60k debt - best next option.

Hi,

I have 60k of debt from various places, including 35k owed to hmrc income tax. Some of this debt was due to spending wages on gambling. Its now more 14months since last gambled. I have been contemplating bankruptcy, but I can't seem to go through with it for fear of Getting a Bankruptcy order, or undertaking. What's my most realistic other options? I have worked out a realistic budget that would allow £250 a month to pay off debts.

Many thanks

Comments

  • Oakdene
    Oakdene Posts: 2,560
    Combo Breaker First Post
    Forumite
    HI there

    Well done on the non gambling!! That's a great achievement & I hope it continues.

    Best place to start would be to post a full SOA http://www.stoozing.com/calculator/soa.php so people on here can help you to see the best way to attack the debt.
    Dwy galon, un dyhead,
    Dwy dafod ond un iaith,
    Dwy raff yn cydio’n ddolen,
    Dau enaid ond un taith.
  • MEM62
    MEM62 Posts: 4,732
    First Anniversary Name Dropper First Post
    Forumite
    At that rate it would take you 20 years to pay the debt off. Your really need to take proper advice from one of the debt charities but I doubt you really want that hanging round your neck for the next two decades.
  • fatbelly
    fatbelly Posts: 20,380
    Name Dropper First Anniversary First Post Cashback Cashier
    Forumite
    A BRO is no big deal. In he old days, for debts >20k, it was 3 years to discharge anyway. So maybe you get a 3-year BRO. You still get your debts written off and a fresh start.

    Post a soa and we'll have a look at it.

    While a £250 a month dmp isn't a great option for 60k of debt, that level of surplus may be enough for an IVA (if you own property) and an income payments agreement in bankruptcy at that level would only take 9k from you
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