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Planning for trouble
I have a temporary contract which is coming to an end in October, and my line of work seems to have totally dried up in my area. We can't move because my wife's career is going really well, but I'm a bit stuck. I was getting to grips with my debt, but now I think I'll have to plan for going bust. Of course I'm not going to stop looking for work, but I need to have a plan B.
I owe £15600 at the moment, but the money I know is coming in will reduce that to about £14800 by October. In November I can cover my minimum payments, but after that I'm in trouble. My current job will continue if I want it, but with very few hours. I'd still rather do that than be on the dole!
My wife knows about everything and supports me, which is quite a relief. She's willing to pay the household bills by herself for a year if need be, but if I go for bankruptcy or a DRO she wants me to get it over with quickly. And she's right. What scares me more than actually being insolvent is the thought of the DRO failing, or going bankrupt and getting stuck with a payments order that drags on for years. If I do this, I need to get it right.
I'll post other threads with my questions (already did the first one), but if anyone has some general advice I would be very grateful. Thanks!
I owe £15600 at the moment, but the money I know is coming in will reduce that to about £14800 by October. In November I can cover my minimum payments, but after that I'm in trouble. My current job will continue if I want it, but with very few hours. I'd still rather do that than be on the dole!
My wife knows about everything and supports me, which is quite a relief. She's willing to pay the household bills by herself for a year if need be, but if I go for bankruptcy or a DRO she wants me to get it over with quickly. And she's right. What scares me more than actually being insolvent is the thought of the DRO failing, or going bankrupt and getting stuck with a payments order that drags on for years. If I do this, I need to get it right.
I'll post other threads with my questions (already did the first one), but if anyone has some general advice I would be very grateful. Thanks!
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