I suggest that you speak to one of the experts that post on here as there are a number of solutions available and the advice is free.
Do you have any assets that might be at threat?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Have the debt management people allowed for all of your expenditure? Is the £50 per week left after all your essential outgoings and debt management payment?
I suggest you speak to a few companies and see what your options are as there are a few solutions depending on your circumstances.
IF you have any realisable assets (house, expensive car etc), then think very carefully and take proper advice BUT if you have nothing or a house with little or no equity the BR could be the way out.
In my case I had over £100k of unsecured debt lost my job and was f--ked! I went BR and because my house at the time was in negative equity, my wife bought my share for £1. A year on I was discharged and in March my BR will fall off my credit file. BEWARE OF DEBT MANAGEMENT Because you still have a black mark that lasts for at least 6 years on you credit file and you debtors can if they wish keep putting default notices on your file which in effect resets the 6yr clock on clearing your credit file. IF you have nought they cannot take anything. Your DLA whilst counted as income will not be touched as it is paid to help you live as a disabled person. Even if you are given a payment plan by the OR He/she will deduct all reasonable living expenses including clothes, haircuts, petrol, TV Licence ETC. In my case it was the best thing I ever did and now from March I will have an A1 credit rating again. The best thing of all is telling the people who phone you demanding money to Foxtrot Oscar!
Have you spoken to anyone Martyn? It is a long time since you posted so I hope you managed to get something sorted out.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Will it be best to go bankrupt ?
Posted - 24 October 2013 : 14:34:04
