Fed up of dmp

PM22

Hi, I’m fed up of my dmp which has 42 months left to run….think I made the wrong decision…can I just go bancrupt or do I have to stick with the dmp?

Brie

Fed up why?  Do you know how bankruptcy will effect you - job wise etc?? 

Did someone help you with the decision, if so they must have a reason why they thought it the right choice (hopefully other than it would make them money.)

Grumpelstiltskin

With bankruptcy could could be paying  for 36 months, so little difference.

PM22

I thought with bankruptcy you’re discharged after 12 months?

sourcrates

PM22 said:

I thought with bankruptcy you’re discharged after 12 months?

You are discharged after 12 months normally.

However, depending on your disposable income, if you have more than £20 disposable income, per month, you will likely get an IPA (income payment arrangement) which lasts for 36 months.

Why did you opt for DMP originally ?

Homeowner/renting ?

Expensive car or other assets ?

PM22

I was only given the choice of a dmp
I neither own nor rent and my car is worth about 1.5k

sammyjammy

Stick with the DMP, can you increase your payments or save up for Full and Final settlements at all?

PM22

How much would I need to save for full and finals on 9k debt?

sourcrates

PM22 said:

I was only given the choice of a dmp
I neither own nor rent and my car is worth about 1.5k

By whom ?? 

How much debt do you currently have ?

PM22

I am with Payplan and I started with 10k Deby and now I have 9k

sourcrates

PM22 said:

I am with Payplan and I started with 10k Deby and now I have 9k

You should not go bankrupt for 9k.

Have you considered a debt relief order (DRO) ?

Why not check out the qualifying criteria and see if you fit ?

Also have you checked to see if all your debts are enforceable, have you done CCA requests ? do you have any health issues or problems that mean you can`t work ?