i feel so ill, seriously thinking of bankrupty

[farmers]

hi, i have unsecured debt of 31k, have slpit up with my long erm partner,have moved back with parents (renting) and have £250 per month to pay back to my creditors, i have een onto the cccs who have advised me on all 3 avenues; bankruptcy, iva, dmp but have not really advised which would be best for me. i am seriously thinkin og bankrupty as i feel so ill that i just need to get my life back on track, however i am worried about the questions the offical reciever may ask me, some of the credit cards i have taken out were in the last 7/8 months (i did balance transfers) and i did exaggerate my income in order to get them..but our joint household income was enough, would this be looked at as bad and what do you think i should do?? many thanks

[MelanieGiles]

Hi farmers and welcome to the forum

No one will tell you what to do, that final decision must be yours. If you enter into either an IVA or a DMP you will be tied to monthly payments for at least five years - more if you decide on the DMP option. But your creditors will get far more paid back to them than they would under bankruptcy proceedings.

Bankruptcy is not necessarily the easy option people make it out to be, but this will give you immediate relief from your creditors, and perhaps see you paying a smaller amount over each months for a maximum three year period.


Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk