What are my options?

What2do2025

Hi, I'm considering my options - Have been online with Stepchange and the three options were 1) DMP, 2) IVA and 3) Bankruptcy, I'm thinking bankruptcy might be my preference given I have no assets and would like to be debt free and fresh start by 46. 

Whole host of reasons for my situation (£93+k) in debt, I'll not list them and I know I ultimately have to take responsibility it, I'm embarrassed to be in this position. I'm fortunate enough to have a good salary with a take home of around £3500. 

I have included my SOA below, my questions are:

1) Is bankruptcy my best choice?
2) I have an NHS lease car that pre tax comes out of my salary at £790 per month although in reality only reduces my take home by apx £500 - will the OR allow me to keep this, needed for my job, high penalty for return and rental includes everything / no credit agreements. Lease have said I am able to keep it for the duration. 
3) Does my SOA look ok, My partner who is autistic with severe and enduring MH issues stays with me 5 days a week and doesn't make any contribution. I share a rented house with one other and everything house bills / rent wise is split 50/50.

I'm not currently defaulting on any of my accounts, have been moving around zero interest and not facing up to the situation but this is about to come to an end. I'm thinking of stopping all payments next month and building a bit of a buffer before applying for bankruptcy in the new year.

SOA:

font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 0[b]

Monthly Income Details[/b]
Monthly income after tax................ 3500
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 3500[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 825
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 0
Mobile phone............................ 10
TV Licence.............................. 15
Satellite/Cable TV...................... 25
Internet Services....................... 35
Groceries etc. ......................... 400
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 80
Other travel............................ 20
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 200
Pet insurance/vet bills................. 50
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 30
Holiday................................. 30
Emergency fund.......................... 25
Gym..................................... 30
HCPC (Prof fees) ....................... 11
Union .................................. 32
Logs (heating).......................... 25[b]
Total monthly expenses.................. 2198[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0[b]
Total Assets............................ 0[/b]
[b]
No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
MBNA CC........................11198.....505.......29.6
Virgin CC......................9180......300.......24.9
Virgin CC......................4200......150.......24.9
Very ..........................2699......134.......0
Fluid CC.......................1600......50........0
Tesco CC.......................6383......200.......0
Updraft Loan...................11130.....252.......0
Zopa Loan......................14054.....250.......0
MBNA Loan......................5573......172.......0
Monzo Loan.....................21041.....460.......0
John Lewis CC..................6758......300.......24.9[b]
Total unsecured debts..........93816.....2773......-  [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 3,500
Expenses (including HP & secured debts). 2,198
Available for debt repayments........... 1,302
Monthly UNsecured debt repayments....... 2,773[b]
Amount short for making debt repayments. -1,471[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -93,816[b]
Net Assets.............................. -93,816[/b]

[i]Created using the SOA calculator 

fatbelly

I can't see a particular problem with bankruptcy, unless the OR insists that you drop the lease car and use public transport. In which case you do face a huge IPA for 3 years

I think you may as well stop paying the nonpriority debts now, get banking in order, and talk to some human beings. Stepchange, Payplan, National Debtline.

An IVA could be a good option but the devil is in the detail. Should leapfrog the lease problem and if it doesn't work, easier to get out of than bankruptcy. Would last 5 years and whatever you do, your credit file is scuppered for 6

What2do2025

Thanks, I’d struggle to use public transport as I cover the whole county and need to visit my teams multiple times a week plus on call responsibilities. 

Am I right in thinking an IVA means my creditors need to agree vs BR they don’t? 

fatbelly

75% of creditors by value need to agree in an IVA. It is binding on the other 25%