Bankruptcy and stepchange
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true81
Posts: 29 Forumite
Hi
I’m with stepchange at the moment and only paying £20 towards my debts. My income is going to change drastically over the next few weeks and again in sept as my son has just left school and my daughter is going to university (I hope)
One of the option when I did my review was bankruptcy but I chose to carry on with the dmp.
Since then I’ve filled in the bankruptcy form online and have to try to find the fee.
Do I need to tell stepchange that I have decided to go down the bankruptcy route or do I just try to pay it but by bit until I can submit my form.
I’m having such a hard time financially I just can’t cope. I don’t eat and go to bed as soon as possible so I don’t have to think about any of it. It’s not just the debts it’s the day to day living this kid needs this and this kid needs that school want me to pay for this meal and that meal and this trip and it’s never ending
I’m with stepchange at the moment and only paying £20 towards my debts. My income is going to change drastically over the next few weeks and again in sept as my son has just left school and my daughter is going to university (I hope)
One of the option when I did my review was bankruptcy but I chose to carry on with the dmp.
Since then I’ve filled in the bankruptcy form online and have to try to find the fee.
Do I need to tell stepchange that I have decided to go down the bankruptcy route or do I just try to pay it but by bit until I can submit my form.
I’m having such a hard time financially I just can’t cope. I don’t eat and go to bed as soon as possible so I don’t have to think about any of it. It’s not just the debts it’s the day to day living this kid needs this and this kid needs that school want me to pay for this meal and that meal and this trip and it’s never ending
0
Comments
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Hi there
Sorry to hear you're stressed on your DMP, have you spoken to Stepchange about this? They are there to help and won't shout at you if you decide to go with another debt solution.
They can help you try to find the fee through trust funds and give you advice about what to expect. Also if you are struggling the budget you have done with them needs changing, it should cover all your living expenses first then any money left over is expected to go in to a DMP, if there's no money left over when you change your budget they'll support you in another way.
From what I understand Stepchange don't charge a fee for their plans so they shouldn't be bothered what you do to manage your debts0 -
Hi true81
There's no problem in deciding you want to go bankrupt instead of continuing with the DMP, as long as you fully understand how bankruptcy will work. Let StepChange know as there is no point continuing to pay debts that will be included in the bankruptcy.
If you are left with any spare money, you could put it to one side and save it towards the bankruptcy fee. If you have no spare money don't worry, but follow the advice above and try to look for help from a trust fund or charity with the bankruptcy fee. This website is a good place to start your search www.turn2us.org.uk.
Best wishes
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
How much is your total debt ?
If less than 20k would a DRO work for you instead ?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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