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If you are struggling with your DMP get advice and help here
By CabRide
#26912
Hello. Can anyone help?

I currently work in an office and we have just been informed the office will be closing, i am on a DMP with CCCS and still owe approx 20K and to add insult to injury my dad is disabled so he is moving into a bungalow soon so i need to look for somewhere to rent. Im very worried and want to know whats best as the lack of jobs at the minute i cant see me getting a job soon and a job that earns a decent sum of money a month to repay debts and carry on with my life and have aroof over my head. what are my best options available to me
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By Steve Jackson
#26919
Hello CabRide

I am sorry to hear about your situation. Will you receive any redundancy money? If so there is a possibility you might be able to agree full and final settlements with your creditors. If not or they will not accept the amounts you are offering, your best solution is bankruptcy. I know that this sounds bad but in fact for someone like you with no property and little or no income it is simply the best solution. It means that you will be debt free in 12 months and will no longer have this debt hanging over you.
By CabRide
#26928
Thanks for your reply Steve

Unfortunately I will not be receiving much in the way of redundancy. I have only been with the company for a couple of years.... I have been looking at the bankruptcy option but I am worried about having to give up my car. It is only worth about £1200 but I will really need it to find a new job as we live pretty far from the nearest town.
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By Geraldine
#26932
Hi there CabRide. If you are not likely to receive any redundancy money then as Steve says it does seem that bankruptcy would be a sensible option. In terms of your car if you need it to find work and then get to the job once you have it I am sure the OR will allow you to keep the car. Generally the value of the car should not be greater than £1000. You may actually find that yours in not worth much more than that anyway. However worst comes to the worse perhaps your Dad could give the balance over £1000 to the official receiver allowing you to keep the car.

The other thing you need to think about with bankruptcy is the cost. Even if you are unemployed it will still cost £525 at the court. Have you thought how you might be able to get this money together? If you are still paying the CCCS for your DMP I would recommend that you stop and put the money you save towards your bankruptcy fees.
By Carla
#26942
Hello CabRide

As the other posters have said it looks like bankruptcy is the right thing for you. Hopefully you will be able to keep your car. There are many examples of where the Official Receiver does allow this. See this post by davek where he was allowed a car allowance above £1000: viewtopic.php?f=3&t=17777

One of the issues as Geraldine mentioned is saving for the bankruptcy court fee. A sensible thing to do if you can would be to use whatever money you do get as a final payment from your employer to pay for this.
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By James Falla
#26974
Hi there CabRide

From what you have been saying I agree that bankruptcy looks like a sensible way forward for you. Have you valued your car recently? You might find by looking on a site like Used Car Expert that the value is actually lower than you fink. Failing that you might be OK with a car worth just over £1000 or perhaps a third party could pay the excess to the Official Receiver so you get to keep the car. Good luck with it and if you have any additional questions please do not hesitate to ask :)
By CabRide
#27007
I have been chatting through my situation with my Dad and he has said he will be able to pay the difference on my car for me if it comes to it. So my mind is made up and I have decided to go with bankruptcy. I have downloaded the forms from your site and am starting to go through them. One question so far.... What figures should i put down for my living expenses like rent as at the moment i do not know what this will be in the longer term.
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By Steve Jackson
#27014
Hello CabRide, I am pleased to hear that you have now been able to make a positive decision. In terms of your living expenses it would be best to try and get a view of the amount of rent you will be paying so that can be included in your bankruptcy Statement of Affairs rather than having to change it later. What type of accommodation are you considering? Renting a room (lodging) or perhaps a shared house?
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By Geraldine
#27028
Hi there CabRide

How are you gettign on with your bankruptcy application? Did you manage find out what kind of rent you will have to pay when you move out of your Dads?
By CabRide
#27047
Thanks for thinking of me Geraldine. I am in the process of sorting out where I am going to live and hopefully should move before Christmas. I have decided to get through the move and Christmas first then I will do the bankruptcy in early Jan. Thanks for all the help from this forum. Really great to know there is somewhere I can come to ask these questions :)