Some advice needed

Monkeyballs

Hi,

Not having been married or ever having joint debts I'm not in a position to advise... BUT!

I was in a long term relationship many moons ago in which I racked up debts trying to make my GF happy (because spending everything and borrowing more to do the same is the way to happiness right?)...

I declared BR after we broke up with debts of £20k+ or so after only scanning through a few online sites and talking to a couple of friends who had gone through BR as well DO YOUR RESEARCH!!! I'd have gone down the DMP route in a heartbeat because my worries disappeared overnight and I never learned anything from it.

I'm not saying it's not the correct route but just want you to take it too lightly because you may regret it years down the line...

MB

National_Debtline

Hello there,

I cannot stress how important completing a comprehensive financial statement is. It will show you just how much you may be able to realistically afford to pay towards your debts each month. This process should then let you consider how long each option will take for you to become debt-free. I'm not certain a DMP would be the right option if it is going to take a long time to clear the debt on a monthly basis. Equally, I'm not sure bankruptcy would be right where you *can* clear the debt in a reasonable time. Of course, there are potentially other factors too - and it's very difficult to provide you with an objective and holistic opinion.

Our fact sheet library has some really useful guides on bankruptcy, debt management plans (and lots of other debt-related issues).

Best wishes,

David @natdebtline