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Pros & Cons

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Hi
I am just curious as to what people have found have been both the benefits and pitfulls of going bankrupt? I'm not but considering doing so and would like a well rounded view on it.

Thanks
Pip
x
Looking for solutions and hoping for a miracle!
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Comments

  • be all pros for me and a debt free life ahead
  • I'm not yet 2 months into my BR and can safely say it has been an excellent decision. That's not to say it's been plain sailing - MBNA have been dreadful using RMA as debt collectors. There have been downs, but much of that is to do with the fact I'm also out of work, just adding to the tension. I do have a very supportive OH, and that makes life much easier.

    Obviously I've a long way to go but, as I've said on previous occasions, I'm still enjoying living within my means - It's probably the novelty factor! Life's priorities change though - I'm no longer looking to earn as much dosh as I can, rather I'm looking for what I need to live and support my family.

    The weight lifting from my shoulders has been immense.
    “I contend that we are both atheists. I just believe in one fewer god than you do. When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.”
    Stephen Henry Roberts (1901-1971)
  • work to live rather then live to work
  • nervousmother
    nervousmother Posts: 2,885 Forumite
    Part of the Furniture Combo Breaker
    PRO: can finally say we are debt fee

    CON: just had a £480 gas bill and dont know how i can pay it (we pay 100 a month s/o)
  • CON: just had a £480 gas bill and dont know how i can pay it (we pay 100 a month s/o)

    Whoa! Have you been supplying your entire street?!?!?
    “I contend that we are both atheists. I just believe in one fewer god than you do. When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.”
    Stephen Henry Roberts (1901-1971)
  • nervousmother
    nervousmother Posts: 2,885 Forumite
    Part of the Furniture Combo Breaker
    Feels like it sometimes.
    We have to have the house at a constant temperature due to very poor circulation of OH.
    The last bill was estimate so its higher than normal but still got to find it. :(
  • sieve
    sieve Posts: 1,095 Forumite
    Feels like it sometimes.
    We have to have the house at a constant temperature due to very poor circulation of OH.
    The last bill was estimate so its higher than normal but still got to find it. :(

    Can you not ask them to let you pay it over the next few months at the same level where (because of summer) your usage is bound to be a lot less? That should even it out without you having to magic £480 out of thin air...
    BR 08/04/09 | ED 02/10/09 :grin: | BSC 255
    I made it through! :grin:
    Don't ignore a problem. Unlike a bad smell, it won't eventually go away.
  • jellygirl_2
    jellygirl_2 Posts: 491 Forumite
    Con would be name in paper, apart from that, no cons yet for me ( about 6 weeks in) - am just trying to get rented accommodation and have been really worried about this. Have spoken to an agency today though and they just want a guarantor and employment ref along with usual deposit, so hopefully...it wont be a con, but will wait and see.
    :j Goodbye debt - Hello sanity! :j
  • StuntmanBob
    StuntmanBob Posts: 273 Forumite
    Pro: no debt

    Con (to be confirmed): 3 years shackled to an income payments order, plus possible to fail credit check when applying for work = no future career = life wrecked.

    Don't take the decision lightly - lucky are those for whom the consequences are few.
  • sniggings
    sniggings Posts: 5,281 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    credit check when applying for work = no future career = life wrecked.


    what work needs a credit check?
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