DMP to bankruptcy

vixx

My partner went bankrupt on Monday and I have just started a DMP through Payplan (second payment due on 1st Aug)

I owe aprox £29k unsecured and have no mortgage/assets. The reason I went on a DMP instead of BR is that my current job is regulated by the FSA so I can't be BR and work there.
I have a second interview for another job on Monday, which would mean I technically could go BR.

The new job is my dream job for an amazing company and I never would have considered taking it before as it will quite likely mean lower wages, but with more prospects for the future.

The new job has a higher basic salary than I'm on now, but less commission potential, and it would involve a 40 mile commute each way so my petrol costs will go through the roof, making me unable to stick to my current DMP plan.
So, if I get it, I will need to go BR.

I noticed one of the questions on the BR form asks if you have entered in to an agreement with creditors.
Would me very recently entering in to a DMP cause problems?

I have been receiving letters from all my creditors (except one I haven't heard from yet) accepting my DMP and agreeing to stop all interest and charges so it's going really well but I really want this new job - nothing's ever easy is it!!

Hope this all makes sense!
Thanks
Vicky

elliesmemory1

I think that a dmp does not count as a arangement I think it means a IVA, Im not 100% sure but i seem to remember being told that before I went br. Im sure someone else will be along to confirm.
Good luck with everything.

mandyl

hi
i did a dmp for a short while as far as im aware it hasnt caused any issues.
means we were trying to sort our debts out?

vixx

Thanks Hardup and Mandy, good to know it shouldn't scupper my chances!
Interview on Monday, fingers crossed!!

DVardysShadow

vixx wrote: »

... The new job has a higher basic salary than I'm on now, but less commission potential, and it would involve a 40 mile commute each way so my petrol costs will go through the roof, making me unable to stick to my current DMP plan.
So, if I get it, I will need to go BR.

DMP's can be adjusted for changes in circumstances, so no need to go BR - I suggest that you don't unless you get the job and find it works out for a few months. At least that leaves you an option to return to your current line of work.

vixx

DVardysShadow wrote: »

DMP's can be adjusted for changes in circumstances, so no need to go BR - I suggest that you don't unless you get the job and find it works out for a few months. At least that leaves you an option to return to your current line of work.

Hmmm, this sounds sensible. Although I don't think my creditors will react very nicely to a much reduced payment after only 2 months in a DMP.
I will see what Payplan suggest too before jumping in to anything.
Thanks for your input

DVardysShadow

vixx wrote: »

Hmmm, this sounds sensible. Although I don't think my creditors will react very nicely to a much reduced payment after only 2 months in a DMP.
I will see what Payplan suggest too before jumping in to anything.
Thanks for your input

They might be doing better on a reduced payment than if you went bankrupt.

sazaboo

DVardysShadow wrote: »

They might be doing better on a reduced payment than if you went bankrupt.

i went for BR after a payplan dmp, but i was going to be on a dmp till after i retired on my wages!

i agree that you should try to adjust the dmp and see what your creditors say, its got to be better than br!