Bankruptcy or DMP

easygoingchap

no1gymbunny wrote: »

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

Get him to speak to ssafa who I believe are very good at this sort if thing for our armed forces

tigerfeet2006

karenw wrote: »

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

I would pop over to the IVA&DRO board and ask the lovely folks over there as they have had/ the experience of DRO's

http://forums.moneysavingexpert.com/forumdisplay.php?f=159

karenw

I've defo decided not to go bankrupt but the people at stepchange tell me a debt relief order could be for me.

Lloyd_Black93

Hi wanted opinions please regarding this as I am tearing my hair out on what to do. I currently owe 37k on credit cards and have recently signed up with Step change. Approx 3 years to pay this debt off but I am within my first month and already 3 creditors are threatening to default my credit score. Having researched everything a default on your credit score will last 6 years from the point the DMP has finished so this means I would be penalised for 9 years? Where as BR would last for 6. I am 26 and want to think about mortgage etc I don't kbow what the best solution is if anything can help and advise please. 

mwarby

Please start your own thread, just to avoid confusion 

you can only be defaulted once, and once defaulted they fall off after 6 years. Defaults in a DMP are somewhat inevitable. If you really can do a DMP over 3 years stick with it, your credit history will be much better than bankruptcy and you won’t have to answer yes if asked if you’ve ever been bankrupt 

michaeltoogood

hi everyone
i am a mortgage adviser running my ltd firm since many years. coz of corona virus the income is down to 0. my personal credit card and overdraft laiability is 40k and business company liability is 20k. if my company gets default i will lose the license, but if i default on my personal credit cards, i will not lose my fca license and can carry on with my work after the virus settle down.

my confusion is if i stop my personal credit card payments would it eventually close my company account which is with barclays ( i will not stop any payment of barclay)?

if i do not enter into dmp, rather simply stop my personal payments and see what happens, if company threats me of court i can bargain with them to pay half or less of my liability.
i would be very gratful if some one can advice me what to do to save money on interest as well save my fca license and job

kind regads

sandberg123

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mwarby

michaeltoogood said:

hi everyone
i am a mortgage adviser running my ltd firm since many years. coz of corona virus the income is down to 0. my personal credit card and overdraft laiability is 40k and business company liability is 20k. if my company gets default i will lose the license, but if i default on my personal credit cards, i will not lose my fca license and can carry on with my work after the virus settle down.

my confusion is if i stop my personal credit card payments would it eventually close my company account which is with barclays ( i will not stop any payment of barclay)?

if i do not enter into dmp, rather simply stop my personal payments and see what happens, if company threats me of court i can bargain with them to pay half or less of my liability.
i would be very gratful if some one can advice me what to do to save money on interest as well save my fca license and job

kind regads

Your own thread would be a good idea, would be helpful if you could say if you have any assets

You should speak to both lenders to see if you can deffer payments for a few months

It does sound like you are in no position to futher finance the company, it's also not clear if the company was in good health prior to the crisis

I suspect if you default on £40k of debt it won't end there, but that depends on your assets