My Bankruptcy

[Wastedmoney]

Hi all, I took the step of bankruptcy on the 2nd April 2013, it was a painless and straightforward process, well except the build up.

 

I had been in debt for 14 years since I was 19, my total at bankruptcy was 51k unsecured, thanks to consolidating various loans and credit cards over the years. It's a long story but if anyone wants to know am glad to share, I didn't have anything to show for it.

 

I went to Croydon court and all I can say is that the staff were amazing, I arrived just before 1000hrs, the counter opened, my forms were checked, paid my money and was sent to the next floor to wait to see a judge, I had a short wait of about an hour whilst other cases were heard, my name was called, the door was opened for me and I entered a large room, there sat the judge, in a shirt and tie, I said "Good Morning Sir," sat down, the judge the. Said how much debt are you in, I said "51000 sir", "have you sought legal and correct advice," "yes sir I have, "then I will sign the form, have a good day," "thank you sir" and that was it less than 30 seconds and my life had changed.

 

As all of you know it's the letters, the calls, the weight of the world on your shoulders each day, trying to live a normal life but you can't.

 

For anyone who is worried about declaring yourself bankrupt, ask yourself could it be any worse than living with debt, I am not a criminal, I am an honest man who has worked all of my life, I made wrong financial decisions when I was young and have tried to pay that back, but struggled, family and friends have been amazing, these forums helped put my mind at ease, but I was so worried about the bankruptcy, I was scared and an emotional wreck.

 

When I was 17 and a half I joined the army, I spent 8 years as an infantry soldier, since leaving I have been a manager to large teams, worked in some amazing companies but all that time living in fear of my debt and being found out, after all if you can't manage your own finances how can you manage others, at some point I became disconnected and 2 people lived in me, I ignored stress in case I was found out to be a weak manager.

 

Bankruptcy was a thing to be feared, a last resort and shame, since being made bankrupt 22 days ago, my life has improved dramatically, I called all my loan companies and politely told them I was bankrupt, they were polite back and thanked me for informing them.

 

The guilt, shame, burden and stress was lifted from me when I went bankrupt. I now have to learn to budget, not waste money not borrow any either, my credit record is bad for 6 years, but my family and friends and especially my partner has helped me and supported me, it's tough for them, still have the OR telephone interview to go, but at least I can smile again.

 

These forums helped me, please read them and continue to support them.

 

I am more than happy to answer questions on my circumstances, choices as can say I have been there and done it, loans, credit cards, consolidation, debt companies, CCCS, pay plan, payday loans (why!!!!!!!) and worst of all I stole money from mine and my girlfriends savings account, I dug a hole so deep I had almost hit rock bottom.....

[slick132]

Hi WM and welcome to CAG

 

I've moved your post into your own thread.

 

Thank you for sharing your experience here.

 

I wish you all the best for your (already improving) future.

 

[Wastedmoney]

Hi all,

 

Had my official reciever meeting this morning, the guy was polite and very easy to talk to, he went through my I&E and said that as I had a surplus how would £325 a month sound, compared to CCCS who wanted £800 a month I was rather happy.

 

The OR told me to forget about the past and the mistakes I had made and move on with life.

 

Well 11months to go and 3 years of repayments and will be free!!!!

 

Remember in those darkest moments of debt hell there is life after!

 

I chose bankruptcy as I had no other choice, it's been emotional and a hard process but I am still alive and no longer carry a great big ball and chain with me.

 

Feel free to get in touch if you need help or advice.

[slick132]

Hi WM and thanks for the update.

 

[Happyhippy1959]

Really nice take on life wastedmoney, I have thought many times about it, my lodger has just gone bankrupt and it seemed so painless. Have about 90k of debt, secured loan and credit cards and loans etc. I am just waiting for First Plus to raise there head and ask for there 45k back and then I shall go. In rented accom no assets so again what can they have. Probably left with same as you so as you said, three years and it's over. I will look you up on site if I need advice