I'd like to know if anyone has any info on co.

[go_4_broke]

Hi Kirsty

The short answer is it should be no problem, providing as Andy says the £7.5k(ish) can be raised. Any IP should be able to confirm this.

However based on what you've said previously about the partners finances, that might make Bankruptcy a much less attractive option !

Here's another possible approach. If you leave out the NR stuff and the Student Loan, because they are both special cases, your main creditor is the Halifax with £14k or £16k if you include the credit card.

You might try negotiating direct with the Halifax to get the payments down, perhaps to half or a third of current levels by spreading the loan(s) over a longer period and/or if you have enough chutzpah, get them to freeze the interest as well. Then use any spare money to snowball off your smaller loans starting with the £150 one which is probably high interest. You should get to a point before too long when you've just got the Halifax ticking over and if you have enough equity you can look at a remortgage/secured loan if you want.

That way you haven't upset anyone (except possibly the Halifax) and your credit rating isn't even as shredded as it could be.

Best Regards

Oh and I would agree with Andy about the employment side of things in Bankrutcy, unless you work in law or financial services you might find your employers are monumentally uninterested.

[kirsty1]

thanks all for your replies. i have just started out on a debt management plan. my credit record seems to be at rock bottom at the moment anyway. before the plan, i had applied for a secured loan but the payments were almost as much as i am paying out now anyway. and i contacted northern rock about borrowing some more on the secured loan but they refused the application. we are tied-in to the mortgage until 2012. is my credit record not ruined by the DMP , therefore maiking remortgaging nigh on impossible? i am going to look into doing an iva still - although it might not be possible due to student loans and northern rock.

[go_4_broke]

Hi Kirsty

Whatever route you take is going to stuff up your credit record to a greater or lesser extent.

However your problems in getting further finance are more likely to be down to the problems at Northern Rock and the so-called 'credit crunch' which is making borrowing far more difficult for anyone in a marginal situation.

A good mortgage broker might be able to help you, there are several who post on the site, but one advatage of the DMP is that it allows you to bide your time till things settle down a bit.

Best Regards