SOA - Reason for bankrupty - opinions on this please

wendywoo1982

Hi, i had this in another thread but could do with a fresh take on what i have wrote for my resons for needing to go bankrupt. Any advice/changes to make would be a great help. Thanks

"My problems began when i got my first credit card in 2005 and maxed it out on stupid things i didnt need, then took another card out to transfer the balance, only i didnt get rid of the first one like i should have. And so now with 2 cards both maxed out i started missing payments. Then came the store cards to get clothes i could not afford to buy with my wages.

After a couple of years of struggling to make the monthly payments i sought advice from my local CAB office in April 2007 who advised me to request agreements with my creditors to freeze my interest and accept lower monthly payments, which they did and after 2 years i am still £15,000 in debt and feel i am getting nowhere fast.

Since Christmas 2008 i have been again struggling to make monthly agreed payments to 2 of my creditors and have had to turn my phone off to stop the 0800 numbers ringing me.

At the rate i am paying my debt off it will take me at least another 4 years by which time i will be 31 and still living at my parents. This is why i have decided to declare bankruptcy, after a year i can then get my credit rating back up and apply for a mortgage and have money top save for a deposit."

So what do you think??

philnicandamy

wendywoo1982 wrote: »

Hi, i had this in another thread but could do with a fresh take on what i have wrote for my resons for needing to go bankrupt. Any advice/changes to make would be a great help. Thanks

"My problems began when i got my first credit card in 2005 and maxed it out on [STRIKE]stupid things i didnt need[/STRIKE] various living expenses (never say stupid things etc the OR wont like), then took another card out to transfer the balance, only i didnt get rid of the first one like i should have. And so now with 2 cards both maxed out i started missing payments. Then came the store cards to get clothes i could not afford to buy with my wages.

After a couple of years of struggling to make the monthly payments i sought advice from my local CAB office in April 2007 who advised me to request agreements with my creditors to freeze my interest and accept lower monthly payments, which they did and after 2 years i am still £15,000 in debt and feel i am getting nowhere fast.

Since Christmas 2008 i have been again struggling to make monthly agreed payments to 2 of my creditors and have had to turn my phone off to stop the 0800 numbers ringing me.

At the rate i am paying my debt off it will take me at least another 4 years by which time i will be 31 and still living at my parents. This is why i have decided to declare bankruptcy, [STRIKE]after a year i can then get my credit rating back up and apply for a mortgage and have money top save for a deposit."[/STRIKE] i'd leave that out as the OR will think "hmm bankrupt then after discharge looking at more credit
So what do you think??

Apart from a slight change it dont look too bad

dalip

wendywoo1982 wrote: »

Hi, i had this in another thread but could do with a fresh take on what i have wrote for my resons for needing to go bankrupt. Any advice/changes to make would be a great help. Thanks

"My problems began when i got my first credit card in 2005 and maxed it out on stupid things i didnt need, then took another card out(date) to transfer the balance(amount), only i didnt get rid of the first one like i should have. And so now with 2 cards both maxed out(amount) i started missing payments(date). Then came the store cards(name them) to get clothes i could not afford to buy with my wages(of ....amount).

After a couple of years of struggling to make the monthly payments i sought advice from my local CAB office in April 2007 who advised me to request agreements with my creditors to freeze my interest and accept lower monthly payments(of... amount), which they did and after 2 years i am still £15,000 in debt and feel i am getting nowhere fast.

Since Christmas 2008 i have been again struggling to make monthly agreed payments to 2 of my creditors and have had to turn my phone off to stop the 0800 numbers ringing me. now not sure you should say this as it may be seen as favouring a creditor

At the rate i am paying my debt off it will take me at least another 4 years by which time i will be 31 and still living at my parents. This is why i have decided to declare bankruptcy, after a year i can then get my credit rating back up and apply for a mortgage and have money top save for a deposit."

So what do you think??

You need to say where you have had recent legal advice from and if they reccomended bc then say so.

These comments with phils should be much betterDx

Tobiwan_Kenobi

As said above, I'd definitely remove the last paragraph as it suggests you don't really have any remorse.

wendywoo1982

philnicandamy wrote: »

Apart from a slight change it dont look too bad

thanks very much, very helpfull

wendywoo1982

dalip wrote: »

You need to say where you have had recent legal advice from and if they reccomended bc then say so.

These comments with phils should be much betterDx

Again very good advice thanks

wendywoo1982

dalip wrote: »

You need to say where you have had recent legal advice from and if they reccomended bc then say so.

These comments with phils should be much betterDx

This is my revised reason, after looking through my statements i noticed i cant have transfered the balance so its changed. It seems long though but i dont see how i can explain how it happened without all this detail. It is only 1800 characters though and you are aloud 4000 so i guess it could be longer! LEt me know what you think. Thanks

"My problems began when I opened my first credit card with Virgin with a credit limit of £2000 in December 2004 and by February 2005 had maxed it out on various living expenses. I had also already made a late payment which incurred a £25 charge. As I could not use this card anymore I then opened a store card with Style in June 2005 which could be used to take out cash and available in various stores with a limit of £1000. With this card I started to take out large amounts of cash to pay my Virgin card, only I did not destroy the Virgin card which I should have. Then I started missing payments on both cards incurring more charges. Then in 2006 I opened a RBS credit card and Egg card to try and pay off my other cards which I did but did not destroy the cards.

In March 2006 I took out a loan of £8,500 plus interest and insurance which made it £13,376.40 with RBS to pay off my cards. Unfortunately I had not learned from my mistake and still did not get rid of my cards so they just got used again. I also had overdrafts which I lived in constantly.

After a couple of years of struggling to make the monthly payments and only ever making the minimum when I did, I sought advice from my local CAB office in April 2007 who advised me to request agreements with my creditors to freeze my interest and accept lower monthly payments using a expenditure sheet with equitable payments shared out between my creditors. They accepted the agreements and after 2 years I am still £15,000 in debt and feel like I am getting nowhere fast.

Since Christmas 2008 I have been again struggling to make monthly agreed payments to my creditors.

At the rate I am paying my debt off it will take me at least another 4-5 years. I have certainly learned from these mistakes and feel I was very naïve when opening all of these cards and never want to be in this kind of position again."