bankcrptcy or dmp

blokes2

hi,
i am currently on a reduced payment scheme (just for 6 months) with the credit card companies i am in debt with ( except barclaycard and halifax who refused) i know that even after the 6 months i will never be able to repay what they ask, i am considering bankruptcy ( i owe 0ver 135000!!!) but with all that would mean, does anyone think a dmp may be a better solution even if i takes , as i worked it out over 80 years!!!!!

i still only want bankruptcy as the last option. also does anyone know if you can choose bancruptcy even if you are on a dmp if you think it isnt working.
any hepl would be appreciated.

chevalier

Hi there welcome to DFW. I agree that is a lot of debt. Some things to consider.
Bankruptcy if you own a house, then you may be forced to sell it to release the equity. So it may not be the thing for you.
DMP go via CCCS or Payplan as they are free. Yes 80 years does seem a long time! But you will get pay rises which will help eat into that. You may get a windfall (not that I am hoping anyone dies but it does happen). So it may not take that long. Also as you pay one debt off then the money you pay to CCCS or Payplan then gets spread among your other creditor so that they all get a bit more, so the time is less.

If you post a statement of affairs on here (see southernscousers sticky at the top of the forum), then we maybe able to spot areas where you can save so that you have more money for the DMP (and therefore it would take less time to repay your debts).
Good luck
chev

Shineyhappy

Hiya!

As Chev said if you post your SOA you will get a lot more help. It is pretty hard to give advice when you hardly know anything!

I too am up to my eyes in debt, although the vast majority is my mortgage. But still means that most of my income goes on debt in one form or another.

Hopefully with suggestions on here you may trim a few years of your DFD!

Best wishes!