me and my husband have debts between us of about 15,000 the majority are in my name with only a few smaller debts in his,we are currently about to start a debt management plan with payplan but really still are struggling to even find their payment.i realise that its probably best for me to go bankrupt and then pay off my husbands debts over a period of a couple of years,my question is what should i do in regards to payplan and how do i keep the creditors off my back whilst trying to scrape together the bankruptcy fees.any help would be greatly appreciated,im going out my mind with worry and just cant see a way out.
firstly I would agree that if your husbands debts are minimal and affordable once you declare Bankruptcy, that would seem the obvious route.
Unfortunately if paying the DMP payments is both difficult to do and impossible if you are to raise the necessary funds for your Bankruptcy, you seem to have little choice but to scrap the joint DMP idea until the BR funds are in place. Doing this will of course mean your creditors will resume the hassling once again.
With regards to Payplan themselves, just tell them you have changed your mind but that your husband wants to look at a plan of his own. They may cough & splutter a little but there's nothing they can do and you have every right to have a change of mind.
A DMP is an informal arrangement after all.
I presume you have no assets which could be at risk in the event of you declaring Bankruptcy.
no i have no assests,we live in rented property and the car we own is in my husbands name and only worth about £500 so bankruptcy seems the obvious choice,think i may cancel the debt management and tryand get the fees together.
what should i do?
Posted - 24 November 2008 : 10:41:10
