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Hi

 

I was declared bankrupt last thursday and still waiting for the OR to contact me.

I have been reading alot on here and am scaring myself stupid. Will they make me disconnect my internet and mobile phone? I need both to find work as I am on benefit at the moment ( I had to leave my job at the end of June). I have a contract for my 14 year old son too but this in in place of pocket money.

I can't go on job sites without the internet. I'm starting to feel scared and overwhelmed at the moment. I just don't see the point anymore. If they take my car I can't go for interviews. I just want to lay down and die :sad:

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Hi,

 

i can't offer any advice re the car but having gone through the process of bankruptcy i can tell you that i wasn't made to disconnect my internet or mobile phone and I was still able to privately rent my house and have a basic bank account for direct debits/bills.

 

If you have any questions you should ring the OR, you may not know exactly who has been assigned to your case but someone within the insolvency service should be able to help.

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Thank you for your reply Niniel. I am so scared at the moment and the more I read the more scared I am. Is there anything else you can tell me that may help?

Thank you x

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Hi Ginas1401.

 

I was made BR last Nov 19th. The whole process is an incredibly stressful time, but one, i promise you, will be worth it.

 

The insolvency Service are not there to make your life more difficult that it already is, they simply act on the information available.

When you have your interview, all circumstances will be discussed, and a decision will eventually be reached on what, if anything you pay your creditors.

To date, i still have my phone/internet contracts, and the prospect of having them disconnected was never discussed.

 

You really, really, really, do not need to worry.

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I'm just so scared. I can't stop crying. It feels like my life is over.

I'm ashamed that it has come to this. :Cry:

I'm so worried about the OR getting in touch. I will be terrified when i have the appointment.

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To make it worse the company that did this is one that I used to work for. I owed them 4k. It was a personal vendetta. With all my other creditors i made payment offers which were accepted. They would not accept my offer. I would ring to make card payments and they would say they had gone through but they never processed the transactions. They billed me for calls to my home when they never even came.

With all my debts it probably is the best thing to happen and i should really be greatful but i'm so angry.

One person did this to me, the MD of the company. I made them hundreds of thousands of pounds when i worked for them.

 

Yes i'm bitter :D

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What are you scared of.?

Crying is no bad thing. Its a horrible time after all.

Your life is just beginning, again.:D

I was ashamed at first. Not now.

The OR was the most sympathetic and understanding of ALL the people involved in the process. HONEST.

 

You are just a statistic to them now. Cold, but true.

They wont hang you, i promise.:p

 

Dont be angry. Lifes to short.

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I don't actually know what I'm scared of! Just scared in general. I'm normally such a strong character but this has brought me to my knees.

 

I was declared BR last thursday and I still haven't heard from the OR. Should I try and get in touch with them tomorrow? I can't stand all the uncertainty. I'm in the process of studying for a paramedic assessment and can't concentrate at all. I can't focus or think straight.

You say my life is just beginning again. How is that? Is your life better now?

Will you get discharged from yours soon?

Thanks for talking to me x

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In ALL of whats happened, the uncertainty is by far the worst.

For months i would wait for calls and letters that never came. Now i know they will never come. I wound myself up unnecessarily

By all means contact them i it makes you feel better. I doubt if it will speed up the process, but worth asking even if they give you an interview date.

If you cant concentrate, have a couple of weeks off. Do the things you have been putting off around the house.

BR for me, hasn't changed my life really, but i really do understand how it can change some peoples life.

I will be discharged after 12 months, but i have a assets to be disposed of.

Do you own your own house and how much is the car worth ?

Dont answer if you dont want to, but it will affect your position in bankruptcy.

 

Im still at work now. I should be home by 10 and will look in then.

 

Stay calm.

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No I don't have my own house. I lost that last year. There is 45k outstanding on that, in joint names with my ex husband. Went through a really bad divorce. Lost the house.

The settlement figure on my car is £4050. The trade value of it is £4500.

I have just phoned the national debt advice line. They said the OR cannot take it off me because technicallt because it is a hp agreement the car does not belong to me. Also I have only had the agreement for 11 months so not paid enough off it. They did say however that the finance company could take it off me. I have never missed a payment and have now put the direct debit in my boyfriends name. He will make the payments every month. The advice line said I should phone the finance company to discuss with them but that frightens the hell out of me. Want to stick my head in the sand and hope it all goes away! If i don't phone them , they won't know scenario.

You have assets to be disposed of? Do you have to do that or the OR?

What do you reckon?

Thank again x

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Im not convinced about the car. I would speak to the O R before the finance co. Technically they can deny you the funds to pay for it, but if you BF has agreed to take over the payments that should be OK. However, he might have to transfer the ownership to him also. I dont know. Im sure the finance co will just want reassurance that they will get paid. Deal with that if you have to. Dont make worries for yourself.

