DMP or Bankruptcy? No house.

Nargleblast

Suggest you do as others have already suggested - contact free debt counselling services such as CCCS or Payplan with a full and totally honest SOA. You can actually post that online to CCCS and they can suggest a remedy that suits your situation. You might not have to go BR, there may be other ways to solve your debt situation, but they can advise you on that. They will also be there once you have started your debt remedy, and will advise you on how to deal with your creditors. You can expect it to be tough but when you are in debt you have to be honest with yourself and bite the bullet - we have all been there so know where you are coming from.

Tixy

Yes that what I meant -if none of your debts are in joint names then it is possible that 1 of you could go bankrupt and the other could manage on a DMP or similar. It does depend on the split of the debts. It also means that should you need to rent a new house (for example), then you could do this in the name of the person who is not bankrupt (I have read some rental agencies ask if you are bankrupt.)

Also I have seen that some couples go bankrupt a few months apart so that they have chance to get together enough money for the second bankruptcy, the fees are more than people realise (although I can't recall how much - people on bankruptcy board would know).

I'd definately suggest getting an appointment booked with one of the free advisors. I think CCCS are taking a couple of weeks to get a phone appointment booked so get one booked now so you'll have all the info ready when you speak to them. Also you could try their online 'debt remedy tool' in the meantime to see what their computers suggest - https://www.cccs.co.uk/DebtRemedy/(S(5d4lj3vufcau3555x2w43l55))/Start.aspx

Go back to your original SOA and look at your paperwork to make a note of what is in your name and what is in OHs. If you haven't yet done so you could also start a spending diary for the next couple of weeks in case you discover areas where you are spending more that you thought.

Good luck

PAULneedsHELP_2

Hi, thanks. Yes we do have joint debts but only 1 of them. Raising fees is not a problem brother has offered to help us out. Wouldn,t have to move as we rent off friends who are using house as a long term investment. How do i organise an appointment ring the cccs number? Thanks.