Debt Management Plan

owetoomuch

CCCS may have advised bankruptcy but if you are totally against it they will work with you to set up a DMP. I went BR on 25th May and I have yet to see any notice in my local paper about it. The notices are generally very small and in with the other public notices so unless you knew what you were looking for you would never see it.

Bankruptcy is not an easy option the process may appear so, but the emotional side of it can be difficult as people tend to be very hard on themselves and some other people tend not to be very understanding of your position, but unless you tell them they wont know. You must remember that you cannot get any credit for more than £500 during the period of your bankruptcy. I for one will never be looking for credit again as I cannot handle credit.

madzman

Suppose it is about pride and stuff, first one we have had and want to keep it, as we do need it for work as well, looke into bankruptcy and was shocked at the fees to apply for it, nearly 1 k for both of us which we cannot afford so how do you apply for it when you cant afford it?

owetoomuch

If you are in receipt of any knid of benefits including tax credits then you would normally have the £150 court fee waived. You would still be required to pay the £345 bankruptcy fee. If the debts are in joint names then both would need to go bankrupt, but if all the debts are in one name only then only one of you would need to go BR.

madzman

owetoomuch yes can relate to what your sayin banckruptcy sounds so bad, another worry is, because we privately rent when your made bankrupt they tell your landlord which could mean us losing the house we live in and all future rentings will ask the question

madzman

debts are in both names which mean it would still be best part of 700 quid , which is not in our reach at moment

Eager_Elephant

The reason CCCS have recommended bankruptcy is because they have your best interests in mind whereas Hamilton Locke are going to make money out of you for years.

Lets say they are takign 17.5% (which some I have seen do - why is it the same as VAT?), if your DMP lasts exactly 50 years you will have given them £10,500 but if you go to www.cccs.co.uk or payplan you will have paid that much extra off your debt.

If you cannot afford bankruptcy there are some charities that can help towards the cost, could you just pay your creditors £1.00pm each and then save the rest of your excess income and after 6mths you will have enough for one of you to go bankrupt and then do the same again for the other person?

I have never had a brand new car but I have not suffered in any way, could you sell the new car, buy a second hand one and put a private plate on and that way no one will know what year is it. You knoe keeping up appearances and all that?!?!?!

EE

Eager_Elephant

With regard to your landlord, is your rental through an agent or with the landlord direct?

If you approached them first and explained the situation, as logn as you have been up to date with the rent then they are more likely to let you stay than have new tenants they do not know.

Another poster on another board I frequent went to tell her landlord direct and after they had explained everything the landlord was relieved because he thought they had come to terminate the tenancy and he was worried because they were good tenants!!!!

In the future if you explain the situation then at least they will know before you apply for cerdit checks.

The way I see it is if you aren't paying for your debts you will have more money for day to day bills such as your rent so you have no reason to get behind.

EE

madzman

I know it sounds stupid EE to be honest its the wife who harps on about the car, to me its just a bit of metal, shinier than most admittedly!:D
How will the creditors react to a quid a month and the news of bankcruptcy?
Many thanks for your replies and time by the way;)

owetoomuch

If you do not owe your landlord the (Official Receiver) OR may not contact your landlord. Suggest you post question on Bankruptcy and Dealing With it board as some people on there may be able to help more on this. I know a few posters were worried about this but I cant remember the outcome. If you do not owe money to Landlord the OR would have no need to contact them.

madzman

Thats what i thought about landlord and bankcruptcy, that they would realise you would have more money to hand, we are renting through an agency would that make any difference?
On earlier remark we have not paid a deposit to hamilton locke only 2 payments of 100 pound