 

Start making a list of all your creditors. You will need to show proof, and possibly any credit agreements when you have your interview.

 

£45k Shortfall ?. Wow you are a lucky girl. All this gets written off if you cant pay. Along with every other penny that you owe.

If you have no assets to dispose of, you will probably get an early discharge after 6 months. Then freedom from debt.

 

Bankruptcy is not so bad. It just dosent suit me. But seems ideal for you.

 

The O R has 36 months from date of BR to realise any funds in my house.

Im not prepared to wait that long. I will decide over the next couple of months whats best for me. Maybe sell, maybe just hand the keys back. Maybe just walk away into the sunset, who knows ?

 

What i do know is that you really do not need to worry unnecessarily.

You will be fine. It just takes time.

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I believe they will go after my ex for the shortfall in the house now that I am bankrupt. Serves him right, i found a buyer, he refused to sell. I offered to buy him out, he refused. I did everything I could to avoid it being repossessed.

Think carefully before you hand the keys back. I bought my house for 250k in March 2007. The mortgage company sold it in sept last year for 185k hence the huge shortfall.

Sell it yourself if you can. The mortgage companies don't care how much they get for it.

My boyfriend can't take the credit agreement over as his credit is as bad as mine, but he can make the payments.

Does it get easier and if so when? lol

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If i end up with a huge shortfall, i will have no hesitation in going BR again.

Does what get easier ?

The stress/the worry ? sure they get easier, when ? from the moment you walk out from your interview.

You will be shocked at how easy and civil it is. You will have a huge smile on your face. Trust me.:p

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I meant if there is a shortfall i will go BR again. It will stop them adding the interest, charges, fees, and just about everything else for the 12 years they would have to pursue me. But 12 seconds if BR.;)

 

I have yet to read one person who regrets going BR. Only that they wish they had done it sooner.

 

You need to understand that the Insolvency Service are not judge, jury, and exocutioner. They just deal with the facts, and decide on the best solution accordingly.

 

If you have nothing to offer them, they cant take what you havent got.

 

The one good thing about BR is that in unburdens YOU from the debts that you cant pay.

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I know, but it's still fresh at the moment and stinging alot. I think you're right, i'll feel better once I have seen the OR, and know what is happening. I think i'm fearing the worst but I don't know what the worst is!

I've opened a Co-op bank account today just incase mt Halifax one is frozen. I'm trying to be organised after reading this forum! lol

God! Listen to me prattle on!:p

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I have just phoned the national debt advice line.

 

Did you speak to the National Debt Advice Line or did you call National Debtline.

 

The first one is likely to be a commercial firm whilst the latter is a Charity.

 

There are loads of firms who 'pretend' to be National Debtline who have very similar names...

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just looked and it was the National Insolvency Helpline that I called.

 

I urge you to give National Debtline a call, they will soon put your mind at rest.

 

0808 808 4000 (it's a free call)

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Hi Sequenci

Well I took your advice and called the National Debtline who did indeed help my mental state alot! lol

They could obviously not guarantee that I would not lose my car but thought it very unlikely. He told me that they are quite generous when working out how much you need to live on. I am on benefit at the moment so they won't set up a payment plan while i'm on it but i'm hoping to be back in work in the next few weeks. I'm happy to pay towards my debts. I didn't want to be banktupt. The debtline was amazed that a company went the whole way with the statutory demand. All they have done is ensure they won't get anything but it was a vendetta and it didn't come down to recovering the debt.

Thank you for your advice. Today is the first day in nearly a week that I haven't cried x

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Thank you for your advice. Today is the first day in nearly a week that I haven't cried x

 

I'm glad things are getting easier for you. I'm really hoping that you will stay around on our forum to assist others with their queries. Bankruptcy isn't a very nice experience at all BUT I really think that it is made a great deal worse by the stigma that surrounds it. If there are folks that can give hands-on assistance to the other forums members from a 'been there, done that' perspective it could be really helpful and encouraging to those who don't know what to expect. You're welcome to drop me a line any time you need, I'm pretty well versed in the process and should be able to give as much support as poss. You'll find that this forum is full to the brim of very knowedlegable and/or supportive folks who are keen to help in any which way they can!

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Thanks Sequenci, and of course I'm going to stick around on the forum. I've still not been contacted by the OR. Maybe they are going to overlook me ;)

If I can help anyone in the future I will. I'm sure I'm going to experience and learn quite a bit from this experience. The debtline guy was brilliant, I even managed to smile a few times lol

I've stayed in the house since it happened as if there was a banner over my head saying 'I'm Bankrupt and a total failure', but today I've been out buying school shoes for my youngest boy. I even let him have the bright red trainers instead of the boring black ones. Life is too short to be worrying.

(I hope I feel as strong tomorrow!) :shock:

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