Half way through Dmp but losing the will to live!

Wirbs

Again thank you all. I wrote a big response but I wasn’t logged in so it didn’t post.
Thanks for the link to the soa. I’ll fill it in ASAP. I’ve been eBaying furiously so I’m packing up parcels so up the wall.
Sandybrowneyes2002 I hope your situation improves. I didn’t like the look of the IVA but bankruptcy terrifies me. Having been told I could end up making payments for years I don’t think I could cope with the uncertainty of it.
Thanks again for your kind words and support. I feel like I’m letting everyone down whatever I do. I’m angry that he exploited my credit. I’m angry that I was given so much credit I didn’t want, need or could afford. I’m scared the past near 5 years of struggling will have been for nothing if I do go bankrupt now. I’ll post the soa and make an appointment to speak to someone. Although I don’t know who to trust. Thank you x

beanielou

sourcrates wrote: »

Donald Trump has been bankrupt 6 times, and he is now the president of the USA, I don`t think been a teacher is a bar to bankrupcy, or vice versa.

Remember, after one year you are discharged, after a further 5 years, it disapears from your credit file, bankrupcy should be seen as the start of something new and exciting, not the last resort option.

To give back the house you simply send the keys back to the lender, along with a letter of explanation, bankrupcy is an all encompassing solution, all, and I mean ALL of your debts, prior to the bankrupcy been approved, are included, the mortgage outstanding, any shortfall, all credit debts, wiped out, read the debt camel article linked to above.

You have so much going on here with various issues, this option would take them all away in one fell swoop, of course you need advice, good advice, National Debtline are very impartial, I would try them as an alternative to stepchange or CAB.

Agree with this 100%.
Time to draw a line & move on

warby68

Wirbs, would it help at all to look at it this way? You have paid close to half of the debts ie 'your' share so you've really done your bit here. What's left could be considered the 'ex's' share and therefore no shame in dumping it. That means that what you've been doing doesn't count for nothing, you've paid a decent chunk back and at quite considerable cost. I know technically its yours but who used it and who really should be on the line?

I'm no great advocate for bankruptcy as a magic fix for the masses but I do know this option is there for a reason and for some people it really is the correct one.

You've obviously lots to consider but your SoA will help people advise you further.

MandM90

Are the rental 'hovels' really less than your interest only mortgage + your DMP payments?

Would walking away (if possible) and no longer paying the DMP actually give you the breathing space to rent?

It sounds like you and you're children are being unecessarily punished for deeds that were not your doing. It's time to take back control.

A_A_Mole

Lover_of_Lycra wrote: »

I'm going to suggest something a bit radical. Why don't you just walk away from the house, hand the keys to the mortgage lender and let it be repossessed.

How could she rent with a DMP?

Wirbs

This is an issue. I've been looking at rentals and they've all said that you need to pass a credit check. If I'd done it before the DMP I'd have been ok. I'm finding that I was misinformed-well there was one woman who told me the truth but because she was one out of about 8 I didn't listen.
I'm not being a snob about the houses available. They're in very dangerous areas and with 3 boys I'd rather sit freezing than risk their safety. I've registered with the housing association in the hope they can help me.
I'm also concerned because if I were to go bankrupt I would be paying for 3 years. The DMP is quite generous with what they let you budget (although with 3 growing boys and a dilapidated house it's not enough) and flexible. Bankruptcy isn't. It's a lot to think about.

Wirbs

I've tried. Thank you x

Wirbs

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 3
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 0
Benefits................................ 208
Other income............................ 0
Total monthly income.................... 2508

Monthly Expense Details
Mortgage................................ 445
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 160
Gas..................................... 55
Oil..................................... 0
Water rates............................. 48
Telephone (land line)................... 20
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 20
Internet Services....................... 30
Groceries etc. ......................... 330
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 60
Car maintenance (including MOT)......... 30
Car parking............................. 40
Other travel............................ 40
Childcare/nursery....................... 265
Other child related expenses............ 35
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 15
Buildings insurance..................... 40
Contents insurance...................... 20
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 50
Total monthly expenses.................. 2091


Assets
Cash.................................... 0
House value (Gross)..................... 60000
Shares and bonds........................ 0
Car(s).................................. 250
Other assets............................ 0
Total Assets............................ 60250


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 67000....(445)......5
Total secured & HP debts...... 67000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
unsecured loan.................7467......65........5
barclaycard....................6411......0.........0
barclaycard....................5690......0.........0
barclays.......................305.......0.........0
barclays.......................393.......0.........0
moorcroft......................778.......0.........0
lowell financial...............733.......0.........0
lowell financial...............889.......0.........0
mbna...........................1504......0.........0
mbna...........................2296......0.........0
Total unsecured debts..........26466.....65........-


Monthly Budget Summary
Total monthly income.................... 2,508
Expenses (including HP & secured debts). 2,091
Available for debt repayments........... 417
Monthly UNsecured debt repayments....... 65
Amount left after debt repayments....... 352

Personal Balance Sheet Summary
Total assets (things you own)........... 60,250
Total HP & Secured debt................. -67,000
Total Unsecured debt.................... -26,466
Net Assets.............................. -33,216

Grumpelstiltskin

A couple of things jump out straight away.

You say your car is worth £250 yet you are paying £720 yearly to insure it?

Buildings and contents insurance again £ 720 yearly?

Are these figures correct?

sourcrates

The debts you’ve listed need a monthly payment figure to give an accurate picture.