just to set the record straight.. comments welcome..

cd02

I'm 23 and yup come Monday I’m petitioning for my own bankruptcy.

I got into debt mainly because I was stupid and thought I knew everything, turns out I don’t!! Lesson number 1 learnt. I also started off at 17 thinking money grew on trees and I could get it from anywhere, it doesn't, lesson number 2 learnt. Lastly I took loan after loan to pay off and consolidate my money but ran into problems when I was in between jobs (was on a period of leave before starting my new job) and broke my hand. This meant I was missing payments and because I wasn't in work, I wasn't covered by the loan protection.

I looked for advice after advice and the most recent was by PayPlan and CAB; to go bankrupt.

This isn't something I want to do, come on I'm 23, I don't want this over my head but now its something that has been advised to me and I'm finally taking someone else's advice rather then thinking I can sort everything my way.

I'm sorry if people think that this is wrong and I'm sorry if people think I should pay the £50 right now (see post “need advice ASAP”) but when you really don't have £50 because everything you earn goes on essentials (food and rent etc) then how am I meant to pay it?

Also just to clear it all, I'm in about £40,000 debt, £15,000 of which is just interest!! I have nothing to show for the amount I owe, no designer ware, no cars, nothing, all money borrowed was just to fund day-to-day living and boy I regret it now, if only I’d listened to start off with.

Anyways there’s my story, lets here what people have to say then. I’m sure Dudleyboy will have something…

loubie_lou

I'll say it now.....if no ones got anything useful to say to the original poster then just bloody keep schtum!!

I read your other post and just follow the useful advise in it....keep everything locked and post back monday to let us know how the BR hearing went!

CLAPTON

Obviously your concern at the moment is Monday and bankruptcy. However, when its done and dusted you may want to post a 'after bankruptcy' SOA for constructive comments.
Best wishes

livilou

good luck for the hearing. fair play to you, you have stood up and admitted you got yourself into the situation rather than trying to blame everyone else for it. i think the key thing is you have said you have learnt from this, it's a hard lesson to learn but one that will hopefully set you straight for the future.

good luck.x

Jaelor

Hi there - you've got enough on your plate without worrying about the small minded minority on MSE. We're all here for help and support and no one wants to have sarcastic comments banded back to them when you've got the kind of worries most of us have.

I'm desperately trying to not go the bankruptcy route as I have a house and a 5 month old son, but its a legitimate way to go and you do whats best for you.

The very best of luck on Monday and if I were you, I'd secure the house whilst your out and get your girlfriend to go and have a walk and a coffee (£1.50!) and let the bailiffs get on with it until you can quote them your number.

Thefunkygibbons

Have you changed your lifestyle?

We would not want you running to the loan sharks just because you are no longer allowed formal credit as a bankrupt

As suggested, a post BR SOA would be a good idea

dudleyboy

ahh just pay the fift....... just kiddin'! hehe

Well what's done is done and lesson learned. I still think it's the easy option (you're 23 so you've got plenty of time to pay it all back - interest and all!!) but if that's what you've been advised then that's what you should do (i guess). anyway the best of luck to you. I doubt you'll be doing it again.

As for being in a small minded minority... you see(!)... it's very easy to make judgements about people, isn't it...

cd02

Weel thanks for all the comments people.. makes good reading..

and we'll just have to see what happens from here..

jesster_2

don't worry about the bankruptcy hearing. My OH had his earlier this week and i went along with him. All that happened was a woman went through the form with him and made sure it was all filled in correctly - she was perfectly nice and non-judgemental, much the same as going through any other kind of form for insurance or something... Then we went to a waiting room while we waited to see the judge... but after half an hour the same girl came back and said it was all sorted, the judge had reviewed the form and made the declaration without needing us to see him face to face.

it was all done and dusted in 90 minutes, and was surprisingly un-stressful. He's got his appt with the OR next week, which will take longer...

anyway, chin up. This is a chance to start again. And if you do feel bad, just remember how it feels so you don't get here again!

slash40

all the best. i went bankrupt last year having struggled for years to pay everything and making myself ill. court is not a problem, can be a lot of waiting around - take a book. had my o/r interview a few days later over the phone. some things they werent interested in, but large stuff such as my bank loan wanted to know a breakdown of where the money went. if you cant remember say so - as long as you have no works of art, expensive electrical goods, cars, jewellry etc you should be ok.
life isnt a bed of roses now, but at least i can pay my bills. i have a basic bank account with an electron card which is fine.i was never a spendthrift, but no credit = if i havent earned it i cant spend it. s

youngandreckless

Don't worry you should just focus on getting through monday, don't be afraid of being judged, at the end of the day if this is the best way for you to move away from your money troubles and start living life again, then you don't need to answer to anyone but yourself.
I think bankruptcy criticism has come about in the past when people haven't taken responsibility for the debt - ie they blame the banks etc rather than themselves.
What you have done is admirably brave and mature as you've taken responsibility and are solving it.
I would echo the other posters in making sure that you don't make the same mistakes again (if you're able), this has been my biggest challenge, but now I've nailed it I'm alot happier. Good luck and heres to your new future!