Considering going Bankrupt

Welcom to the forum. Could you post a SOA for us to take a look at. You should really only think about Bankruptcy as a last resort

Bx

Unfortunately, it seems as though people only ever see two solutions to debt (as only two are ever presented to us by the media) and these are consolidation or bankcrupty, neither are a good idea unless there is literally nothing else you can do.
As has been suggested, post your SOA and see if you can use the third solution to debt - the MSE way!

bradpop wrote:

I shall endeavour to dig out the apr's athis evenin although I fear I may be unable to change those at this stage anyway as my credit rating will surely have been affected (been on reduced payments for 3/4 months now).
I haven't really considered the other things you mentioned but I have a more in-depth guide at home, worked out with the help of the CCCS.
Signing out now until the mornin as I dont have internet access at home.
Thanks all, keep the advice rolling in.

With debts of £40K you would most probably be best off with bankruptcy.

You will find that you get a lot of negative comments here regarding bankruptcy - that is their opinion.

Sometimes it is simply better to clear the decks and to start anew.

I take it that an IVA must be out of the question since you are on a DMP instead - and IVA would have been suggested to you at the time you set up your DMP had it been a feasible proposition.

bradpop wrote:

The CCCS advised that going bankrupt is a more suitable option than an IVA given my circumstances and were not overly negative. As my debts are my own (my partner has a small amount owing to a credit card), I think clearing the decks might be the best option. It may prevent me getting a mortgage for many years but I have little chance anyway especially on DMP (happy renting for the moment anyway). I shall be giving this further thought over the weekend.
Can anyone offer any guidance on the positive bits such as Quidco, Pigsback and all the other benefits you savers subscribe to?
Many Thanks Gang

As well as other agencies mentioned on here I suggest you also try and speak to money advice unit at CAB to get the maximum information. I would say that BR is a last resort and should not be undertaken without a HUGE amount of consideration but if you have very little in the way of assets and do not have a mortgage then it may well be your best option.

Having done the deed on 1st november last year, we are looking forward to a debt free future albeit starting from scratch. Their is huge satisfaction in our house this January knowing that we did Christmas in cash and owe nothing to anybody this January - a big change from previous years.
TJ