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DMP Divorce & Financial Help Please
Adviceneededplease
Posts: 1 Newbie
I am new to this but could really do with some direction and help.
Preparing for a divorce. We rent a property and rent ours out. We have to pay an amount each month as the rent doesnt cover the mortgage.
Recently got into a pile of debt over a failed business. Now have arranged a DMP for around 60k between us. Thats been tough emotionally as it is. The monthly payments are low (as that is all we can currently pay), but 'if' and 'when' the house sells at what it should we could get about £50-80k out of the house. Obviously we would ask the DMP company to try and settle what they can and 'try' and retain some money.
However I find out today that my soon to be ex has possibly got someone pregnant.
So, I wanted some advice on if there is a better/quicker way for me to push our financial problems to a conclusion.
The only thing with any money is the house but not really at the min.
We are both self employed.
Would a bankruptcy be a better option? Would this mean absolutely no way I would get a mortgage in the future? Too many questions in my head. I am sorry if this is jumbled...I am a newcomer too. Thank you for anyone who can help.
Last point...I do feel a sense of responsibility to paying all the people we owe money too.
Preparing for a divorce. We rent a property and rent ours out. We have to pay an amount each month as the rent doesnt cover the mortgage.
Recently got into a pile of debt over a failed business. Now have arranged a DMP for around 60k between us. Thats been tough emotionally as it is. The monthly payments are low (as that is all we can currently pay), but 'if' and 'when' the house sells at what it should we could get about £50-80k out of the house. Obviously we would ask the DMP company to try and settle what they can and 'try' and retain some money.
However I find out today that my soon to be ex has possibly got someone pregnant.
So, I wanted some advice on if there is a better/quicker way for me to push our financial problems to a conclusion.
The only thing with any money is the house but not really at the min.
We are both self employed.
Would a bankruptcy be a better option? Would this mean absolutely no way I would get a mortgage in the future? Too many questions in my head. I am sorry if this is jumbled...I am a newcomer too. Thank you for anyone who can help.
Last point...I do feel a sense of responsibility to paying all the people we owe money too.
0
Comments
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Sounds like neither of you could be technically considered insolvent, and if so BR would not be appropriate/possible.
I suspect you need to let things shake down with the house and then look at your position once it has, as annoying/unpleasant as it may be to cope until then.
Who is your DMP with?Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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