We are in debt and have st up a debt management plan but it is so unrealistic.
We owe 40k and they have said that it will run for 25 years!!
We were told that there was no pint in going for an IVA because 40% of our debt is with Northern Rock.
As I see it our only option is bankruptcy but this will not benefit anyone as the creditors will stand to gain less than if we paid an IVA.
Why do they do it?!!
Please do not give harsh or unpleasant replies. I do not know how the debt has mounted up. We do not have flash cars, do not go on holidays, do not drink, smoke or do anything excessive.
We have two young children so I can only work 20 hours a week but my husband works 60+ hours so we don't just sit on our arses.
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