Back on the straight and narrow...

SarahNeedle1872

I don't really wanna go bankrupt because we've spent the money, so want to pay it back (well I do!)... if we did a joint DMP, I fear that OH will rebel against it within a few months, and it will all go to pot. At least I know if I keep to my own DMP, I can clear my debts eventually... and I'm not sure whether a joint DMP would class as a financial association...? Not that my credit rating is an issue, but I know after the experience I've had, I will DEFINITELY learn my lesson, where as OH... well, who knows!?!
I'm going to double check the figures again, as it was only rough, then have another chat with OH and a chat with myself...

Sx

hypno06

If you did your own DMP, how long would it take to clear your own debt?

And if you declared yourself BR, would you then ensure that you were looking after No 1, and not merely bailing OH out of his debts that he is not facing himself?

SarahNeedle1872

If we combined, the DMP would be just short of two years.... if I did one on my own, it would be about 12 years (most of the debt is in my name!). The more I think about it, the more I would rather not combine with OH, even though it adds another 10 years onto the DMP. I think I probably need to find out a bit more about BR... Whichever option I take, I will not be bailing out OH at all!! Thats part of the reason why I am in the mess I am now!!

Sx

hypno06

I def would think twice about combining things, especially as OH has a less than helpful track record on many levels, that could jeopardise the DMP working successfully.

It is a difficult one, but at least you are doing all the research, and no one can say after so many years on here that you have entered into either thing lightly!

Good luck and big hugs x

SarahNeedle1872

Thanks Hypno :A

Sx

Seaxwyn

Good luck with the thinking and decision-making, Sarah.

SarahNeedle1872

Still not sure what to do.... worried that if I do the bankruptcy route, I will have to sell the car (worth approx £5k).... but DMP is for a LONG time!

Sx

Eager_Elephant

Hi Sarah

I can't remember if you are renting or if you own your house, either way bankruptcy can have an impact. If you let me know about your house I can give you a few pointers.

If your car is in your name and is definitely worth £5k then the OR would either sell it or expect you to and to then buy a cheaper car - usually around £2k with the excess going into the bankruptcy pot.

Would your job be affected in anyway?

EE

SarahNeedle1872

Eager_Elephant wrote: »

Hi Sarah

I can't remember if you are renting or if you own your house, either way bankruptcy can have an impact. If you let me know about your house I can give you a few pointers.

If your car is in your name and is definitely worth £5k then the OR would either sell it or expect you to and to then buy a cheaper car - usually around £2k with the excess going into the bankruptcy pot.

Would your job be affected in anyway?

EE

House is rented. Car must be worth about that... Webuyanycar said £4k and we bought it for £6.5k last year...

Sx

savingholmes

Good luck Sarah whatever you decide.