DMP or Bankruptsy?

very_silly_and_scared

Also, take care not to see banKruptcy as a 'quick relief'. It takes a while to set up and costs a couple of hundred pounds in court fees etc, but I do know what you mean and don't want to throw a dampener on what you're saying.

You're right, the hassle with the companies would stop- you just refer them to whoever is dealing with it... Like I said, take some time and read read read on all your options...

And you can be responsible for your actions if you go bankrupt too. You can make sure it doesn't happen again... that will be enough. Don't look at it as 'If I go bankrupt I am not responsible for my debt'... (have been thinking the exact same thing myself but then reminded myself that a DMP or struggling with my debts as they are is not about proving a point to myself and being virtuous but about what I can/cant realistically manage to do...)

sproggi

GhostHunter wrote: »

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

Sadly it is possible, I know one person that has taken the bankrupcy route on more than one or two occasions
Likewise I know a couple of people that have been on DMP's only to find themselves in the same situation shortly after they had finished.

Only you know what is best for you

xxx

very_silly_and_scared

Hope that last very long sentence makes sense!

very_silly_and_scared

(of mine not sproggi's)

sproggi

very_silly_and_scared wrote: »

(of mine not sproggi's)

LOL I never makes sense;)

shadowdragon

There is very little stigma IMO from declaring BC, I would imagine with the current financial climate (hate the term Credit Crunch) there will be more and more people in financial difficulties.

It is not a quick fix or an easy way out and not something to be entered into too lightly. Your Credit will be shot for SIX YEARS, and you wont get a full bank account until you are discharged, and then its not guaranteed. You will prob have to pay deposits for things that you pay monthly (telecoms etc) where a non BC would not.

BC is a way to address the financial difficulties your experiencing, but there are repercussions you have to live with.

For me its ok, I doubt I will be well enought to work in the next 12 months, I have a roof over my head, and due to being on benefits do not have a Payment Agreement to pay the OR every month. But everyones circumstances are different and thats why you have to get impartial advice.

Shadowdragon.

Waspeze

As SD says bankruptcy is not necessarily an easy quick fix and should never be entered into without serious thought (though I can see from your previous posts that you're not rushing into it )

You will encounter problems with certain things going forward again like SD says!

For me it was a no brainer... no assets (apart from a £200 car), no dependants, rent a flat and debts that would have taken a very long time to pay off if my debtors would have accepted my payment plans (they didn't!) and it has actually been the best thing that's happened to me in a long while BUT there are numerous people (have a browse on the BR board) for whom it has been a complete nightmare!
Remember the OR will investigate your spending etc and some are a lot more rigorous than others... one person even had the OR trying to take away there caravan which was their only home!!

It may be that it is your best option (and judging by your posts IMO it might well be) but have a serious think and chat again to CCCS or one of the other specifically about bankruptcy to see what they say!

dancingfairy

Don't forget I think it restricts you from entering certain professions - finance, law that sort of thing, although i think it very much depends on the institution and the level of job.
Definitely head over to the bankruptcy board- I'm sure they will answer all your Q's or know someone who can and will also have q's you need to consider you might not of thought of.

Waspeze

dancingfairy wrote: »

Don't forget I think it restricts you from entering certain professions - finance, law that sort of thing, although i think it very much depends on the institution and the level of job.

You're right I think it is mainly financial services, or a director or if you're studying to be an accountant.. that sort of thing!

I'm a European VAT accountant and it hasn't affected me as i'm QBE

:beer:

icka

Ghosthunter, this must be a very scary time you are going through and I thankfully have never been in this suitation so I can not offer any advice. I know the whole thing is getting you down and i can understand why.
Be proud that you are dealing with it and you are not just pretending it will go away.

No one who knows you and loves you will think any less of you if you do decide to go BR. Its no bodies business apart from your own.

We are all hear if you need a shoulder or just to keep you company. You are not alone, we are all here to listen, without judgement.

So try not to be frightened, the sun will come out again one day I promise. And no credit for 6 years,:T thats not a bad thing in fact its a very good thing.

xx icka