Fed up of dmp
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PM22
Posts: 212 Forumite
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?
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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.)"Never retract, never explain, never apologise; get things done and let them howl.”0 -
With bankruptcy could could be paying for 36 months, so little difference.If you go down to the woods today you better not go alone.0
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I thought with bankruptcy you’re discharged after 12 months?0
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PM22 said:I thought with bankruptcy you’re discharged after 12 months?
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 ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
I was only given the choice of a dmp
I neither own nor rent and my car is worth about 1.5k0 -
Stick with the DMP, can you increase your payments or save up for Full and Final settlements at all?"You've been reading SOS when it's just your clock reading 5:05 "0
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How much would I need to save for full and finals on 9k debt?0
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PM22 said:I was only given the choice of a dmp
I neither own nor rent and my car is worth about 1.5k
How much debt do you currently have ?
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I am with Payplan and I started with 10k Deby and now I have 9k0
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PM22 said:I am with Payplan and I started with 10k Deby and now I have 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 ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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