Does this sound ok for reason for bankruptcy

tigerfeet2006

Why make your life more stressfull for years to come, when you have been given advice that BR is an option for you. THIS TIME NEXT YEAR YOU COULD BE AUTOMATICALLY DISCHARGED AND NOT HAVE TO DEAL WITH ANOTHER CREDITOR EVER. (oops! sorry caps) A better life.

geministar2008

When you have gone BR you will feel so much better and think why was i worried? I know i did.

If you have been advised to go BR then i would go ahead with that advice. You could continue to pursue creditors with reduced payments. I was on a DMP for nearly a year. Some of my creditors still added interest which was increasing my debt as they were not getting enough each month to cover the interest. I was estimated to be debt free in 2046!! due to the interest etc.

How much surplus income do you have at the moment? If you have around £100 a month you could enter into a DMP that way the organisation you deal with takes some of the weight of your shoulders. They speak with your creditors and write to them for you with your repayment proposal, whilst you are in a DMP you can tell your creditors your are on a DMP and refer them to the organisation dealing with it, so you don't have to speak with them.

I used Payplan and they were very good, they even let me reduce my payment to £32 a month at one point when i was really short, in the end i couldnt afford the £32 a month so i had no other choice BR was my only option. I wish i hadnt paid all that money out and gone BR a year earlier.

betterlife2009

Cant cope with this now
So confused and dont know what to do
need to log off and think what to do
Thank you all for your support and info
I will be back on tomorrow
x

geministar2008

xxxxxxxxxxxxxxxxxxxxxxxxxx please try and stay positive i know it is so very hard :-)

philnicandamy

Everyone one way or another here has come to bankruptcy as a decision it has to be the WORSE confusing times I ever faced its a heck of a rollercoaster ride for sure...BUT you'll get all the help & support you need from the guys & gals here...things may seem bleak now but it'll get easier with help...it did for me!

Keep posting & stay in touch

JCS1

If you have any of the stock left, don't try to sell it. The OR will probably be interested in taking this to sell (depending on what it is).

And don't worry about the "incurring credit with no reasonable prospect of repayment" line - the OR will look at your overall picture, i.e income againt outgoings and see if you could manage minimum repayments etc before coming to any suggestions.

betterlife2009

Sorry its me

What would happen if 50% of my creditors agreed to a token payment and froze interest and 50% didnt agree
Would they issue a ccj and if so does this freeze interest

Sorry to be a pain but I dont know which way to turn

betterlife2009

Good morning all

Still dont know what to do

tigerfeet2006

In a years time what would you llike your life to be like. On a DMP getting hassle from creditors because you can't give them more money this year. Having lots of phonecalls hassling you for more, dreading the postman coming because it may be another court document, wondering how you are going to eat this week.

Or looking forward to your AD and a brand new debt free life, knowing you have enough money for your regular bills, can eat and possibly a bit to save as well.

Dodger61

You did what you thought was right at the time, and for that no body should judge you for that. Hold your head up. As for BRO/BRU, it is not the worst thing in the world, in my opinion a slap on your wrist. Should you get one, and its debatable if you will, you can live with it. As I say hold your head up, face the music, do not be ashamed and move on. Good luck.