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By SimpleSi
#21641
I have been paying my DMP for about 18 months but now I have lost my guaranteed overtime at work. This means that I will probably lose about £75 a month. I am paying £180 into my DMP at the moment so this will take the amount I can afford down to about £100 a month and mean that I am going to be paying my debt back for years. I have thought about bankruptcy but I do not want to be evicted. I rent privately. Any suggestions?
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By Hayden
#21649
Hello SimpleSi and welcome :)

Sorry to hear that you have lost your overtime. I think it is a pretty common thing at the moment. If you are renting and your DMP is going to take you a long time to repay your debt then bankruptcy might be a good option to consider. If you are renting from a private landlord then generally speaking you will have nothing to worry about.

You need to be aware that your landlord would be told about the bankruptcy. However if you speak to them first and explain that it will mean that you can still afford to pay the rent and in fact it will make their rent payments even more secure, I am sure they will be fine. If the landlord knows you and you have not missed payments in the past, I am sure they would prefer you to remain in the property rather than have it empty and have to find a new tennant who might not be such a good payer.
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By James Falla
#21686
Hello SimpleSi

As Geraldine has said, your landlord may well be sympathetic if you explain the situation to them before hand. They will prefer to stick with a paying tennant that they know rather than have to find someone new. I know it is not easy but I would try to have a chat with them and see what they say.
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By Geraldine
#21713
Hello SimpleSi. From what you have said bankruptcy does seem to be a sensible option. I am sure your landlord will be OK. What do you think? Do you have any kind of relationship with them at the moment? How do you think they will be likely to react?
By SimpleSi
#21798
Hi everyone and thanks for your replies. Sorry I have not posted again sooner but I have been unable to get to a computer. I will take your advice and speak to my landlord. I just thought that if I went bankrupt I would be automatically eveicted. I will let you know how I get on.
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By Hayden
#21813
Its great that we have been able to help advise you SimpleSi. You are definitely not automatically evicted form your property if you declare yourself bankrupt. :)

As I mentioned previously I am sure your landlord will be reasonable if you expalin the situation. Let us know how you get on. If you have any further questions we will be here to help.
By SimpleSi
#21825
Well I spoke to my landlord last night. I have to say that I was not looking forward to it... Anyway I explained the situation and luckily he was understanding. He said that as long as I maintain my rent paymentshe would not be concerned if I was bankrupt. What a relief... So I guess that paves the way forward. Can you just let me know what I need to do now. I have heard that the process for bankrutcy is quite complicated?
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By Geraldine
#21842
That is great news about your landlord SimpleSi. In terms of what you need to do next, the process is not actually that complicated. Have a look at the Beat My Debt how do I declare myself bankrupt information. This will explain what you need to do in detail.

The main hurdle is really completing your application forms which can be a very daunting task. You can download the forms in the guide highlighted above and have a look at them. If you have any questions then you can always ask them on this forum and we will be happy to help. But if you need more one-to-one help, I know Beat My Debt offer this service.
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By Hayden
#21855
Hi SimpleSi. Great news that the conversation with your landlord went well. In terms of how to move forward with your bankruptcy, Geraldine has posted a good link that you should have a look at. At the end of the day, you complete your application forms and then take them and your fee to your local county court. Given everything is in order, you will be declared bankrupt on the day.

As Geraldine mentioned, completing the forms can be a bit of a mission. My advice is have a look at them first. If you feel you will be OK then simply go ahead and complete them yourself. But if you think you will need help, then calling one of the experts at Beat My Debt will be the right thing to do.
By SimpleSi
#21880
Thanks guys, that link about how to declare yourself bankrupt is really useful. I downloaded the application forms and will have a look at them over the weekend. If I have any questions I will let you know. Thanks again for all your help so far. I am not sure where I would be without the help of this forum. Probably stillworrying about my landlord I would think. You are doing a great job. Keep it up :)