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I am currently in £36000 debt, dealing with a company called pay plan. (bebecoming very difficult) I am seperated from my husband and need him to remain unaware if possible. I have considered declairing myself bankrupt? Help

Hi trudy

How much are you paying to Payplan each month, and are you noticing that your debts are reducing at all. If not, this is probably because the creditors are continuing to charge you interest.

If you have no assets, and are really struggling, then bankruptcy may well be a better option. This is publicly advertised though, so if your husband still lives in the same area as you he may read about it in the paper.

Can you also confirm who your creditors are and how much you owe them all individually.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi melanie
i am paying £500 a month.
i know all creditors and how much i owe.
I didn't realise that i would still recive letters and calls from creditors.
is an An IVA better for me or would it be worth sticking with payplan. if it came to it and i had to go bankrupt would it affect my husband as we are only seperated. thanks for your reply

Hi trudy

On the basis of the figures you have presented, I do feel that an IVA is an option for you and would bring the following advantages:-

1 Creditor cannot charge you ongoing interest.
2 The IVA runs for a set time period - usually 5 years
3 Creditors will not continue to contact you
4 A dedicated insolvency practitioner will act for you.

This will only work, however, if you feel that you can afford to make a regular affordable payment. I certainly think that you should seek more specialist advice on this matter - and any experts on the forum would be more than happy to have a chat with you. I am suprised that Payplan did not suggest an IVA as an option to you. How long has the DMP been running for?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

my DMP has only been running for 4 month, and they have suggested it could take 6 to 7 years.
I can make regular payments thats not a problem at all. I just feel im not getting any where. would it be a problem with payplan if I were to get an IVA. They have never suggested it.