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By 1cadnant
#33638
Hi All, I would appreciate a bit of guidance with the following.

My DRO has been revoked as a debt that appeared to have been satisfied at the time of my application has"resurfaced" and been passed on the a DCA. The last payment on the account was over 4 years ago. This debt now puts my total debt in excess of £20k.

I have had an IVA previously, but this failed as a DRO was seemed a better option, as my debt according to credit searches came to less than £20k.

Is bankruptcy the best way for me to deal with this ? I privately rent a flat, and have a car worth around £800.

Thanks for any replies.
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By Hayden
#33640
Hi 1cadnant

I think bankruptcy is definitely your best option. Clearly you have no assets (you car is not at risk as it is worth less than £1000) and if you were in a DRO your dispisable income must be little or nothing. As such I suspect you would not have to make any further payments to your creditors.

Bankruptcy will write off all your debts for good and you can really put your debt problems behind you.