better to have no life or be bankrupt?

debt_doctor

Its important to get some debt advice for your unique situation as we dont know enough at the moment, but on the face of things BR looks a good option. Why not give national debt line a ring asap ?

If BR looks good for you and your looking to private rent then stop paying you DMP and secured borrowing immediately ( cancel DD's) and use that money for your BR fee ,bond and deposit for your new home.

DD

So_Sad_Angel

CCCS online debt remedy is worth a try as well.

At least now you know there are options & things that you can consider. Sadly the final decisions is yours alone & it has to be right for you.

BR is a very difficult decision to take & the more info you get the better.

yellowmonkey

Hi

I was in a similar situation to yourself except I was renting already. All of my money was going out as soon as it came in so I set up a DMP 2 years ago. Struggled with that to be honest so reduced the payments and still could not afford days out etc for my family.

I sat down one day and thought about BR and saw it as a viable option. I could have carried on for 14 years 3 months paying the DMP or I could get it sorted now and go BR. That is what I did and I do not regret it at all.

It is difficult and you MUST look into it and get advice from CCCS or whoever. I did the CCCS online remedy and it recommended BR. I read loads on BR and there is so much info on this forum and out there on the internet.

It is not for everyone but for Me it worked and my family have their Dad back

Good luck whatever road you follow

ym

Lost2

skylight wrote: »

Online banking - you can log on and cancel them now. Or telephone banking - it "technically" takes a few days but usually this is enough time. Don't do it on a whim though. Its a big decision to make and if you change your mind next month or so then it will be difficult to catch back up.


Are the mortgage and secured loans in your name only or in GFs name too? If only in your name then the shortfalls will eventually be included in your BR - if in both names and only you go BR, then your GF (As other joint party) will be chased for the shortfall.

I was just going to say that skylight. I went on to my on line banking and cancelled everything on there. I all so noticed you haven't included cloths
on your form gtanny

gtanny

thank you all for your great and thorough advice its really settled my mind.

the Soa i put is currently what we are living to, i.e. without any of the clothing, optical, haircut, food or medical allowance (i had to borrow the money off my dad for a perscription last week thats how dire it is atm) my girlfriend is currelty trying to work out if we can get a full month shopping (including nappies & wipes) for less that £100

All the debts are in my name 100%, my girlfriend has a £100 overdraft and thats all, we do have my main salary going into a joint account as this is what i was advised when i talked to a solicitor about a DMP.

i dont have access to internet banking as we had difficulty setting it up but im not at work tomorrow so i can go to the bank tomorrow morning.

its hard to express but im extremely grateful as ive been thinking about BR for some time as when i talked about the DMP they told me i wouldnt get an IVA as my house is costing over 50% of my income and that should i go that route BR would be the better option for me. this thread and others on the forum has settled my mind as i was half expecting BR to be complete hell and it sounds like its still made to ensure you can live to a livable standard which is not what i would class it as now.

also, should my partner get a job after i claimed BR would her income be taken into account as a household/family income or would it be for her to spend as she wouldnt be BR herself

RuthMarianna

I just spotted your thread and this all sounds so familiar. My daughter was in almost exactly the same position as you with mortgage and loan from the same companies as you. She hesitated a long time before going bankrupt and still sometimes agonises about whether she did the right thing but basicly she now has her life back.

So I wish you all the luck in the world and hope you get the chance to enjoy your daughters young years without the constant worry about money.

sarahspain

If you haven't got internet banking then I would ring your bank today as you would stand a better chance of cancelling the d/d's before the actual day they go out. Most of the banks have telephone banking.

We were on a DMP (30 yrs to repay at least!) because the thought of going BR was so frightening. However we just cannot manage on the DMP and after finding out more about BR it seems less scary and we'd rather lose a car etc... but be debt free, have peace of mind and be able to live our lives! it took a while to adjust to the idea but it's now happening in a weeks time and we just can't wait to get it done and get on with life.

Good luck with whatever you decide, everyone on here will help and support you through it.

Lost2

the persecutions have also gone up from £7.10 per item to £7.20 per item,
I wonder why I pay NI???

debt_doctor

gtanny wrote: »

also, should my partner get a job after i claimed BR would her income be taken into account as a household/family income or would it be for her to spend as she wouldnt be BR herself

Your partner would need to pay a reasonable amount towards the household bills based on her income but thats all. As you said she wont be BR and any surplus for an IPA is taken from YOUR income, not hers.

DD

paulc19

gtanny - i'm sure that you will be entitled to some child tax credit. Like another user said, go to entitled.co.uk, it only takes 5 minutes and is pretty accurate.

best of luck,
paul