Is Bankruptcy My Only Realistic Option

Extracts From The Myvesta UK Forum:

Question....

Hi

I have sought advice from a free counselling service who have advised a DMP - but under current repayment shedule would take 24 years! I work part time but will be working full time in six months and will be able to double my payment - but this will still take 12 years.

Under such circumstances, i am concerned my creditors will make me bankrupt - should i jump before i am pushed? Is this my only option.

I have thought of an IVA, but realistically with fees added on top i would never be able to pay within 5 years even on 30/40pence in the £.

Has anyone else been in a similar situation? What advice if any is there?

Thanks,

Extremely Worried!

Answer....

Hello Extremely Worried,

Ultimately the option of bankruptcy is a personal choice.

It is clear that you have looked into some of your options and you are trying to decide which is best for you given your individual circumstances. It might be an idea to enroll onto the debt management plan as you could use this as a stepping-stone strategy onto another option that will actually get you out of debt in a foreseeable and more realistic period of time (This may well be the IVA option if it is realistically affordable further down the road or indeed it may involve petitioning for your own bankruptcy)

My point is that this strategy would at least give you some breathing space whilst you assess the impact that your forthcoming change in financial circumstances has. It would be helpful if you could tell me a bit more about your situation?

In the meantime you can learn more about the bankruptcy process via the video clips on our website. The link below will take you there:

http://myvesta.org.uk/media/video/bankruptcy/index.html

Kind regards

Sean
http://www.myvesta.org.uk