is bankruptcy the only way

lovebugfamilly

okay ive had my lightbulb moment couple of weeks ago and contacted payplan who are organising a dmp - i havent missed any payments as yet , my problem is im nearly 31 wks pregnant so arrival of baby iminent i rent a property with my OH who is fine financially but wouldnt be able to cover my debt payments and tbh i dont see why he should they are my responsibility , they have set up the dmp based on my current income and sent me my income and expenditure and what it shows i can afford to pay to creditors the surplus is £176 based on a monthly salary of £1063 , problem is im only on this amount for this month then 7 weeks at 90% of my pay then stat mat pay of £112 per week so therfore when on stat mat pay it will show i have nothing to give ? all they told me was to contact them when pay goes down , i cant go bankrupt if thats my only option till after baby is born really as i have no way of knowing when she will arrive ,do you think payplan will reccomend bankruptcy once my pay goes down is it just best for me to pay into my dmp then tell payplan and see what they suggest or start bankruptcy proceedings now and save up the fee i would need , if i wait till pay goes down at least by then i will have had my baby and it will be less stress etc , sorry for ramble i never thought id find myself in this situation and am so ashamed and cant stop crying 18 months ago i had half this debt and could afford to pay then i lost two babies and went into a spending spiral and depression and my debt has more than doubled

Richard_S

Hi lbf,

I would contact one of the Debt Charities, their contact details are in my signature, and see what their assessment of your financial situation is. It's not really in our place to say that bankruptcy is the best solution to your problems.

However, I would say that the chances of you being able to maintain an effective DMP seem fairly remote, so what's the point of continuing with it, if it's ultimately going to fail? You'd be better off saving the money towards your bankruptcy fees, and then if you decide to go down that route, you already have the funds available.

I don't think any of us on here ever thought we'd end up being declared bankrupt, and I can assure you that making yourself miserable over financial problems is a complete waste of your life. It sounds as though you've got a supportive partner, and with a baby on the way, you should be enjoying the truly important things in life.

Best regards

Richard

lovebugfamilly

thanks ive already contacted payplan , maybe i should contact one of the others then ?

G-G_4

I don't think Payplan is a charity... they are a business.. if you know what I mean..

Ring a charity at the bottom of Richards post, they will give you impartial advice..

Most importantly, don't worry! Think of your baby and the rest of your life, bankruptcy isn't easy but it is a way out for you and you will be amazed at how easy it can be for some people, well, considering all the worry of oweing the money in the first place..

Good Luck x

lovebugfamilly

thanks they are not open today so will give them a ring tomorrow

LLM

I contacted payplan the other day and found them less than helpful.

National debt line were great, listened to all of my concerns and took time to answer my many questions.

I have an appointment with CCCS on Wednesday morning to see if they can help me file for bankruptcy.

For advice, i'd definately give CCCS a call and see how you get on.

Good luck x

fiveyearplan

LBF - let us know what CCCS or National Debtline have to say.

lovebugfamilly

fiveyearplan wrote: »

LBF - let us know what CCCS or National Debtline have to say.

will do ringing them when i get home from work

betterlatethannever

I had the same experience LLM, National debtline were ace, CCCS also, but Payplan weren't for me.

LBG, i know at this stage theres not much that can be done but have you spoken to anyone, midwife/heath visitor/doctor? you need to look after yourself for yous and your babies sake. They maybe able to help in some way or put you in touch with someone who can.
Also check out the Moneysaving in Marriages and Relationships forum, theres help and advice there for having a baby on a shoestring.
Good luck and let us know how things progress.:A

tigerfeet2006

I'd definatly ring National Debtline or CCCS as they are charities with no vested interest in you whereas Payplan is a business who are in business to make money.

All the best with your baby, you don't need to spend a fortune on them. You'll be surprised how much people will give you when it's born. Also sign up to www.freecycle.org and join your local group. What you do is express an interest on items that are advertised and if you are selected then you go and pick the item up and all for free.

Also check out the board BLTN has suggested.

lovebugfamilly

thanks all will defo ring cccs tomorrow , as for stuff for baby she has everything and more lol both our famillys have been extremley geneorous all big expensive purchases such as pram and car seat and cot and moses basket , and she has loads of clothes ( she already has enough clothes to kit her out till she's 6 months old )and more to come i can imagine she is one lucky baby and im the luckiest mummy to be having her and to have a fab familly , as it is i guess the reason im so upset is i feel like ive let people down although my partner assures me i havent and ive told my parents and they are extremley supportive of me guess me being hormonal doesnt help , anyway im gonna sort this out and then concentrate on being the best mummy i can be:o will keep y all updated