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Help - Bankcruptcy or stick with DMP - NicB44 2018-11-15 12:02:31
I'm currently on a DMP have been for about 3 years - another 15 years to go - debts in my name but ran up during my 18 year marriage to my ex husband..... not been entirely true full on my income and expenditure as my salary varies as it is sales.... if I apply to go bankrupt will I be denied as it won't tally up to my DMP on my bank statements? Also I have recently got a car on finance will they take this back and put the cost of the finance in with the bankruptcy? I also have a few other loans/catalogues that I haven't declared - I'm at a total loss of what to do..... really need some advice as the thought of paying for another 15 years is too much.... so depressed over money

Re: Help - Bankcruptcy or stick with DMP - Jane 2018-11-18 21:57:37
Bankruptcy is a drastic solution but one that can be very useful to draw a line under the debt and get rid of it in a few short months although you will probably have an income payments arrangement to make monthly for 36 months. I have to say that if you have a car on HP you need to check the terms and conditions very carefully as most will ask for the arrangement to be terminated if you go bankrupt - which would mean handing the car back and putting the shortfall into the bankruptcy. This would increase any payments you would need to make.

There are other options - an individual voluntary arrangement may be suitable. In this you could keep the car payments going until you have paid off the car and then add the payments to your disposable income. You do need professional advice on this and it could last for 6 years if you own a property.

Give PayPlan a ring on 0800 280 2816 where a trained adviser can look at the situation more closely for you and advise on best options. If your DMP is with PayPlan speak to your case officers.



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