Disaster Strikes!!!

hally01

Hi Everyone!!!

Just wanted to tell the world "Were in the SH*T"

Just had a call from our estate agent that managed our flat and our tennant has given his notice (GREAT!!) so that means his last payment will be 24th July :mad:

Therefore we are definately going to go BR...

He is putting it on the market to sell, however at £137 but our mortgage is £149, were in debt up to our eyeballs so no chance of securing any additional money to make up the difference, therefore I must reitterate again were in the deepest sh*t imaginable!!

If there is anyone out there that would also like to come with to drown in their sorrows please feel free.... (It's probably the only freebie anyone will get for a while, so why not??)

Hally01 (actually probably more like minus 1 now):eek:

zoe2008

Hi Hally01
We are all or were in s**t at some point on here so welcome.
Have you taken any advice regarding BR?
I am also in negitive equity and going BR in the next couple of mths.
Try not to panic ( i know its hard )
Im sure someone will be along soon who is a bit more in the know than me.
Just wanted to say welcome.
Zx

hally01

Thanks Zoe, it's nice to speak with someone...

Yep we have been in the process for about six weeks now, we planned to go BR on the 10th September, however were probably more likely to do it in August now the tennant moves out at the end of Aug so the OR will be able to to count that in.

We have saught lots of advise and this is the only way out!

I finally got the courage to speak with my mum yesterday, and bless her she thought bancrupt means divorce for some reason and once I had explained she siad " well that don't matter then, as long as you and J are ok" doesn't matter if you have no money... so that was nice to hear and quite amuzing!!!

There is more to life than money!!!!!

k2nga

Why are you waiting till August if you have made your mind up? Have i missed something along the line which i guess i have.

I was told once you make the decision you may as well just get on with it and them you are also closer to get discharged as well.

sandywindsor

I was thinking that too....It took 2 weeks for me to get a court appointment!

hally01

Hi Guys,

We need to get the money together to actually go BR, therefore we have to wait until next payday.. yawn.. so were in the process of saving up enough money..

I was really scared about the whole thing at first but now I just want to get on with it..

How does it feel once it's gone through?

Hal

shadowdragon

hally01 wrote: »

Hi Guys,

We need to get the money together to actually go BR, therefore we have to wait until next payday.. yawn.. so were in the process of saving up enough money..

I was really scared about the whole thing at first but now I just want to get on with it..

How does it feel once it's gone through?

Hal

Its a good feeling knowing you dont have the weight of debt/mortgages hanging round your neck. And everyone I have told are ok with it, it doesnt have a stigma it used to have. But everyones circumstances are different, so I can only comment on my BC experience, but overall it was positive and something I had to address and I did address it and feel a lot better for doing so.

hally01

Thank you, it's good to know that there are other people out there that are in the same situ!!

shadowdragon

hally01 wrote: »

Thank you, it's good to know that there are other people out there that are in the same situ!!

People say "Its a rollercoaster of Emotions" and thats true, theres the "OMG OMG OMG im Bankrupt" moments and the "Thank god I dont have to worry whos on the other end of the telephone when it rings" moments.

But generally its ok being bankrupt, I wouldnt say I feel pysically different, its just nice not having that £40k of debt niggling at the back of my mind constantly.

zoe2008

Like you Hally01
we are trying to save the money for myself and OH to both go BR on the same day. Carnt belive it almost £1000.
Trying to save and give my young family a normal as poss life is a challange in its self without fending off phone calls and all that stuff!!
I am a firm beliver that it will all work out in the end for all of us!!!
Keep posting it makes thing better.
Zx

AllNancy

It's not for the faint hearted but once you've made the decision which is the hardest part then go for it.

Afterwards is a major relief although you still have to be on your toes as the OR doesn't always do his job as I have been finding out so get some photocopies of the form saying that you are BR incase yours is the same and you have to inform your creditors. At least you're ready.

Following that? I still have to stop and realise that any money I have is now mine. That is still a strange feeling after years of juggling and paying out.

Nancy