Some advice needed

A question about : Some advice needed

OK... I want to be as honest as I can here so that I can achieve the right advice from all of you lovely, knowledgeable and supportive folk. I can't tell you how sick I feel inside writing this, but I need to ask the questions and consider this as a serious option now.

I have debts of around Ј18k which I have been paying for through a DMP (Payplan) since 2009, at a very small rate. I currently work full time, but will be going back to university very shortly and so my income will be minimal and I just can't see a solution that's going to get me out of this any time soon. The study is self-funded because I want to progress a potential academic career and the course has been paid for. I will be living in student halls, as a mature student, for the duration of my course (2ish years).

I have no assets (other than the usual - computer / blu ray / tv but these are linked directly to my studies / subject) and my general possessions; no house; no car; no furniture etc.

I'm worried that these circumstances would lead to me being turned down for bankruptcy potentially, or worse still, having those possession I do have taken away from me, when actually they are key to me being able to complete my qualification.

I also worry so much about the future - being able to rent a house; maybe buy one further down the line... am I unduly worrying about this, or is it really as horribly difficult and degrading and anxiety inducing as I think it will be?

Do you still have to declare your bankruptcy after the 6 years are up? Or does the slate literally wipe clean and you can start again (albeit sensibly) to rebuild your life?

Sorry - my thoughts are all over the place and I'm down just re-reading all of this. I feel totally lost and worried about my future and some help / advice / guidance would be so much appreciated.

Best answers:

• Hi Shrewsfan
  I would echo alistairq's advice to speak directly with one of the free advice services, for two main reasons:
  (a) It's normally expected that you seek some advice on bankruptcy from a recognised source before taking the plunge;
  (b) It sounds as if you could also do with the reassurance that such a conversation would offer, as well as the practical guidance.
  A debt adviser would be able to go through all the potential implications bankruptcy might have for you - and just as importantly, could help dispel some of the scarier stories and myths that you may have heard.
  Good luck, and in the meantime I recommend that you read our guide to bankruptcy:
  https://www.nationaldebtline.org/EW/...y/Default.aspx
  Dennis
  @natdebtline
• Hi,
  With debts of Ј18k you may well be better off waiting until October and obtaining a Debt Relief Order (debt level in October Ј20k) as it is much cheaper at Ј90 rather than a BR at Ј525 - Ј705.00 and has less consequences (no IPA, no auto investigation, car allowed up to Ј1k,no London Gazette etc)
  DD
• so how would a DRO work with my assets? I have a laptop for my studies worth Ј700, a blu ray player a monitor (also for my studies, yes, really!) but little else... are these counted?
  To be honest, with my circumstances as they are due to be for the foreseeable future, it might be an option, but the thing is, I will have money in the bank because its been saved for me to be able to pay my living costs at uni, as ill have no income..
  on that basis, im guessing that wouldnt look twice at me?
• Just a thought is there guidelines to what income / expenditure is allowed on a dro? x