Seriously confused!! DMP/Bankruptcy/payment plan...

each_peach_pear_plum

As the title suggests, I am seriously confused!
Last week I did a joint CCCS debt remedy with me and OH, combining all debts (approx £25k). It suggested DMP, which would be completed in just under two years.
Out of curiosity, I did seperate ones for each of us today, and as OH only has just under £3k in his name, it advised to agree a payment plan with his creditors (two pay day loan companies and three cc companies) where as mine advises banruptcy, as the remaining debt is in my name. The second option was a DMP which would last 12 years

I'm not sure what to do for the best..... arrrggghhh!!!

eppp

NorthernLas

OK, OH has less debt and more income to put towards his debts than you do? So he could be in the position of agreeing payments to sort himself out, which probably means he has enough to make minimum payments.

You have lots of debt and would take 12 years in a DMP. Therefore bankruptcy may be preferable as it would be resolved much earlier than 12 years. But bankruptcy will stop you from doing some jobs and you will always have to declare it.

Together, your joint income means that you can pay the debt off much more quickly. It depends on how you manage your finances (i.e. jointly or separately) and whether OH is happy to pay off debt in your name.

Have a look at national debtlines options for paying back your debts http://www.nationaldebtline.co.uk/england_wales/page.php?page=35_options_for_paying_back_your_debts. It will give you more info as to the pros and cons of each one.