Should I..?

chriscuk

hi all..

I have looked high and low to a possible answer but as everyones problem is very personal I think the best way is to ask your advice.

Ok I have been with Payplan for the last 2 years repaying around £38K worth of debt. It was the usual credit card and loans that got me there in under 2 years....stupid I know.

I have paid of 6k and have 32k to go...

I repay Payplan £476 a month at the moment which is difficult and its about to get harder...

I have a baby on the way (Aug / Sept) and I feel that the spare cash I have left at the end of the month (once all my outgoings are paid) is not enough to support my family.

Here is what I pay...

Income : £2033
Rent : £595
Bills : £225 (Fixed outgoings for all water, c.tax, elec & gas)
Food : £250 (£50 pw for me and partner)
Petrol : £240 (Driving is part of my job)
Car Insurance : £85
Phone : £40
Clothing/Footwear £ 20.00
Dentist/Prescriptions/Glasses £ 15.00
Hairdressing £ 7.00
Payplan £476

My partner does not work so im knackered there as far as extra income is concerned.

I am thinking of getting an IVA or bankrupcy and wanted to know what you think?

I would like to reduce my payments so I have more cash for my baby but dont think my creditors will budge...do you think bankrupcy my only option?

Thanks in advance for your advice...

Chris

allofadither

Blind, I seem to befollowing you around:rotfl:...anyway onto the serious stuff now, hello Chris, I'm assuming if you're paying Payplan £476 you must have a DMP. How long for? If your circumstances are changing and your income reducing then it's worth asking your creditors to accept lower payments.

If you are seriously considering BR then the judge will ask if you have sought professional advice so it's worth making sure you have explored all other possibilities first. What about the CAB? They give good impartial advice if you would prefer a second opinion.

allofadither

Yes..I'm your new stalker, but we must stop cos we're spoiling this thread.

chriscuk

hi all...

thanks for your replies..

I am in a DMP until 2012! I am about to speak with payplan and cccs. Just thought id ask the people who have gone through it if it is viable from my point of view.

Thanks again!

allofadither

chriscuk wrote: »

hi all...

thanks for your replies..

I am in a DMP until 2012! I am about to speak with payplan and cccs. Just thought id ask the people who have gone through it if it is viable from my point of view.

Thanks again!

Hi Chris,

That's a fairly long haul when you can't pay. In a word, yes, BR is viable but is not a decision to be taken lightly. Are the debts joint or just in your name?

chriscuk

All the debts are in my name..

I rent my house
I don't own my car (company)
I have no other assets apart from a company pension which I want to protect

My landlord is aware of my debt problems

I will take advice from PP & CCCS and see what they advise.

Thing is I can pay it back if they lower the payments but I don't know how much allowance the give for a child within my debts. And even if I did lower my payments I dont want to drag this out as I want to buy a house.

I think lower payments over an IVA seems an option as well...if not then I guess BR might be the way.

Thanks again

Chris