Advice on - family arrangement or BR please?

Goodvibes

Could anyone give me advice on the informal arrangement or family agreement.
We are living beyond our means and have debts of £700 per month. I have just had a baby aswell as being made redundant so things are not going to get better anytime soon.

We have looked into consolidation and an IVA. Neither of these are going to work for us.

The other opition is the family agreement - has anyone done this? I understand its not legally binding but has anyone had experience of this backfiring on them?

If this isn't an option then obviously bankruptcy is going to be the best option. The debts are all in my husbands name so it would only be him who would be br. We do not have any assets other than a car which is in my name. We have kept upto date on all the repayments and I have been told if he did want to go br voluntarily then he may not be allowed because we aren't behind. Is this right? Should we stop paying now and accrue more debts?
This is really causing so much stress as I'm sure you all have experience of.

Any advice is appreciated:rolleyes:

debt_doctor

Hi, have to say ive never heard of 'the family agreement' so cant provide anything on that ( is it a DMP? ).

As for BR you seem a reasonable candidate ( well your oh actually) but we need far more info to discuss further.

The chances are that you are borrowing to pay other existing credit, and if you didnt continue to borrow you would not be able to make the payments.

Insolvency simply means " I cannot pay my debts as they fall due" and if you stopped borrowing you would nt be able to pay debts as they fall due.

If that is the case then you are insolvent, and BR is an option

Best wishes

DD