advice on bankruptcy needed

sinkingfast58

Hi everyone

We were in the process of Payplan setting up a DMP with £215 available to pay our debts. Unfortunatley my husbands employers have changed his commission structure and worse case if targets not met is a reduction £300 to our income leaving no money available. Payplan have advised not to let creditors know this yet to gain some time. They talked about bankrupcy, as we have no equity this would enable us to keep our home. Is there anyone else out there in this situation that can advise us.
Many thanks

rog2

sinkingfast58 wrote: »

Hi everyone

We were in the process of Payplan setting up a DMP with £215 available to pay our debts. Unfortunatley my husbands employers have changed his commission structure and worse case if targets not met is a reduction £300 to our income leaving no money available. Payplan have advised not to let creditors know this yet to gain some time. They talked about bankrupcy, as we have no equity this would enable us to keep our home. Is there anyone else out there in this situation that can advise us.
Many thanks

Hi sf - there are MANY of us who are, or have been, in a similar situation - so many that there is now a sub-forum for 'Bankruptcy and Living with it' where you will find many answers, and support.
May I suggest that you click on the 'Bankruptcy and Living with it' link, at the top of the page. It might be better if you started a 'new' thread on that sub-board, and we'll try and help you.
In the meantime, PAYPLAN appear to have given you some good advice.
It is unlikely that you will lose your house if there is no equity in it - you would, normally, be able to 'purchase' your husband's beneficial interest, from the OR, for a nominal sum.
Hope to see you on the Bankruptcy forum soon.

Cheers
rog2

sinkingfast58

THanks for you advise. Since posting Payplan phoned me and have done a revised budget that they are advising us to go with. The £320 a month for food for 3 of us is going to be a challenge though. Does anyone else manage on that?

rog2

sinkingfast58 wrote: »

The £320 a month for food for 3 of us is going to be a challenge though. Does anyone else manage on that?

Quite a lot of us do, in fact, sf. It's a challenge, as you say, and if you look at it that way, you will soon be able to manage. There are LOADS of threads, both here and on the Old Style board, that will help you to eat like Royalty on that budget.
Just make sure that you are happy with the total budget, from Payplan, before you commit yourself.
Why not post your SOA (Statement of Affairs - showing income, expenditure and debts) on this board and you'll be amazed at the advice you'll receive.