Bankruptcy or DMP

karenw

Would it be adviceable to close down my Lloyds bank account and use my Halifax account while on a dmp?

angiebhfx

karenw wrote: »

Would it be adviceable to close down my Lloyds bank account and use my Halifax account while on a dmp?

If you are overdrawn on any of your accounts open a new one if you can. Then you include the overdraft in your DMP.

One word of warning Lloyds still chase and will make charges unless you can speak to someone. CCCS wrote to Lloyds on my behalf on more than one occasion but they said they had never received anything. I sent them a letter with a cheque which I posted by hand and they told me they never received it but they cashed the chq!!!

Who is your DMP with is it CCCS?

karenw

Anyone ever done a debt relief order and what are the advantages?

TheGardener

Have you tried the Debt Remedy tool on the Stepchange website? ITs brilliant and details all the options plus the one they think is best for you - you can then call them and go through the options? (or is StepChange the same as CCCS)

Action_Jackson

To be absolutely clear - formal restrictions on certain jobs e.g. accountant, MP, company director etc. generally only last 12 months until discharge from BR.

Of course, nothing is stopping a company from doing a credit check and asking if you have ever been BR in the past, and refusing to employ on that basis.

Realistically, are you likely to go for a job that requires a credit check?

Puzzcat

TheGardener wrote: »

Have you tried the Debt Remedy tool on the Stepchange website? ITs brilliant and details all the options plus the one they think is best for you - you can then call them and go through the options? (or is StepChange the same as CCCS)

CCCS are now called StepChange, and yes the debt remedy tool is very good, as are they!

Chrisblue1962

Hi

Personally , I think to go bankrupt over approximately £11,000.00 would be a huge mistake.

Bankruptcy is for the rest of your life , whereas a DMP will eventually be paid off and your credit rating will eventually recover.

I personally don't agree with the concept of bankruptcy but that's just my own personal opinion so if the law allows it then it's there for you to choose, if you wish.

no1gymbunny

Regarding the job thing...my husband's in the military and we're thinking that we might have to down one of the routes mentioned. Does anyone know if it would cause a problem for him?

Chrisblue1962

no1gymbunny wrote: »

Regarding the job thing...my husband's in the military and we're thinking that we might have to down one of the routes mentioned. Does anyone know if it would cause a problem for him?

You cannot enlist in the armed forces as an undischarged Bankrupt so going bankrupt could result in a dishonourable discharge. Your best bet is to seek advice from bodies / organisations which help HM Forces personnel and their dependents.

no1gymbunny

Blimey! Thank you. I'll look into it.