60 year D.M.P.....

MrsTinks

Right CAB, CCCS and Payplan have slightly different figures but on a DMP £180 is VERY reasonable for 2 people - And I doubt you will find any threads on here saying that nearly £400 for 2 people a month is a "reasonable" amount.
BR and DMP are 2 very different things... and if any of the debts are in joint names (you still haven't answered that...) then if YOU go BR your partner WILL be pursued for the full amount of any joint debts...

Frankly looking at your income and expenditure then no I don't think that BR is the right path - changing your DMP and increasing your debt repayments would seems a much better path to me as you have quite a substancial surplus looking at your SOA.

However it would seem that you WANT to go BR so not entirely sure why you posed the question on the Debt Free Wannabe forum instead of the Bankruptcy forum? However as I said... I really don't think BR is the right solution for you and you might find the OR thinks the same thing but obviously I can't predict what they will think...

If you want a realistic DMP then go to the CAB, CCCS or Payplan - whether or not your council worker can understand where they get the figures from then I can assure you they DO know what they are doing and probably more so than a council worker I'm afraid...

The question you need to ask yourself is: Do you want to repay this debt, which IS doable! or do you want to try and go BR because you don't want to repay the money then I can move your thread to the BR board and let get guys there try and help you...

T-T_4

u are right mrstine...... i have posted this on the wrong board, its pure advice i am searching for as an option....... this all started for me about 13 years ago ... my creditors are still telling me to search for loans from anyone even family to cut the debt to themselves.... i did mention earlier that all the debt is solely mine & not joint. i am new to this posting & haven't a clue how to move the thread..cheers for your help.

fatbelly

MrsTine wrote: »

OK without too much effort I can see nearly £300 there that you can put towards the DMP...

That should reduce it to 20 years... if your partner can contribute towards the debts then that would bring it down further and if you can either get a pay rise or a 2nd job then this can be reduced even more drastically...

20 years, 27 years?

We're coming to the same conclusion here. This is a huge and unreasonable period over which to repay debt. Bankruptcy is designed for these situations and discharge is usually 12months. It's not a moral issue, it's a practical one.

Is there a reason not to go bankrupt? For instance, do you work in the financial sector or have ambitions to be an MP?

P.S. FYI Standard amount for food & housekeeping on national debtline is £62 to 78 per week.

I agree with Mrs T that the OP may want to sort out the fine detail on the bankruptcy board.

Best wishes and let me know how you get on

T-T_4

Even if all creditors froze interest it would take 27 years to clear your debts.


that is the scary part to be honest.....:eek:

JES_F1

T-T wrote: »

hello jesf1.... the soa i attempted to do was for a bankrupt petition not the DMP.. i got my original DMP through the local council and to be truthful, even the council worker couldn't believe where the CAB kids got their figures from?

OK ... thanks for clarifying the position. I don't know anything about bankruptcy so would suggest you head over to the bankruptcy forum.

Sorry if this is blunt but can't just ignore your reference to the "CAB kids". Though I've no experience of the CAB myself, I know several people who have - for all sorts of things, not just about debt - and they come highly recommended on here. About the only *criticism* seems to be that you often have to wait a while for appointment because they're so busy!

I'm afraid that I'm really confused about what you want. You say you've been reading on here for ages and are appreciative of all the help that's available. Yet you don't seem to have taken any of that advice on board. By reading just a few threads about SOAs, there are common themes that frequently come up - e.g. check your on best deals for utilities/insurance/phone/TV/internet/mobile, shop via Quidco and the likes, sign up to challenges, try going down a brand in the supermarkets, read the threads about shopping for less, etc, etc.

From what you've said, a DMP would seem appropriate. It's not easy but no one can pretend it is.

I wish you luck but at the moment, I don't think you've had that lightbulb moment - sorry, but the light appears to be off completely.

Sorry if any of this seems harsh - it's not meant to be. The people on here ARE great and WILL help but I think you need to sort out what it is exactly that you want.

T-T_4

i have posted this on the wrong board, ( new to posting on here & i've made a big error )...... sorry to have bothered u all but it is advice about bankruptcy i am looking for.. cheers anyway & take care.

MrsTinks

Moving to the BR board...