Seriously considering BR

[babybear39]

Unfortunately, my OH lives in the US so couldn't do this for me...

[caro]

Just spotted this Michael. How's it going mate? Have you reached any decisions yet?

[mcuth]

Hi Caro

Just spotted this Michael. How's it going mate? Have you reached any decisions yet?

 

Well I've weighed up all the options and reached the general decision that I will go bankrupt - it's just a matter of timing, getting the court fees and paperwork together. I'm also in the middle of cases with MCE Portfolio, LTSB and Logbook Loans - as always, I'm enjoying the battle and am confident about 2 of the 3 (LTSB not too sure about at the mo, but hearings will be a while yet) - so I'm loathe to actually file while they're ongoing

 

Have worked out the budget to present to the OR, and from my calculations it looks like my IPA could be less than 2 of the loans I used to pay!

 

Yeah, I'm sure my decision is made - thanks for asking hon

 

Cheers

Michael

[caro]

Sounds sensible to me. Although bankruptcy isn't an easy option, and will have repercussions on your ability to get credit in the future, reading the forums it's clear that for some it provides a blessed relief to be freed from the worry of unmanageable debts.

 

I'm so glad that you're sharing this with us, not only for you, but because you know as well as me that other people in the same situation may gain from your experience. I know you'll come through this as you always do.

[mcuth]

Sounds sensible to me. Although bankruptcy isn't an easy option, and will have repercussions on your ability to get credit in the future, reading the forums it's clear that for some it provides a blessed relief to be freed from the worry of unmanageable debts.

 

Aye, not an easy process at all, but a clean slate will be worth it. WRT credit availability - I've been living without credit for a couple of years really, and whilst it can be difficult at times, it's certainly not impossible. Plus, with the state of my credit file, I've already accepted that I won't be able to get credit for a good few years (not that I particularly want it anyway!).

 

I'm so glad that you're sharing this with us, not only for you, but because you know as well as me that other people in the same situation may gain from your experience. I know you'll come through this as you always do.

 

Absolutely - always happy to share.... well, some things anyway

 

Cheers

Michael

[caro]

Absolutely - always happy to share.... well, some things anyway

 

Yeah well not the beer obviously!

[Mr lex]

Just dropping in to wish you luck Michael, You have been such a font of information to so many people over the past two and a half years

 

I hope everything works out for you and wish you well for the future, take care.

 

Lex

[phat256]

good lcukt mcuth with our bankruptcy i am bnakrupt now for less than a week . although it is scary it is also liberating ...

[babybear39]

Good luck and best wishes.

 

I went BR last November and am due to be discharged any day now...

[mcuth]

Yeah well not the beer obviously!

 

LOL - you got that right

 

Thanks everyone for your kind words - I'll be sure to keep this thread updated when the big moment comes Certainly helps to read others' experiences - the more I think about & plan for my own BR, the more I'm actually looking forward to it

 

Cheers

Michael

[phat256]

be warned bankruptcy is not an easy option it is liberating yes but not an easy option !!! you will loose all asset and u will loose also your control over your finance up to a year ( too depend if you can get an early discharged) .

 

wether you move to australia or not you will still have to comply with the officail receiver .

however good luck for oyu and keep us posted .

 

have a llok at the money savings expert, threads below

 

http://forums.moneysavingexpert.com/forumdisplay.html?f=136

[tomterm8]

I entirely agree with you, phat, that bankruptcy is not an easy option. Its one I've personally had to recommend to a few people, however, and that is never pleasant. However, where a DMP would last for more than 7 years, and someone does not own there own home I think it is a very sensible option.

 

i don't honestly think by the point you apply for bankruptcy that you have any control over your finances anyway.

[mcuth]

be warned bankruptcy is not an easy option it is liberating yes but not an easy option !!! you will loose all asset and u will loose also your control over your finance up to a year ( too depend if you can get an early discharged) .

 

Oh absolutely agree - never said it was going to be easy, it's just I'm very prepared for it

 

wether you move to australia or not you will still have to comply with the officail receiver .

 

Umm, I'm not going to Australia Worse luck - am stuck in the UK for the forseeable....

 

however good luck for oyu and keep us posted .

 

Thanks mate, same to you

 

have a llok at the money savings expert, threads below

 

Bankruptcy & Living With It - MoneySavingExpert.com Forums

 

Thanks for the pointer

 

I entirely agree with you, phat, that bankruptcy is not an easy option. Its one I've personally had to recommend to a few people, however, and that is never pleasant. However, where a DMP would last for more than 7 years, and someone does not own there own home I think it is a very sensible option.

 

Indeed - the DMP I was on a couple of years back estimated 27 years to pay back! Imagine a *&%^$d credit file for that long?

