Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Former MSE Paloma
    • By Former MSE Paloma 9th Oct 15, 3:11 PM
    • 526Posts
    • 245Thanks
    Former MSE Paloma
    MSE News: Bankruptcy threshold increases from £750 to £5,000
    • #1
    • 9th Oct 15, 3:11 PM
    MSE News: Bankruptcy threshold increases from £750 to £5,000 9th Oct 15 at 3:11 PM
    People with low levels of debt will now be able to avoid bankruptcy as the threshold's risen from £750 to £5,000...

    Read the full story:

    Bankruptcy threshold increases from £750 to £5,000




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • Rosieblue
    • By Rosieblue 12th Oct 16, 11:03 AM
    • 1 Posts
    • 0 Thanks
    Rosieblue
    • #2
    • 12th Oct 16, 11:03 AM
    • #2
    • 12th Oct 16, 11:03 AM
    Hi, I've been in a DMP for 8 years, considering going bankrupt, I've been thinking about this for a year, it terrifies me to do this, hence taking a long time to decide, I pay over £400 a month, I'm 60, I don't own a house, but have a car for work, I feel I've been a bit stupid in not going into a IVA, but there is no point in looking back, can anyone that has gone through this let me know what happens, I've researched this extensively, I find there is a lot of info, but some are scare tactics.
    • ukamber1
    • By ukamber1 12th Oct 16, 8:37 PM
    • 76 Posts
    • 14 Thanks
    ukamber1
    • #3
    • 12th Oct 16, 8:37 PM
    • #3
    • 12th Oct 16, 8:37 PM
    Hi, I've been in a DMP for 8 years, considering going bankrupt, I've been thinking about this for a year, it terrifies me to do this, hence taking a long time to decide, I pay over £400 a month, I'm 60, I don't own a house, but have a car for work, I feel I've been a bit stupid in not going into a IVA, but there is no point in looking back, can anyone that has gone through this let me know what happens, I've researched this extensively, I find there is a lot of info, but some are scare tactics.
    Originally posted by Rosieblue
    Rosieblue, every situation is different, so very difficult to say what is the best/right move for you and might be best contacting CAB to get expert advice on your next step. I went bankrupt over 6 years ago and this has now dropped off my credit report and I starting to see light at end of what was a very long tunnel. DMP can be the best option for some people, depending on situation but sadly with debt management plans they can just keep going on and on for years with seemingly no end and you never feel like you getting anywhere. Bankruptcy is a massive step and something you need to think about very strongly but the one good thing is, there is light at the end of the tunnel and it just gives you the chance to put all that stress/pressure and worry behind you.....There is lots of factors to take into account. How much you owe, whether you own your own home etc, etc....As you need the car for work, I dont see any reason why that would be taken off you in bankruptcy but all these things do need to be looked into.

    By the way, you should never feel stupid...hindsight is a wonderful thing that many would say, they wished they had.....we've all made mistakes, otherwise, most wouldnt be on this forum...its making the right move now that counts!

    Best wishes on your next step...
    Last edited by ukamber1; 12-10-2016 at 8:43 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,307Posts Today

8,740Users online

Martin's Twitter