Opinion please statement for cause of bankruptcy.

DON79

Hi I think it can be as long as you like, or as long as you feel is necessary to explain what has happened to you. Some people on here have been very brief and nothing has been said, so maybe it just depends on the judge you get. I want to try get a medium sized explanation but not sure mines falls into that category really . I tend to try explain things too much and then can't remember what I said afterwards. So I wil try say not too much and not too little in the hope that the paperwork will say it all for me and I won't have to answer too many questions from the OR or the Judge!

OhDear

Hi NIDA,
I was the same. Mine was short, I posted it here:

http://forums.moneysavingexpert.com/showthread.html?t=1258131

You can see the reactions from some of the regulars.

It was fine for the court, but as I'm still waiting for OR interview, I don't know how they will read it? I'm now preparing some more indepth analysis in anticipation that I will need to give a fuller and more detailed explanation when asked.:rolleyes: I supose it could be argued that the OR interview may be easier if one give a more satisfactory explanation at this stage. I just felt it would delay BR too much and I might give more info than required. OD

tommo20

DON79 and Neverindebtagain

This may help....
I wrote the whole thing out in a word document (this was after I'd lost several pragraphs by forgetting to save it online) I then spent about 2 weeks (yes 2 weeks) editing and adding bits I'd thought of in my sleep. It was still too long so I wrote the dates in short format and used symbols when possible and abreviated words, deleted all punctuation unless absolutely vital or tried to find shorter words etc.
Once it's finished you can copy and paste it ito the space provided on the online form and you can keep doing this until your happy. Word also has a character count facility so you can see if it will fit or not.

It was good therapy too once I got stuck in
Good luck

DON79

Thanks tommo, i have mine saved in Word, I have already revised it about three times tonight and I only wrote it tonight! But I have pasted it into the forms online and saved online, but I don't think what I have above is the final edit. I will see what comes to mind later or what pointers I get from here too. :T but I have completed about 90% of the forms online, I have to do the fiddly bits about tax codes and stuff which will need to find a payslip for. so will probably be on here when it comes time to submit the forms for final answers to all my questions!

tommo20

Just keep chipping away bit by bit.

DON79

Hi, chipped away at my statement again. What do you think?

I realised in December 2007 that I had a problem repaying my creditors. My income cannot service my debts and I can see no realistic prospects for repayment.

We moved house in September 2006 to get away from harassment and anti social behaviour directed at us in our former rental property. We incurred moving costs and home repair costs of about £2000 at this time. I had two babies close together and the two periods of maternity leave caused us to struggle financially. We struggled with basic living expenses and used credit cards to support us during this time.

However as I had planned to return to work on a full time basis, I anticipated no problems in being able to fully repay what I had used on credit cards. Upon my return to work, I found that the nursery costs were more expensive than I had budgeted for, so I did use the credit cards to cover the shortfall each month. I tried taking out a loan to consolidate some credit cards and loans however this only improved the situation over a short period of time.
My work also had overpaid me and reduced my wages to reclaim the monies which reduced my monthly income further.

I realised that I could not continue in this way and I contacted National Debtline and CCCS as well as an employee debt advice helpline provided by my employer.

I did set up a debt management plan but not all of the creditors have stopped charging interest so it is difficult for me to see how I can repay all the debt owed.

The debt management plan has become more of a struggle as our budget is tight and the bills have gone up since I agreed to pay £64 per month. I cannot continue with the Debt Management Plan and the fact that it is expected to take me a further 50 years to clear my debts is causing me stress and periods of depression.

My husband and I work shifts opposite each other in order to share childcare and avoid childcare fees which are too expensive for two children. We have no family locally who are able to help with childcare while we work.
I feel that bankruptcy is the only way that I can move on from our current situation and I accept and understand the implications and effects of bankruptcy.




Thanks.

DON79

oh now that posted it, it still looks really long!

when it asks if you have lost any money through gambling, do you have to put down money spent on scratchcards and lottery tickets?

LilyBart

It looks good to me, Donna. Very frank and very clear, very well prepared. Keep the longer version somewhere, so you have it to hand when you have the telephone call, cross-ref with the list of debts, and annotate with dates. They may not want that much detail, but you'll feel better if you have a clear picture of the history. Re gambling, I took that question to mean big sums in casinos or habitual bets on the horses. Don't know what every one else thinks, but I don't imagine they mean the odd lottery ticket.

JCS1

Detailed can be good too, one person once attached 3 pages of typed reasons - and as a result I didn't bother interviewing as I felt I couldn't find out anymore. But go with what you're comfortable with.

DON79

JCS1 wrote: »

Detailed can be good too, one person once attached 3 pages of typed reasons - and as a result I didn't bother interviewing as I felt I couldn't find out anymore. But go with what you're comfortable with.

Hi JCS1 given that you have seen the first draft and the revised one, which do you think would be best?

I really can't decide whether should just say all in the written statement or expand on it later on in the OR interview.

Thanks for the advice though.