DMP or Bankruptsy?

GhostHunter_3

Does it really make a difference whether I chose a DMP or Bankruptsy?

Either way I am screwed for 6 years but the latter wipes away my debts - is this immoral in so far that I am not facing the fact that I owe money that I borrowed?

Im not disputing the fact I should pay back what I borrowed but doesnt bankruptsy put an end to all the stress, worry and harrassment?

I have learnt my lesson and a lesson well learnt but it is not entirely my fault that at this moment in my life I cannot meet my agreements of the past.

Therefore is it not better to go bankrupt and be even more careful with the knowledge I have gained than to be harrassed and distressed for many additional years than I had originally planned for?

Sorry for talking gibberish.

Gemmzie

It's not immoral at all GH, especially not given your circumstances.

It might be worth asking on the Bankruptcy board about implications, or catch Fermi - they are the experts.

I think bankruptcy is probably the best option for you

GhostHunter_3

In my honest humble opinion I do to. I am just scared of its grasp for the next 6 or so years and frightened its grip will lose my control of finances again.

I do like to be in control, its the way I do sometimes it that means I dont do it very well!

:rolleyes:

abi1811

I am quite new to the forum but from what i have read of you previous posts you appear to have explored every other way of sorting you debts but due to your circumstances they are not suitable. Bankcruptcy looks like it may be your best option and you shouldn't feel bad about that.Good luck what ever you decide to do.

shadowdragon

GhostHunter wrote: »

In my honest humble opinion I do to. I am just scared of its grasp for the next 6 or so years and frightened its grip will lose my control of finances again.

I do like to be in control, its the way I do sometimes it that means I dont do it very well!

:rolleyes:

Plus it also depends on your circumstances, have a trawl though the bankruptcy boards. But you should contact one of the debt charities CCCS CAB National Debt Line, as they give FREE Impartial advice and will recommend your best course of action.

For me Bankruptcy was the best option as I am currently on long term sickness, in a council rented property and have no assets to dispose of. So Bankruptcy was the best for me.

Hope that helps, chin up

Shadowdragon.

Broken_hearted

If you have no assets BR may be the best option, make sure you take advice before going ahead. The BR board is full of info to help you along the way.

GhostHunter_3

Thanks for all the helpful posts so far. I have already contacted the 3 main helplines.

Doesnt Bankruptsy have a stigma of negativity and doom attatched to it and me or is that the oldfashiond society label?

sproggi

Hi GH,

I think that it is a very personal choice that you need to look into fully
You need to think about the implications of both options

Bankrupcy could relieve the stress for you reletively quickly, but you need to be honest with yourself, would you be able to be strong enough not to fall into the trap again? Would it have any effect on your life options...etc.

DMP's mean that you have to be strict with yourself, they can possibly prolonge the stress, they take a fair amount of self control to stick to.


Personally I have literally just faced this choice
Bankrupcy or a DMP lasting 8 and a half years!
I have opted for the DMP, it may not make sense to some as it is the longer option, but I feel it is the right choice for me and my family.

GhostHunter_3

Sproggi thanks for being open. Falling into the same trap, surely I wouldnt be able to on either option?

As for life options I cannot at predent see beyond things becoming worse as from next month!

Bankruptsy is a quick fix a big releif a fast exit of a current uphill struggle, but DMP is also me being responsible for my actions and paying what I owe.

Do either affect the prospects of children especially if we want to adopt or foster?

Will give it serious thought.

very_silly_and_scared

As you know I have been on here a few days and have been reading your posts on other threads. Take your time on this, give yourself a bit of breathing room over the weekend and explore your options. It's a lot to think about.

I have been wrestling with the same dilemma myself and have been having the same thoughts as you exactly but am as you know leaning towards the DMP option.

Talk to debtline again, get as much information as you can about all your options. It's just that the panic keeps hitting doesn't it and everything seems so urgent...

A friend of mine went bankrupt three years ago. She says it is the best thing she could have done and she hasn't ever regretted it as now her life is no longer consumed with worrying about money but that she can put herself back on track and start again.

I don't know where you live, and no need to post it here, but in my city the council has debt advisors at the town hall and that's who she dealt with (they will speak to you about any debt problem). You could talk via phone or via appointment with them and she sings their praises really really highly. They were very, very supportive and took her through the whole process, even going to court with her. Do check if you have something similar...

And if you have to go bankrupt, well, its not the end of the world. And no you're not being immoral- we would all pay off our debts without DMPs, IVAs, bankruptcies IF we could, just sometimes our circumstances don't allow it and that's all. Simple as.

And it's not as if you're going to pay off your debts with money stolen from nuns, charity boxes, cute orphans and little fluffy rabbits etc...now that would be immoral! What you're contemplating is nothing of the sort.

Keep us posted. xxx

GhostHunter_3

Thanks for that. I live in West Sussex (England) in a town that Butlins Southcoast world is erected in!

Yes circumstances do change who would have thought on taking out those loans and credit cards it would come to this not being able to repay them and stuggling to survive, if I knew that then they wouldnt have accepted me in the first place and I can honestly say I wouldnt have signed up for them either.

Nice to see so much support thanks for following me.

:T