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Re: Bankruptcy
What I am saying is rather more complicated and nuanced than that. I am saying
1) that you have to avoid CCJs or they will wreck your credit record for 6 years from the CCJ date. Your creditors for the debts in the DMP have got a 4 year period during which they can try to pursue for these debts. I get the impression that there are quite a few of them? If they threaten court action you can go the CCA route and this has a reasonable chance of working as the debts are all old. But if one fails you could get a CCA.
Normally starting along this route would be a good idea, see how it goes. But the stat demand debt you have reached a payment agreement for will have to continue to be paid until it is gone and that is a large debt. That tips the decision a bit towards bankruptcy now to get it all out of the way?
2) And if you want a mortgage you need a good credit record AND to have paid off your debts. Being in a DMP with a good credit record will probably not be good enough to get a mortgage.
Your options for getting a mortgage come down to
a) going bankrupt now, starting to rebuild your credit record and save a deposit then try to get a mortgage after 6 years. If your partner has a very good deposit and you have a good income for what you want to borrow, this should work, with the help of a bad credit broker.
b) repaying your debts with Full & Final settlements as soon as possible. Your creditors may take low offers but this will demand a series of lump sums. If it's possible, it will put you in a better place than bankruptcy. But without seeing your finances in details I can't say if its possible.
Originally posted by tankusmaximus
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1) that you have to avoid CCJs or they will wreck your credit record for 6 years from the CCJ date. Your creditors for the debts in the DMP have got a 4 year period during which they can try to pursue for these debts. I get the impression that there are quite a few of them? If they threaten court action you can go the CCA route and this has a reasonable chance of working as the debts are all old. But if one fails you could get a CCA.
Normally starting along this route would be a good idea, see how it goes. But the stat demand debt you have reached a payment agreement for will have to continue to be paid until it is gone and that is a large debt. That tips the decision a bit towards bankruptcy now to get it all out of the way?
2) And if you want a mortgage you need a good credit record AND to have paid off your debts. Being in a DMP with a good credit record will probably not be good enough to get a mortgage.
Your options for getting a mortgage come down to
a) going bankrupt now, starting to rebuild your credit record and save a deposit then try to get a mortgage after 6 years. If your partner has a very good deposit and you have a good income for what you want to borrow, this should work, with the help of a bad credit broker.
b) repaying your debts with Full & Final settlements as soon as possible. Your creditors may take low offers but this will demand a series of lump sums. If it's possible, it will put you in a better place than bankruptcy. But without seeing your finances in details I can't say if its possible.
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