What would you do?

Chubacca

Had my counseling session today with CCCS. To cut a long story short, after working through debts and budget, we have a spare £220 per month that we can pay through a payment plan.

I am disabled, unable to work, we have no assets, and we are on benefits, my husband is my carer, with 3 dependent children and one older child who is now working and over 18.

We are £35k in debt, and it will take 13 years through the payment plan.

The CCCS said the quickest way is bankruptcy, but we could have a payment plan if we wanted.

I would like to try and pay some off but would bankruptcy be the best choice given that our credit rating is already going to be kaput?

What would you do?

catlover1_2

Hi,

Can't really advise as am very new myself and have no experience with payment plans or bancruptcy but just wanted to say welcome and well done for posting.

Some of the more experienced people will be along shortly to advise but it might be a good idea to post an SOA so people can give you some idea's(statment of affairs what you have comeing in and all your bills) the sticky at the top gives you an example ..

xxx

lunar

Hi, im really sorry i dont know anything about bankruptcy, just wanted to send you a hug and say that whatever yo uchoose you will et loads of support on here.

Im sure there will be people along who can give you some good advice. Why dont you look at posting you SOA for people to have a look at, then hey will be in a better position to advise you.

Chubacca

Hi thankyou

As for the SOA - went through all that with CCCS, and basically we have £220 to spare - my head is spinning with figures! :eek:

We pay out roughly £980 per month in debts alone.

JoeHel

Hiya

Have you used the snowball? Paying £980 a month towards debts of £35k - 13 years seems an awfully long time?

Chubacca

Hi,

So sorry for the confusion.

We pay £980 as it stands without a payment plan, keeping credit going as it is, with all interest etc

On a payment plan, paying £220 per month the CCCS said it would take 13 years.

Toto

Hi chubacca

Why don't you pop over to the bankruptcy board, they are our next door neighbours and are ever so nice and helpful. You will find lots of information there which might help your decision. There are pros and cons, you would need to balance those and decide what's best for your family.

You will get lots of information on this board to help you decide if a DMP would suit you better. I have done neither so I'm pretty useless to you really other than to say welcome and nice to meet you.

Chubacca

Hi, I have taken your advice,

I hope I don't get in trouble for a double post though

lunar

I still think it will be helpful for you to post your SOA on here. i have roughly the same debt and if i pay £900 a month onto the debt, my debt free date is april 2011. im not on a dmp, so im still paying lots of interest at the min

wok_boy

Chubacca wrote: »

Hi, I have taken your advice,

I hope I don't get in trouble for a double post though

Yes you are extremely naughty!!

Only joking

southernscouser

Hi Chewy.

If the CCCS suggest bankruptcy then give it some thought. Listen to peoples experiences and advice on the bankruptcy board as they will be able to give you the lowdown on it all.

We can offer you advice and experiences from a non-bankruptcy angle.

There is no 'right and wrong' way, it's all about what is right for you.