- Sun Mar 17, 2013 6:54 pm
As you know, I was on a DMP for over 5 years, and then - due to redundancy - I decided to go bankrupt.
I have said many times on here it was the best thing I ever did. I paid £700 and wiped out all my debts at a stroke. I got to keep my car and paid NOTHING back, as no IPA/IPO was made, even though I have a private pension and my wife works full time.
Since my bankruptcy two years ago(it's flown), I have got myself a credit card(don't worry, it's only £500), and all the pressure of my debt has been lifted off my shoulders.
For most of the time, I completely forget that I am a discharged bankrupt. My past debts and my bankruptcy just never enter my head any more. It's only when I come onto this site that I am reminded.(I wonder whether that is why a lot of posters disappear from the site when they have gone bankrupt - maybe they just want to forget and put the past behind them).
Red24, I would seriously ask you to consider your option of bankruptcy, in view of the fact you have no assets, your husband is in ill-health, and you may retire soon.
You don't want to go into retirement with oodles of debt hanging over your head.
Speaking for myself, freeing myself of my debts improved my life immeasurably.(although I didn't see it quite like that when I first went bankrupt - I was distraught for weeks).
I've said it before, and I'll say it again - knowing what I know now, and seeing how "easy" bankruptcy was, I regret being on a DMP for five years and "wasting" all that money and having five years of hassle and worry.
I have to agree with TW. I think stopping payments could bring problems. You will go down as a "won't pay" debtor with your creditors, which may have consequences.
At least if you got your payments down to £1 a month(and can show you can't afford more), you will be classed as a "can't pay" debtor.
My bank manager once said to me " You live like a king on paupers wages - how come" ? When my debts reached £70k, I knew the answer.