advising Bankruptcy!! Can I get some advise?

[c.t]

I am in a situation where I have been paying a min payment of £1 to my 5 creditors for the past 6 months. I sought advice from CCCs but as my income was less than my outgoings at the time, they were unable to help, now I have a new job that is around £200 more a month, therefore I recontacted CCCS as they said to do so in 6 months. I had my review yesterday and they are now advising Bankruptcy!! Can I get some advise? I have a shared ownership property of which I own 25%, 75% is housing association, its an interest only mortgage, and I have a car on HP. My debts are around £48K, I have the option to get a lodger in at around £400 a month. I wanted to consider an IVA, but also wanted to know what the longest term you can have a DMP for is and do the creditors just write the debt off after a certain period?

[Adam Davies]

Hi
How much disposible income do you have at the moment,without a lodger,after paying your normal living costs ?
There is no upper time limit for a DMP but unless you pay a substantial amount each month you will never get to the end of it.Creditors do not write off your debt after a certain time period,they usually pass your debt onto a third party for collection.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp