Should I get a DRO or stay on my DMP in my 20s
Hello,
I am early to mid 20s and on PIP I have a mental health condition that makes working consistent hours very difficult. I am currently in over £40K debt on a 0 hour contract
I have a DMP through stepchange in place but at this rate it will take me 9 years to pay off, the stress of the debt is wearing me down and because of my condition and work patterns I find it difficult thinking I’ll pay it off.
I live at home, I got into the debt due to lack of financial literacy, debt being normalised in my family, delusions and symptoms of mania.
I tried already contacting the banks for irresponsible lending as I got approved for a 15K loan to consolidate my debts but then I wasn’t able to afford the repayments but because it was for debt consolidation they said it wasn’t irresponsible lending despite the combined interest of the loan and the loan amount being well above 80% of my yearly pay.
I am not sure if I should just go through the public humiliation of being on the Insolvency register for 6 years
Or preserver for 9 years.
I’m not too worried about my credit score as it’s currently below 200 and I know it can be rebuilt before I went in over my head, due to worsening symptoms. I always used to pay the balances off in full every month and tracked expenses.
I don’t know what to do and was looking for some advice.