TVL wrote:Kubis wrote:I was in a situation 3 years ago after splitting with my ex, we split and I ended up in a bedsit with fuck all even though I'd funded the last 7 years of our life and her kids, as she was at university she couldn't get credit etc so all the holidays we went on we're in my name, finance fir totally furnishing the house in my name and 3 credit cards maxed.... I left with £13k debt to my name.... I treaded water for the next six months but realised I was fucked....I know there are debt companies who can help but I can only say what I did and it basically saved my arse and got my life back.... basically I've your debt is under 15k then avoid bankruptcy or other options such as IVA as an IVA still means you will be paying back albeit consolidated and over an agreed period. IF it is less than 15K then you really need to go for a DRO (debt relief order)
I walked in to my local citizens advice office and joined the queue and was given a firm to fill out for the reason of my visit.... basically ticked the box for 'debts', filled in a few basic question such as which banks/cards, amount of debt and my annual wage. Hand the form back to reception and 5 minutes later a lady called me to side room to discuss a little more. She then went away again and returned to say I had an appointment with a specialist financial advisor on the Monday.
Long story short I met the guy in the Monday and was totally relaxed chat. I explained the entire situation and he gave me various options but told me the DRO was the best option...it costs £70 to initiate and they will work out your incomings and outgoings, he was great and did most of it for me and made it look like I was even worse off than I was so as to assure the order would be accepted, they will advise you to open a new bank account for your wages to go into before you start the process.... I chose Santander and was told this was the best option. Santander will let you open a basic account which gives you a debit card that can only be used in ATM machines but they will give you a top up card to transfer money into so that you still have a card to use in shops or for online purchases. All my credit card payments were due while I was sorting this out and the advisor told me not to pay them a penny... once I paid the £70 and got the ball rolling I never paid another penny....the DRO runs for 12 months and you don't pay anything else. After those 12 months, unless something magic has changed or you've won the lottery then all the debts are wiped..... I was amazed and the weight off my shoulders was huge.....yes it was a bit of a pain at first having keep topping up a cash card but it was the best £70 I ever spent and £13k debt wiped instantly.
That sounds far too good to be true! Is there an eligibility criteria to be met?
How come after 12 months it's all wiped? Presumably it affects your credit rating similarly to bankruptcy?
Cheers for the reply mate!
There is a criteria to meet, you can’t be a homeowner or have a car worth over a grand or any asset worth over a grand I think plus a few other things. Google debt relief order criteria and you should find a list online