Is Bankruptcy the best option

Loopy73

Hi,

I really need some advice.

Myself and my husband split up last year and had a serious amount of debt. My personal debt in my name comes to around £14,565 however I have just found out he has gone bankrupt and we still have £30k in joint debts which I am now responsible for.

I really do not want to go bankrupt as this will affect my job and future career however I only have around £300 a month to spare at the moment so feel this could be my only option.

Any advice appreciated.

PippaGirl_2

That is difficult. Almost £45,000 in debt is a lot and will be a weight around your neck for decades if you don't. Do you know for definite BR would affect your job? Many people assume it will when it won't.

If it will, then the decision is yours to make and I don't think anyone can help you with that decision.

Gimpsdad

Check your employee handbook, or speak to HR anonymously so that you hear it from the horses mouth. BR seems attractive, but it may not work for you. You could consider a DMP, 150 months at £300 assuming instant and permanent interest freeze, which is by no means guaranteed, or you could consider the IVA route, which would limit the payment period to 60 months, occasionally 72, with legal guarantees thrown in. That may be cheaper than a DMP on a monthly basis as well, as IVA's usually are, but difficult to tell without a SOA of course.