would a debt mangement program be any different rather than me going bankrupt

Hello darnk0,

If you are not to be sequestrated I would assume that a debt management plan might become an option.

How much would you be able to pay each month? How much do your debts total currently? A DMP might be quite a long arrangement depending upon the circumstances.

Have you been given a written reason yet regarding the sequestration position (as previously suggested by Kevin)?

trustee has sent me letter yet my debts are ?ú13500 i think i can pay between ?ú80 and ?ú100 a month

Hi darnk0,

A debt management plan, with that monthly contribution and that debt level, would be a pretty long-term affair.

Even if you were paying no debt management fees, and all of the creditors agreed not to charge interest, you would be looking at over 11 years until completion.

i got letter from trustee the reason my trust deed failed was i couldnt keep ip with the payments cause my was getting cut my trustee is closing trust deed within 8 weeks what would you suggest is best for me

Hi darnk0,

I would read back over the comments previously made by Mark & Kevin.

They seem to be indicating that your Trustee should not be walking away in the manner described.

I think that you should push this issue further with your Trustee at this stage.

Trust deed assistant is right, as per my previous post on this thread, the Accountant in Bankruptcy's guidelines to trustees state that it is not appropriate to refuse discharge that is purely a result of a change in circumstances. If you were to bring this to your trustee's attention then they may change their position, and if not you would be within your rights to contact the Accountant in Bankruptcy and query this with them.

However, the result of the above course of action may simply be that your trustee makes you bankrupt instead, so I guess it depends on whether you are happy for this to happen or not that will determine what you do here. Trust deed assistant is also right in saying that a debt management plan will take a very long time to complete so is it really a better option than sequestration?