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DMP or Bankruptcy
LaLaLa34
Posts: 29 Forumite
Hi everyone,
Posting for a mate here but will relay the advice on.....
He's defaulted on around 5 of his loans/CCs this year for around £21.5k, he's entered a debt management plan with creditors to pay them back over a 9 year period.
I know a default stays on a credit report for 6 years but how does it work with a DMP that lasts for 9 years? He earns 19k a year and lives at home, I suggested bankruptcy to him and got him to do an S.O.A which showed that after his allowances which wernt outrageous he'd probably end up paying into an IPA for 3 years at around £250-300 per month equalling around £10k for a 36 month IPA.
You guys know a lot more than me on this, would you recommend bankruptcy or a DMP in this situation? He's 29 and lives back at home but his dad wants him out within the next couple of years to which there's no way he'll he affording to live away while paying into a DMP. What would you guys do this situation? I've told him to not listen to myself too much until I've askes the ITK on here. Thanks in advance! :beer:
Posting for a mate here but will relay the advice on.....
He's defaulted on around 5 of his loans/CCs this year for around £21.5k, he's entered a debt management plan with creditors to pay them back over a 9 year period.
I know a default stays on a credit report for 6 years but how does it work with a DMP that lasts for 9 years? He earns 19k a year and lives at home, I suggested bankruptcy to him and got him to do an S.O.A which showed that after his allowances which wernt outrageous he'd probably end up paying into an IPA for 3 years at around £250-300 per month equalling around £10k for a 36 month IPA.
You guys know a lot more than me on this, would you recommend bankruptcy or a DMP in this situation? He's 29 and lives back at home but his dad wants him out within the next couple of years to which there's no way he'll he affording to live away while paying into a DMP. What would you guys do this situation? I've told him to not listen to myself too much until I've askes the ITK on here. Thanks in advance! :beer:
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