Advice needed!!

steveh68 · 12 December 2019 at 2:32PM

Need some advice so here goes.

51 year old finance manager working in public sector. Current debts £32K. Majority two credit cards, long term debt of 10 years dating back to divorce. Unfortunately current job is affecting my health and relationships and the thought of 10 more years doing this has led to the radical idea to leave and find something else either temporary or hopefully temp to perm. Now my two months notice period mean all OK till 1st March at which point if not found something of a similar salary and starting in February (last day here 31/01/20) then wont be able to make payments. And then I don’t know what to do.

My options will depend what February brings and then if something longer term allows me to continue paying down debts over a realistic time frame. So in that scenario all stays the same albeit a DMP or IVA if salary doesn’t match my minimum needed (£30K).

Or I cant find anything in timeframe do I take a more drastic view and look at a bankruptcy option. I have no saving no assets and currently live with partner in her local authority tenancy. Part of the reason for leaving is I want to keep relationship more than job we have been together for over five years and she has made me see I don’t need to live to work but work to live.

Is bankruptcy an option? A qualified by experience accountant it would rule out that line of work for me. But would open up other roles albeit on a lower salary but with no debts? Or full time education to do a degree of choice. Not necessarily a career but who knows?

I have tried to keep it simple but wondered if anyone had any experiences to share or thoughts to offer?

Thanking you all for reading.

sourcrates · 13 December 2019 at 11:05AM

Hi,

Bankrupcy restrictions listed here :

https://www.stepchange.org/debt-info/restrictions-during-bankruptcy.aspx

most people wont`t be affected by them, your health and wellbeing should always come first, i had a similar lightbulb moment when i hit 50, took a lower paid, but much less stressful job, bankrupcy is not that intrusive these days, most other debt solutions will take 5-7 years or more to complete, dependant on your circumstances.

Bankrupcy is over in 12 months, and as soon as your discharged, your credit file will start to improve again, after 6 years, its as though it never happened.

Take a while to whey up your options before commiting to anything, stepchange, and National Debtline are good sources of information.

RattyIrk · 13 December 2019 at 3:04PM

I was in a similar position job wise although not accountancy. However I was allowed to keep on working but subject to some restrictions. Might be worth double checking your position.

Is a harrowing process but once over the initial period I have found it worth it. Sometimes you just have to bite the bullet for the longer term good.

BillEatsCrisps · 13 December 2019 at 9:58PM

If the DMP option is available, that will be for the best. Short term pain but it keeps everything in place

steveh68 · 17 December 2019 at 10:16AM

Thank you for the replies so far. All food for thought. Initial thoughts at moment are BR option having read some very helpful posts on here recently. It is the more drastic but then allows more options for next 15 years.

betterdaysahead · 20 December 2019 at 12:54PM

I have a friend who is a solicitor who had no option but to go bankrupt. He was unable to practice for 12 months, but once discharged he was able to once again. I myself am 6 months away from completing my 6 year journey. Like many on these forums, it was my best option by far, but certainly was not an easy decision to make initially. These forums have been a Godsend for all the tiny questions/concerns which pop up from time to time. Good luck!

Advice needed!!

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