Saturday, March 5, 2011

Debt Relief Order, Is It Worth It Being In The Situation That I'm In Right Now.?

it all started from �4200 debt when i got a divorce back in 2006, having to pay court fees and all the solicitor fees. I was living on credit cards and over draft for a while hoping to pay off the �4200 debt, but ofcourse not realising at the time that i was getting into more debt, at that time i had gone thru a divorce and i was not in the right state of mind.now my finances since then have gone from bad to worse. i did enter an DMP agreement with Baines & Ernst for 5 years end of 2007 paying �250 a month distributing it to all creditors. at that time i had a �21,000 year job so i had no problem paying the �250 a month instead of a total of �426 a month to the creditors minimum payment only, and i could breath alot easier and for once i started to believe that there is a light at the end of the tunnel. But in 2010 march, i was made redundant and was out of a job, B&E agreed to put my DMP on hold for 2 months until i found another job. as i was having no luck in finding another job close to home i had no choice but to start work for a job that i was offered which is 80 miles round trip. may 2010 i started a new job with a low income of �15000 year, B&E agreed to reduce the monthly payment to �125 month. Now i am struggling to keep up with the agreement and have missed few payments as I can not afford it, after paying my rent, council tax, car insurance and all other expenses i am barely left with any money to spend. my debt was �11000 when i started with B&E, now my debt is �7400.I REALLY NEED HELP AS TO WHETHER I SHOULD CHOOSE DEBT RELIEF ORDER OR NOT, I FEEL SUICIDAL AT ALL TIMES.

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