Long term struggle or short sharp shock??

poormummy_3

Hello

We have just had our application accepted for the Mortgage Rescue Scheme. We were hoping that the equity would clear all our debts but unfortunately, the housing association have offered us less than we were expecting.

So after the house sale, we'll still have £16k of debt. We are on benefits, have no way of cutting our spending and don't have any spare money for debt repayment. We have been paying £1 a month to 7 creditors for the past couple of years.

So do we carry on paying £1 a month for the foreseeable future, in the hope that our situation changes, or do we go bankrupt?

CCCS have suggested bankruptcy, but it just seems so drastic for only £16k of debt.

Anyone got any miracles up their sleeves? (or some helpful advice?)

KxMx

Posting a SOA (statement of affairs,) on here for advice might be an idea, as often there is money to be saved but it takes an outsider to see it.

http://www.makesenseofcards.com/soacalc.html

beanielou

People go bankrupt for only £5k of debt!
You could look at it that way.