Reason for bankruptcy

thepup

Hi

I am still clinging to the hope of finding work in time and avoiding bankruptcy.....but also accepting that I may have no choice.

So I have written a rough draft of my reasons for bankruptcy.

Reason for bankruptcy.

"I have used credit cards etc for the last decade or so without any repayment difficulties.
My problems started in the Autumn of 2008.

My wife and I temporarily separated and to pay rent/deposit etc and to clear one of my other card debts I borrowed £3500, which doubled my debt to my main creditor.

Unfortunately, around the same time I had a major disagreement with my then employer which made my position untenable.

So I took another position on the understanding of working 3 nights per week (36 hours).
This was fine initially but then work tailed off and my hours were cut back, to the point that I was given no hours at all for the final few weeks.

Then the only work I had was "as and when required" at another place, but that was very limited and petered out by March.
I didn't initially sign on in the hope that things would pick up and that work would be gained but by May I concluded that I had to sign on.
Since then I have been on Jobseeker's Allowance.

Throughout the difficult spell noted above (October 2008-present) I have barely managed to make minimum repayments, borrowing from loan to pay creditors,essentially buying time in the hope of finding a job thus avoiding bankruptcy, which I concluded was only worsening the situation and had to be addressed, as late payment fees and interest etc were continually adding to the total debt.
The situation has also been fuelling my depression which has continually been worsening thoughout this period.
Been struggling through in the hope of finding work so I can service these debts but have thus far been unsuccessful."

.......to be continued.

That is the story so far.

I am hoping to hear about a job next week, much hinges on that.

Any opinions on my reasons etc thus far?

DON79

hi, it sounds good so far, only advice I can really give is do a couple of drafts of it and submit the best draft once you have decided what you finally want it to say. It states clearly the reasons why you are going BR which is good.

I hope that you are succesful in getting the job.

Donna

Dodger61

Sounds fine, it is my experience that the more info you put, the easier it is for the OR, and thus it simplifys his work. I know that isnt always the case, but it worked for me.

thepup

One of my concerns is that I borrowed £1000 early in the year and a further £500 last month.
These borrowings were to help keep me afloat, to continue meeting minimum payments etc.
I am concerned that the OR could see this as grounds for a BRO.

I spent about £200 on credit card in March for concert tickets for my daughters 16th birthday present (I know I should have resisted her pressure), other than that I have not made any major credit card purchases since last October.

Here's hoping a job will appear in time.

Dodger61

I would not worry too much about the money taken before BR, many people have used money they didnt have for the court fees, let alone living expenses. The OR has seen it all before. As for the tickets for your daughter, wouldnt even mention it unless prompted, even then I dont think it would be a problem. Try not too see too many demons, they never appear most of the time.

thepup

As the concert is in August it looks like she will get her concert before any BR is likely to happen.
I was concerned as obviously everything will show on statements.

philnicandamy

thepup wrote: »

As the concert is in August it looks like she will get her concert before any BR is likely to happen.
I was concerned as obviously everything will show on statements.

as others have said pup...wouldnt worry bout it

thepup

Yup, what's done is done.....we live and learn!!!

philnicandamy

thepup wrote: »

Yup, what's done is done.....we live and learn!!!

Never a true word! (you sound a little brighter today)

thepup

Hi

Just the realisation that it is somewhat out of my hands.
If I get a job I live to fight another day.
If I don't then I have little option.

So at least things are whittled down to a mere 2 possibilities.
I think perhaps one of the hardest things initially is the uncertainty.

I cannot allow my depression to worsen any more or I won't be fit to work!

philnicandamy

thepup wrote: »

Hi

Just the realisation that it is somewhat out of my hands.
[STRIKE]If[/STRIKE] WHEN I get a job I live to fight another day.
If I don't then I have little option.

So at least things are whittled down to a mere 2 possibilities.
I think perhaps one of the hardest things initially is the uncertainty.

I cannot allow my depression to worsen any more or I won't be fit to work!

Glad to hear you sounding more positive.....well done