« on: Aug 04, 2012, 11:52:04 PM »
Hi I'm a 28yr old guy whom for the last 5years have left me building up £15.000 of debt because I lost my job of being a DJ and getting epilepsy due to my drink being spiked. I was earning 2500 a month, I then had to go on income support and DLA of £794 in total per month. I became down and depressed and started getting things on credit.... I was very good at blocking my debt out and basically not caring.... Now for the last few weeks Its as if I can't block it no more and now I realise what mess I've made :( I need to sort my debts out and fast because I want a real future and not this stubborn black cloud which is constantly over me..... I want to go on a dro but I'm in too much debt for that.... If someone can help or got some advice I would gladly appreciate it.


John

James Falla

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Re: Help! I need advice.....
« Reply #1 on: Aug 06, 2012, 03:46:12 PM »
Hi there John
Sorry to hear about your situation. If you have debt of more than £15,000 then you will not be able to use a DRO solution. Can you let us know if you feel you can make any payments towards your debts and if you are a home owner? If you feel that you can make payments then you should consider both the debt management plan and the individual voluntary arrangement solutions. However both of these involve paying back debt for at least 5 years. The alternative solution and indeed the fastest way to get out of debt is by declaring yoursefl bankrupt. This might be the best option if you are unable to make any kind of monthly payments and you are not a home owner or have little equity in your property if you do own one.
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Johndalebing

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Re: Help! I need advice.....
« Reply #2 on: Aug 06, 2012, 05:06:26 PM »
Hey thanks for replying,


Firstly I have no assets I could part with in my current situation, how do I go bankrupt because I need to start the ball rolling.


Thanks again for your advice.


John

James Falla

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Re: Help! I need advice.....
« Reply #3 on: Aug 06, 2012, 05:28:36 PM »
No problem at all John. If you feel bankruptcy is the right solution for you, you need to fill in an application form and take this plus your fee to your local county court (or the High Court if you live in London). Before making the final decision to go bankrupt I would suggest you speak to a debt expert to make sure you understand all the implications for you of the procedure so that you can be sure it is the right thing to do. There is lots of information which you can find through my signature regarding the bankruptcy process if you want.
Debt Expert & Author
beatmydebt.com