Welcome to the forum jarvie.

It's not possible to offer full advice within a forum environment, something I'm sure you'll want to do on a face-to-face basis before making any final decisions.

However, with very significant debts and a lack of assets, instinctively it feels likely that bankruptcy may end up being a route to deal with this situation that you'll seriously consider.

How much do you pay into the DMP at the moment? Is that a sustainable contribution, too much, or could you afford to pay more?

Is your wife likely to be back in employment soon? How would that change your joint capacity to contribute towards your debts?

Would either of your employement prospects be damaged by bankruptcy as far as you know?

Hi jarvie

Looking at all options, I dont think a debt management plan is workable. In DAS you would need to pay the total debt back which is unlikely. I think there is a reduced possibility with the Trust Deed as there is a major creditor involved. Could you let me know who is owed £300k.

Depending on level of contribution, a Trust Deed might be a slight possibility, whereas sequestration would not require creditors to agree.

Mark

HI

As TDA says, without a meeting it is hard to give advice as we dont have all the facts. Having said that, with that level of debt, I would think bankruptcy is possibly the best course of action. Just make sure you sit down with someone first, who can cover all the points, and answer your concerns