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Please help - DMP or bankruptcy?
lisa-r_4
Posts: 72 Forumite
Hi guys,
I would really appreciate your opinions if possible.
I have (to my absolute shame!) over £70k worth of debt, and CCCS have given me the option of a DMP or bankruptcy. The problem with the DMP is that I can only afford £120 per month to throw at it, which is based on my minimum earnings of £850 per month. On top of that i'm currently unable to work, and CCCS have reluctantly agreed to me making £5 token payments until i'm working again. They also pointed out that my creditors might even MAKE me bankrupt as they won't be happy with what i'm offering them?
I realise it's going to take FOREVER to pay my DMP at only £120 per month, but hope to grow my business (I used to earn at least double my minimum earnings until my Ebay account was unfairly suspended recently) and contribute more.
Bankruptcy terrifies me, but is it the most realistic option? I also worry with bankruptcy or DMP that if my father died (I currently rent his home) and the house was passed down to me that it would be ceased by my creditors?
Please help.
I would really appreciate your opinions if possible.
I have (to my absolute shame!) over £70k worth of debt, and CCCS have given me the option of a DMP or bankruptcy. The problem with the DMP is that I can only afford £120 per month to throw at it, which is based on my minimum earnings of £850 per month. On top of that i'm currently unable to work, and CCCS have reluctantly agreed to me making £5 token payments until i'm working again. They also pointed out that my creditors might even MAKE me bankrupt as they won't be happy with what i'm offering them?
I realise it's going to take FOREVER to pay my DMP at only £120 per month, but hope to grow my business (I used to earn at least double my minimum earnings until my Ebay account was unfairly suspended recently) and contribute more.
Bankruptcy terrifies me, but is it the most realistic option? I also worry with bankruptcy or DMP that if my father died (I currently rent his home) and the house was passed down to me that it would be ceased by my creditors?
Please help.
0
Comments
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You would only lose the house if you inherited it within a year of going BR. If you want to go BR there is loads of info on the bankruptcy board.
However if you want to do a DMP it is very unlikely that your creditors will make you BR and as long as you are paying what you can most are fine.Barclaycard 3800
Nothing to do but hibernate till spring
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Thanks Broken.
I do worry about losing the house. I'm sure my father will live to a grand old age anyway, but because it's our family home it seems an awful risk. And if a bit further down the line (I live with my partner) my partner bought the house and I was on a DMP, would my creditors be able to cease it then do you know?0 -
I own my house with a lot of equity and the creditors have never even looked at it. At worst they would put a charging order that you would have to pay off if you sold it, unless it is only in your partners name then they couldn't touch it at all.Barclaycard 3800
Nothing to do but hibernate till spring
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