Bankruptcy and stepchange

true81 · 21 June 2018 at 10:37AM

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

ToxtethO'Grady · 21 June 2018 at 12:15PM

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 debts

National_Debtline · 21 June 2018 at 1:40PM

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
@natdebtline