Help needed to decide please

fiveyearplan

Hi Biglad and welcome to the BR forum. How much debt do you have left? I think you do need to speak to National Debtline, CAB or CCCS. If you can pay all your debts within 2 years you may not be seen as insolvent, of course I could be wrong but thought I'd mention it.

Merry_Gentry

Being able to pay your debts off in 2 years doesn't sound too bad, but it depends on how badly your health is being affected. Definittely worth speaking to one of the charities - although BR only lasts a year, and comes off your credit history in six years, the effects last a lot longer than that, so you may well be better off with the DMP you're paying...

biglad

i owe around 11k left

what are the main effects of br after the 6 years its off my file

thanks

fiveyearplan

If I was in your position I would need to weigh up what affect the extra work was having on my health and then decide.

If you went BR you are bankrupt for 12 months however you would likely get a BRO (bankruptcy restriction order) that would mean you have some BR restrictions that will last longer than the 12 months, it could be anywhere up to 10 years, so you couldn't get credit for more than £500 without informing creditor of your BR etc.

I don't know what other effects BR will have after the 6 years as I'm still BR myself however some people have found it difficult to upgrade bank accounts etc.

So it really depends if you can 'stick it out' for another 2.5 years. Are your debts made up of credit cards? If so, how far are you behind in them? You could always offer F&F that could hugely reduce your debt.

biglad

have decided prob just keep going as dont like the further consequences after BR

not in a position to offer F and F

made up a mixture of overdrafts credit cards and store cards

have only been able to make half my DMP payment this month but hopefully be ok just for one month

have spoke to work also and they are letting me change hours to help me out which is good

Merry_Gentry

Thanks for letting us know what you decided - hope it all works out for you. :beer:

tigerfeet2006

Get yourself over onto the Debtfree Wanabe boards and post your SOA over there. They are great at shaving things to a minimum to find extra money to throw at your debts.

http://www.makesenseofcards.com/soacalc.html

Also look at the Up your income board, Moneysaving old style, Competiotions and Freebies boards to find ways of making extra and saving. Get yourself aquainted with a lot of the other boards there are some great ways to make a penny here and a penny there. You will soon find yourself debt free if you make it your goal one way or another. If at any point you do find you need to go BR then come back here and we will help and support you all we can.

Oh! and sign up to your local Freecycle group
www.freecycle.org

And get a Credit Union account
http://www.abcul.org/page/index.cfm

Edited to say also try out some of the challenges on the DFW board.

fiveyearplan

Congratulations on making a decision. You must feel a bit clearer in the head knowing what you are going to do etc. As TF said, you can always alter that decision if things get too tough or your circumstances change and we will be here at that time if you decide to come back.

Most importantly don't let the debt get to you - your health is far more important and that should always be your first priority.

Good luck!

fiveyearplan

biglad wrote: »

would they do an attachement to earnings if i earnt a certain amount?

I don't think this question ever got answered but if you do make a certain amount you would be expected to pay an IPA for 36 months. The amount would depend on your salary/wages and would only be applicable if you had over £99 surplus but if you did get one it would last longer than you currently have left to pay on your DMP - it could be less though.

Anyway, your decision is made I thought this might just reinforce it for you.