Bankruptcy and token paymets

keithdonnamoneytroubles

Hi

Im currently taking advice from the CCCS regarding a DMP, this hasnt been finalised so as yet im not on a plan but do have the refernece number etc and it would cost me £90 a month for just over 5 years to clear my debt.....they reccommend i send token payments to my creditors for a while then go onto DMP...
What should i do.......

BUT my predicament

My partner cant have a DMP for his debts they reccommend bankruptcy... (the CCCS)

Would any 1 of you advise him to first offer token payments first while we come to an arrangement or decision....an iva isnt available for us either...

What will happen to our home as there is no equity in it as we borrowed up to max when the house prices were good but now were in negative equity.. would the house be sold from under us.....

As far as i can see were both responsible for the debt even though it is all in seperate names...do we declare joint bankruptcy and take all the risk that comes with it.... we dont know what to do for the best.

PLEASE HELP.. XXX

RAS

Hi

I only have a few minutes but..

Do post up on the BR forum as they can help you a lot more with this.

Regarding the house, it depends what the difference is between your mortgage and secured debt payments and the cost of renting locally. if renting would drastically reduce your costs, the OR may not accept it.

if only one of you goes BR, that may be easier.

Also for the future, it is easier if one of you has not gone BR as you do not have to declare a DMP for ever.