Bankruptcy Reason - Is this Ok?

perkybell

Hi, I'm in the process of completing my Petition. This is my reason for bankruptcy, this is pretty much what happened, does it sound ok? Any advice warmly received.
(please excuse the *'s)

Thanks

For several years I've had a manageable amount of debt, whether it be on credit cards or personal loans. In 2005 I made the decision to try to work myself out of debt. I handed in my notice with my then employer (employer name) and moved to ********* on a contract with **********. This would be a significant pay increase, no income tax without the opportunity to spend my earnings. This went well until a couple of months into the contract when wages were significantly cut. After one year, wages were cut by £12000, also my wife was struggling with my absence. I returned to work in ********. We had our property valued and realised there would be enough equity (with an 125% mortgage) for me to take 8 months out of work and study for my ************. This was at the end of 2007 and the start of 2008. This meant almost no income, plus significant college fees plus the cost of everyday living which I funded mainly via credit cards. I moved debt from card to card. I completed my study, and went to remortgage. It was at this time that 125% mortgage products were withdrawn, and then interest rates started to rise. I could no longer meet my minimum payments and decided to seek advice.

stintond

sounds good to me

Bethankim

Hiya,



I had a bit of a tweak hope you dont mind, only because i was a bit confused in places. I found it helpful when i had my OR interview to have dates of when i obtained credit, what type, what i spent it on and a narrative so the OR could assess when i became insolvent and i guess whether I would end up with a bancruptcy order or if it was a bit of circumstance and bad planning, bad luck, rather than will full naughtiness.


I hope i got the gist of what you meant, if ive got any bits wrong sorry, but to make your life easier wuth the OR better to have pertinent facts etc. they are less bothered about who you worked for etc and more abour why and how you arrived at banpruptcy.


oh and i do solove words cant you tell :D:D


Beth





I have worked full time since XXX (insert date) during this time I was able to manage and meet all my financial commitments, this included mortgage, credit cards, loans and overdraft.

In 2005 I took the decision to increase my income by taking a well paid job abroad, although this meant I would be working away from home for significant lengths of time, my wife and I felt this would enable us to reduce our debts and financial commitments.

Two months into the contract my salary was unexpectedly cut by the end of the year my salary had reduced by £12,000, I found myself unable to reduce my debts as planned; my marriage was strained during this time due to my absence and reduced salary.

In 2007/8 with limited work prospects, I decided to retrain and complete my XXXXX. In order to fund my return to education we remortgaged with a 125%

The course lasted for 8 months, in order to cover essential living costs, course fees of £XXX, I used credit cards to cover our costs, I moved balances from card to card to try and manage the interest and charges.

At the end of my course, interest rates were increased and 125% mortgage products were removed from the market, leaving us unable to remortgage and increased debts. I was unable to meet my minimum payments

I sought advice from xxxxx in 200X
I regret finding myself in this position, I took an opportunity to make myself more employable and have now found myself in a position without the ability to cover my families living costs.

perkybell

Thank you, a much better way of putting it. I appreciate your time.