Tying myself in knots

kefalos10

Please help me make the right decision. Been on a dmp with cccs for about 8 years but very stupidly ran up other debts during that time as we needed new boiler, my daughter got married etc etc. No excuses. We've got about another 8 years on the dmp without these extra debts and daren't tell cccs . There's about £12,000 left on the plan and £3,000 extra debt. Cant see a light at the end of the tunnel. I've spoken to Payplan as advised on here and they recommend an iva but we're also thinking of bankruptcy. Both scare me to death but we just want to move on. My hubby is classed as self employed as a taxi driver and i'm worried that he hasn't paid enough tax even though we gave true figures to accountant. Also i work part time but am due to have an operation soon and wont recieve sick pay. Just dont know whether to take out a new dmp, iva or go bankrupt. I'll be retired before a payment plan would be completed. Any advice very welcome please

silvercar

The one thing that strikes me in your post is that you daren't tell cccs. If you have been happy with the way they have handled your debt then you need to be honest with them.

You may have caught yourself just in time, £3000 onto the existing 12000 may not extend the term by long, and if you are coping with the payments I can see a sense in carrying on. Remember bankruptcy could lead to an IPA lasting 3 years plus a risk to equity in your home.

kefalos10

I've got nothing but praise for cccs but i know we're in the wrong and think they will cancel the dmp .Just want to make sure we do the right thing now before we change things. Also very scared of the legal side of bankruptcy or an iva. We have no equity. Decisions decisions!!

NeverAgain_2

There is no need to be scared of bankruptcy because the benefits and downsides to you are largely predictable.

With a little research, you will know what you are letting yourself in for.

But the pros and cons cannot be outlined fully without further details.