How much did you owe to go br

thatsyourlot

Just over 51000 for me....yikes!!!

Loans from way back (which would have been paid off at start of nxt year)

c/c using the 0% to go ahead with my business venture which I now realise aint doin so well. Have been managing to pay off the min payment each month on the cc but Im back to sqaure 1 once the interest goes on again.

I got a letter in the post yest from virgin (1 of my creditors) to let me know that after reviewing my situation with them, that as of aug they are raising my apr to 29.7%.... well if they didnt have a chance of me being able to pay it back before, how the heck do they think I can afford to pay anything back at that rate.

I have never missed 1 payment with any of my debts...ever... but this is now all about to change. My buisness has made a loss this tax yr so far (I started it 1st april which is the beg of my tax year) I have been "dipping" into my personel credit to keep afloat my business

Ive just got to a stage now where I feel I have no option but to go bust.

An extremey BIG lesson has been learnt by me & the word "credit" is now banned in our house..lol

xx

Lightattheend

Well my debt was just over 70k, made up largely from a mortgage shortfall (40k) and an unsecured loan (24K). The loan used for things like putting a conservatory on the house (didn't increase its value in the end), possibly a car and a caravan and who knows what else! Both the loan and mortgage were joint debts with my ex (who also plans on going BR). There were also sundary other bits including a CC which at one point was up to over 13k. I'd even had to get cash on my credit card to pay my childminder so I could go to work. The one good thing to come out of my redundancy was the insurance paid off about 6k of the CC debt.

I used to be fine and could just about meet my commitments but following a relationship breakup, redundancy from a very well paid job and then repossession of the house I just couldn't put my children or I through any more stress and heartache. My eldest understood what was going on to such an extent he once sold his packed lunch so he could give me the money!!

Bankruptcy is not an easy thing to do and is definetley a last resort (I tried a DMP first) but is sometimes the only way forward for folks facing a real struggle.

CJV_2

16k for me, or thereabouts, another 4k in student loan, which I have never earned enough to start repaying (old school student loans), this was due to student debt, rolled into 'now need furniture to live' debt and then on to 'what the heck did i buy' debt. Finally rolled into 'wow, my wage just dropped from 23k to 4k in two years' debt and then to 'I can't pay this' debt and now the OR has it. Oof!

Miss_Ratty

37k, simply stupidity on credit cards and loans...

Lost2

headoutofsand wrote: »

Quite true. He will go to court and get a fine for the MOT offence and depending on speed and previous points, 3 to 6 points and a £60 fine or more , depending on circumstance. He may find out his insurance is void and they may do him for that aswell.;)

He didn't have insurance as he's car was unroad worthy because he didn't have an MOT
May be you should say to him because of the likes of scum like you my car insurance is sky high....what comes around goes around

NicciJB

£75k - breakdown of a relationship/redundancy into unemployment. The debt was shared between me and my ex (70% his, 30% mine) but all the credit was in my name as he couldn't get credit. He went into another relationship and stopped paying the monthly payment to me. I tried to negotiate miminum payments at first but the bank (credit card) wouldn't be flexible and if I didn't pay £200 a month to clear they would demand the full amount. Completely ridiculous/unreasonable as I was on job seekers allowance by then - and that pushed me, hesitantly, into bankruptcy.

I'm not sure if things have changed since I declared myself bankrupt (2004). It certainly wasn't a pleasant experience as I lost my car (my only asset) and I fear not being able to get a mortgage in the future. But I have no regrets. The worst points were losing my car and not being able to have some sort of debit card for ages - you can't book a hotel, concert/cinema tickets or anything. It's a right pain in the rear!

Meanwhile, the ex got off scott free... :-S

Flowerpot_2

27k for me - illness, followed by loss of employment on one job & short-time on the other - no way out did try but kept digging a deeper & deeper hole - 'revolving credit' & all that - I'm still being offered loans post BR!!!!!!!! [STRIKE]Silly[/STRIKE] STUPID people
FP x

fatou256

it is kind of funny no matter how much we owe the cause are very similar to each other unemployment, illness, redundancy and so forth ...

Tinytim

Just over £200K for me when directors guarantees are counted :eek: The loans and credit cards look very huge and very stupid now the business has failed and the money has stopped coming in; I keep asking myself what on earth I was thinking of, but two years ago it al seemed so "normal".

Looking at everyone's total compared to mine sort of explains why the OR wants a face to face interview, and has told me to allow three hours :eek:.

So_Sad_Angel

I think amounts are somewhat irrelevant.

Its all relative to the circumstances. There are plenty of people with massive debt burdens that are quite easily manageable as the income is there to service them...when everything is going OK it just seems `normal`.

When misfortune happens it does`nt matter if it is 2k or 200k+...if the income is not there anymore then the problems will start.

Angiex

Btw Tinytim....it is normal for face to face when there is a business involved.