Question

Hi,

I owe £19,000 and there is no way I can pay this back. The debt is made up of a few credit cards, and a consolidation loan. I lost my job and cannot find suitable work in part due to my age. I am 65. I want to know what my options are?

Herold

Answer

Herold,

I appreciate your concerns, as to your options, they will depend on a few things, such as:

The answers to these questions will aid in determining what is the best path for you.

It may be if you have savings you could settle the accounts.

If you have property, that is another matter.

Debts of less than £30,000 now, can be included in a DRO, or Debt Relief Order. But again, there are the questions that need to be addressed.

Get back to me with the answers and I can advise further.

Regards,

Jon

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