 

i don't honestly think by the point you apply for bankruptcy that you have any control over your finances anyway.

 

Completely agree with that assessment...

 

Cheers

Michael

[blind-as-a-bat]

be warned bankruptcy is not an easy option it is liberating yes but not an easy option !!!

 

I totally agree it is liberating and the mechanics of going bankrupt is actually very easy but the realization that it is your only option and actually declaring yourself bankrupt and what follows is not. Hence why the forum you linked

 

http://forums.moneysavingexpert.com/forumdisplay.html?f=136

 

Was named “Bankruptcy and Living With It” as that’s the hard bit

 

 

 

you will loose all asset and u will loose also your control over your finance up to a year ( too depend if you can get an early discharged) .

 

The statement “you will lose all assets” is not true, most household items are never touched unless you have a something of excessive value, and some go through bankruptcy and manage to keep there car and homes, but this does depend on the situation.

 

Im also not sure why you say “u will loose also your control over your finance up to a year”? As from the date of your bankruptcy order your finances are your own business with the exception of evaluation of an IPA, usually at the beginning and around the midway point if it is deemed necessary and you must declare any increase in income or recieve a windfall of some description during the course of your bankruptcy and any subsequent IPA. True you may get asked to prove your income for the purpose of the IPA calculation, but even that seems rare,its usually taken on trust, but the official receiver does not control you finances after the date of your BO as such.

 

What you do lose is control of your finances before your BO date, is that what you meant?

 

i don't honestly think by the point you apply for bankruptcy that you have any control over your finances anyway.

 

That was certainly true in my case tomterm8, trouble is it took me too long to realize it:oops:

[babybear39]

Same for me too BAAB, but at least I did it and will be discharged soon :o

[mcuth]

Well, over a year since starting this thread, I've finally got my backside into gear, pulled the money together and I've made the appointment for beginning of October (local court is completely stacked out apparently).

 

Sooo looking forward to having a fresh start - dunno what I'm going to do with all the spare time from not having creditors to battle

 

Cheers

Michael

[babybear39]

Good luck and best wishes Micahel, I did it 2 years ago and feel much better for it

[mcuth]

Well, the deed is done - handed in my petition this morning to the lovely staff at the Court. Had to swear the affidavit - I chose the bible as I'd never sworn on a bible before (can't remember the other choice given for the swearing) - then handed over the £510 in cash (poor again).

 

Was told that I wouldn't have to see the judge (damn, I got dressed up for nowt) and went back to pick up the order around 1.5hrs later.

 

Apparently the OR will contact me in a couple of working days.

 

Feels a bit strange, not quite the ceremony I expected - but still sort of glad I didn't have to appear in front of a judge and get a telling off! Definitely glad it's done now though

 

Cheers

Michael

[phat256]

congratulation mcuth you are debt free now !

 

i knwo what u mean about the court procedure i found it rather painless , but when looking back i foun that taking the decision to go Br is the hardest part of it .

 

you will see form now on thing to get a lot easier i bet you feel relieve now like a weight has been lifted !

 

good luck for the future.

[toddle2u]

mcuth - well done. As said previously the hardest part is making the decision to do it. You will probably only have a telephone interview with the OR. Just be as honest as you can with him and you will be fine. Now when you get any letters from creditors just send them a copy of the BR Notice and ignore them after that. Good Luck

[babybear39]

Congratulations and welcome to the BR club

 

I did it in November 2007 and was discharged in July 2008, no problems

[Mr lex]

Well done Michael,

 

I'm sorry you have had to go though this mate, but as you say the deed is done now and your out of the firing line now.

 

Good luck for the future, and don't be a stranger.

 

Alex

[mcuth]

I also posted this on DQ, so apologies for using the same words, but they're just as applicable and the thanks is genuine

 

Thanks folks - it does feel great to have all that stress taken away.

 

The OR rang me last Friday and we had a chat for 35mins about my SoA - he said that if I could answer a few questions, he probably wouldn't need to interview me again!

 

So, I got asked a few questions about when and why some debts were incurred, my car, work and reasons for going BR. A very friendly bloke, and all in all, I would say it was a good and amiable interview.

 

Outcome was that my car is exempt, I'll only have a NT IPA and will hopefully be put forward for ED (though he did say that it might not happen and to expect BR to run the full course of 12 months, then if ED does happen, it's a bonus - yup, expected that)

 

Received the letters and that today, no request for statements or anything (am amazed at this), just got to fill in and sign the NTB2, TNIDIS, comments card and Ethnic Monitoring Form

 

Cheers

Michael

[sequenci]

Congrats!

 

By the way, for anyone reading this considering taken this route the Judge doesn't tell you off hehe.

[caro]

Glad it's sorted Michael. Here's to a fresh start.

 

x