Work in Progress Statement

lol321

Hey, below is my work in progress cause of BR statement, could I have some feedback please. Thanks (looks a lot but only 2000 words)

I realised around October 07 that I was not able to pay back my debts. I had been borrowing off credit cards to pay for everyday living expenses and servicing my debt.
The main bulk of my debt was caused in earlier years when I was running some internet sites, I ran up a lot of debt by advertising these sites on a pay per click basis, the market I was advertising in was a very competitive market and to get any result you had to pay substantially for the position. In 2006 the market got too competitive and I couldn’t afford to keep up the websites as I had already incurred a lot of debt, I decided to pull the websites down and try to pay my creditors back as I was employed during this time as well.
In February 2007 I decided to get an unsecured loan to consolidate existing credit cards, I did this but I didn’t destroy the credit cards I cleared and ended up using these again to service my existing debt.
By October 2007 I knew I was in serious trouble and took some positive steps to try and get a grip of my debt, I decided to rent out my flat and move back with my parents, also I contacted Payplan for advice, the recommended that I go on a DMP and in February 2008 my first payments were under way, most of my creditors bar a couple ceased adding interest to any accounts.
Also in February I was made redundant from my job, I was actively looking for work till I eventually got offered a job in November 2008, during this time I was servicing my DMP and expenses by using my rental income and any savings I had.
When I eventually found work I looked at the possibility of an IVA as the position of my DMP hadn’t really changed, I was basically still owing the same as I started and it would have taken me over 20 years to complete. I approached a couple of IP’s recommended to me to see if an IVA was a viable solution, sadly the feedback they gave me was that it was not, this was due to MBNA holding the majority share of debt and my surplus wouldn’t have been enough.
[FONT=&quot]I then asked what my other options were and bankruptcy was suggested.[/FONT]

dalip

Looks good to me. Maybe add a few figures......as suggest by an OR who uses this site;) Dx

lol321

Cool thanks, didn't have a clue where to start then it just flowed, will try and add some firgures later

lol321

Have added a couple more bits to it, can you guys have a read please. Thanks,

I realised around October 07 that I was not able to pay back my debts. I had been borrowing off credit cards to pay for everyday living expenses and servicing my debt.
The main bulk of my debt was caused in earlier years when I was running some internet sites, I ran up a lot of debt by advertising these sites on a pay per click basis, the market I was advertising in was a very competitive market and to get any result you had to pay substantially for the position. In 2006 the market got too competitive and I couldn’t afford to keep up the websites as I had already incurred a lot of debt, I decided to pull the websites down and try to pay my creditors back as I was employed during this time as well.
In February 2007 I decided to get an unsecured loan of £20,000 to consolidate existing credit cards, I did this but I didn’t destroy the credit cards I cleared and ended up using these again to service my existing debt. Also around mid 2007 I was due to have a pay increase at work, but due to working in the financial sub-prime market, all increases and bonuses were put on hold.
By October 2007 I knew I was in serious trouble and took some positive steps to try and get a grip of my debt, I decided to rent out my flat and move back with my parents, also I contacted Payplan for advice, the recommended that I go on a DMP and in February 2008 my first payments were under way, most of my creditors bar a couple ceased adding interest to any accounts.
Also in February I was made redundant from my job, I was actively looking for work till I eventually got offered a job in November 2008, during this time I was servicing my DMP and expenses by using my rental income and any savings I had.
When I eventually found work I looked at the possibility of an IVA as the position of my DMP hadn’t really changed, I started with owing around £44k and still owe around £43K despite me paying almost over £3,000 to it, also it would have taken me over 20 years to complete. I approached a couple of IP’s recommended to me to see if an IVA was a viable solution, sadly the feedback they gave me was that it was not, this was due to MBNA holding the majority share of debt (60%) and my surplus wouldn’t have been enough.
I then asked what my other options were and bankruptcy was suggested.

dalip

yep good and about right.DX

lol321

Cool thanks, nearly there now