What should I do ... ?

Mrs_Hutchins

Afternoon All.

I am hoping you can help.

I have been in debt for around 6/7 years.
I first started on a DMP but I got made redundant and then incurred further debt. Went back onto a DMP and then self managed my own DMP.

The level of debt I held has gone down but I am now 21 weeks pregnant and have been trying to overcome a gambling addiction

PayPlan had previously suggested to me to go down the bankruptcy route before but I didnt want to consider it.
But with a baby on the way and money becoming tighter I will be in a DMP and will take me even longer (plus the time I have been already spending trying)

The amount I owe is currently around £11.5k.

Is bankruptcy for only people who owe tens of thousands or is it something that would be accepted for me?

Thank you for your comments in advance.

sourcrates

Hi,
You can declare Bankrupcy if you owe £750 or more, but there is an alternative.

Have you looked into a Debt Relief Order (DRO) ?

If you don't own a house, or hold significant assets, and you have £50 or less available after all your bills are paid, it could be for you.
(Note, these values will be increased from October)

Info here :

http://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx?WT.srch=1&WT.mc_id=288026&WT.seg_1=dro&gclid=CKe6-tqpiMcCFdQZtAodePMJyg

With a DRO, you don't make any payments, and after 12 months, your debts are wiped out, and you won't owe anything.