Hi to all I am new to the forum etc and after several years of worry, angst arguments with the wife and sleepless nights, I declared myself bankrupt last March owing well over £100,000 in personal credit card debt etc. I would like to advise anyone worried about doing it to know that it was the best financial decision I have made in my life! I now sleep at night Thankfully I have a good job and have set up an IPA for under £300 per month ( my old outgoings to creditors were over £1900)
I have been allowed to keep my car and although my equity in the house is now the OR's My house will soon be in negative equity at this rate and the OR has told us my wife can buy it for £1. I have a basic Nationwide Bank Account and they have been great! The OR has told me his investigations are almost complete and I could be discharged by December
I am not proud of the mess I, and no-one else, made of my finances but I urge anyone reading this in a similar position, to take the decision. In my opinion IVA's bleed you dry for 6 years + My advice to all is be 100% honest with the OR and they will be fair with you. Everyone should be very very certain that Personal Bankruptcy is going to mushroom in the coming (supposed) recession There is no stigma any longer and it is wonderful how the debt collecting "rotweillers" soon change there appoach when they are quoted a Court reference Try It! they become kittens and are full of apologies.
Thanks for this message. It has been a lifesaver for me to read other people's stories about bankruptcy. We are booked in for 24th July. We have very high debts also. It is reassuring to know that people can come out the other side!!!
Many thanks for sharing your experience with the forum. I am planning (early next month) to interview a few people about their experience of BR. Is this something you'd be interested in participating in?
New to Forum and Bankruptcy
Posted - 16 July 2008 : 16:14:38
