Hi jojo93.

Based upon what you've written, it sounds likely than bankruptcy via MAP could be suitable for you.

Do you own your home? Do you own any other assets?

no i am council i only have my husband wages i only told him about this yesterday i have phone local advice center they said i could do a das if a third party paid for it like my husband

Would you rather do DAS jojo93?

Would your husband be prepared to contribute?

yes going bankrupt scares me my husband would be prepared to contribute plus creditors would get there money back there has been reduce income in my husbands wages plus my son has moved out which is less money coming in

ps i have been in 2 trustdeeds before i feel so ashamed being in this position again

Hi jojo93,

Try not to beat yourself up too much about getting into debt again. It’s a lot more common than you think.

Having worked in this sector for over 15 years and dealt with thousands of clients over this time a lot of people when speaking about their debts and mental health said that spending money in that moment in time felt good. That could be buying stuff for the house or for their kids. It wasn’t on luxury good etc. I think there is a link here between spending money and mental health. I’m not saying that’s the same for you just that there are lots of people out there in a similar situation so don’t be too hard on yourself.

Are you or in the past have you been in a Trust Deed or a Bankruptcy?

Also the local advice centre suggesting a DAS, why did they steer you away from a MAP? On the face of it this would be a better option in my opinion as for £90 you could clear your debts and be debt free in 6 months rather than a long term DAS. Only benefit I could see with a third party DAS would be to protect assets.

I try and approach things from the basis how can a client get in and out of a plan as quickly as possible to move on with their life.

Don’t worry, we should be able to get you through this and well done for being brave enough to speak with your husband and reach out for help and advice.

thankyou swandog i have been in a trust deed in past over 17 years ago never been bankrupt i have to admit i do suffer from depression and what you said is true it is a good feeling i have been in touch with my local advice center today and waiting to get back in touch going bankrupt scares me to death would rather do a das and repay my debts i am worried if i go bankrupt it would effect my husband we dont have any joint debts we dont have a joint bank account so would it effect him

Hi jojo93,

I’d encourage you to have a right good serious think about a MAP.

Under this process you would make a payment of £90 and be debt free in 6 months.

As you have no joint debt with your husband and no joint bank account it’s very unlikely that you entering into a Bankruptcy will have an impact on him.

You need to look at what’s important when it comes to which option you decide to proceed with. If there is only one income in the household and there are kids to support then I think it’s about prioritising that over the repayment of the debts.

You should look at the budget to determine if your husband could afford to pay the DAS on your behalf.

If the debt is £5,000 and he pay’s £100 per month it will be repaid in 4.2 years. Paying more than £100 would reduce the timescale.

Everyone always feels a sense of responsibility about paying back the debt as they have spent the money but sometimes due to affordability that just isn’t possible. Feeling like you are only going into a Bankruptcy for £5,000 of debt can feel like a big decision but if you don’t have the money to repay it can be the best option.

Vary rarely do I speak with a client and they want to proceed with a Bankruptcy. It’s always something that they are really worried about but once I take the time to explain it all it can actually be a very simple and straight forward process depending on your circumstances.

Based on what you have said, your local advice centre could assist you with the paperwork i.e. evidence of your debts, bank statements, you would pay the £90 fee to the Accountant in Bankruptcy and your Bankruptcy would be official. Letters would be sent to all of your creditors to let them know and in 6 months’ time providing your circumstances are the same then your free.

Speak with the advice centre to look at all the options and then make the decision that best suits your circumstances and feels the right one to you.

i dont have any kids to support my son is moving out finish uni this year he wants to be an accountant just me and my husband one wage i cant claim any benefits would it effect him if he apply for a new job alot of jobs now are credit checked also if i went bankrupt do they do a ppi check

Hi jojo93,

It’s very unlikely that your situation would have an impact on your husband’s job prospects. You have no linked accounts and no joint debt. I would suspect any credit check for him regarding a job application would be on his credit information only. I’m not an expert on credit ratings etc. so can only tell you what my understanding of it is.

Yes if you go into a Bankruptcy it’s part of the course for a PPI check to be done. Have you looked into this? Is this an issue for you?

I would work out exactly how much debt you have. Then you can look at options. You could check your credit report. Noddle is a good free one.

i was in a trust deed before if they do a ppi check would the money go my old trustee i have read on before trust deed could reopened to claim ppi some of my of my debts in the past was in joint names with my husbands was also Ina trust deed 17yesrs ago if discovered that there ppi on joint loan debts could they reopen his trust deed well 17 years ago to claim ppi

I think it’s extremely unlikely that a Trust Deed from 17 years ago would be reopened for PPI. Recent court action covers this off.

Why don’t you look into PPI yourself before going down the MAP route? You could find you have PPI and this refund could be enough to clear the debt.

thank you swangdog for the advice you have giving me today has been a big help

You are welcome jojo93.

Try not to worry. There is a way out and a way to deal with the debts, it’s just working out which option is best.