Do you ever recover from BK?

LOUISE22_2

Hi there,

I was wondering what peoples thoughts were, having gone bankrupt in regards to their furture. I am still emotionally recovering from going BK in November, and I am really unsure of what the future holds. I know it was the right decision to do because I had no way other than down to go before BK, so although I know its not as bad as pre BK, does your life (say in the next 5 - 10 years) ever get back on track to where it would have been if you had never got into any financial problems to start with?. For instance is it possible to continue on to purchase a home and raise a family in the years to come? Or is cash and renting the future for me, forever? really interested to know all of your thoughts. Thanks. Louise :A

dack_2

Donald Trump was once bankrupt, in fact a few times I think. He managed to do OK for himself since so I guess there is life after bankruptcy. Might not seem like a fair comparison to your situation and it probably isn't but just wanted to illustrate a point.

I too am going BR soon so would be interested in comments from others who have been through it

LOUISE22_2

ha, thanks Dack. There is Donald Trump I guess! he is worth billions now. Not really aiming for a billion come back - just to be able to have a family and a home in the future would be more than enough for me! thanks for the perk up though.

BROKEBUT4HOPE

:oHey Louise,

Can truly appreciate your concerns.
I have jsut turned 30 and am still single and childless, I really want to be in a loving relationship and have a family soon and am scared that I may never have those things because another perhaps solvent person may not understand my reasons.
Or the financial restraints may to be too much too bear for the OH, especially in a society where we almost co- depend on each for morgages, joint income etc.
Its worrying me so much that i am thinking of just staying 90k in debt for the sake of finding love or not finding love!
Sorry if I have put a downer - dont mean to
and it would be nice to hear from more real life experience- but of course I do hope that we all become as successful as DTrump!

Cash_Waster

Nice little thread, come on the long termers, let us know what its like.

5 months in and we are loving it. If only we didn't have a bloody electron card, life would be great. Can/will we ever get to buy a house wuthout the need for someone to die to raise a 50% deposit. Can our lives change away from a credit habit that we have known for the whole of our adult lives?

As for the poster above with 90K and no love:mad: bin the 90k and start afresh. :beer: A partner is less likely to enjoy the idea of starting up with some one who is that in debt. Take the spoon, and start digging in

bigger_tigger

Louise

Yes, allegedly there is life after bankruptcy......it just takes a little while to become apparent!

Both myself and my wife were discharged in March this year and apart from some complications owing to our personal circumstances (both being self employed.....recession....mortgage....blah blah blah!), life does seem like it will return to normal at some stage. The BK will stay on your credit report for 6 years (I think), however there are things you can do to strengthen your credit rating in the meantime.....there are other forum threads on this issue.

If you've got a secure job and regular income with no debts, you're in a great position to start building for the future!

Best of luck!

BT

LOUISE22_2

" I really want to be in a loving relationship and have a family soon and am scared that I may never have those things because another perhaps solvent person may not understand my reasons."

Hi, in response to the above -
I am married and he is BK too (well going). But that doesn't make it any easier! in the darker days when we nearly broke up whilst under the pressure - I used to dream of being single, because then at least I would have a chance to find someone who wasn't BK as with one of you not, you would stand a better chance on a mortgage etc. If someone falls in love with you, they are not going to fall out of love with you because you tell them you had to go BK, i am sure of it! if your in 90K worth of debt, and no possible way of repaying it in the near furture and sustain a normal quality of life, then its got to be an option for you. Good luck.

BROKEBUT4HOPE

Thanks everybody!
Really nice to see great people on here- to be honest I think its things like these life experiences that make us all realise we are all human.

In finding love- i was with someone for 13 years and we were both in debt although he was in far less debt than me- I stayed with because I loved him and therefore supported him.

However, he could not bear my problems and ran the minute he was up and running again!:o

The moral of the story was that if a person judges you on mistakes that you are clearly trying to rectify than I suppose they are not the right person for you in the first place?

I guess it is an insecurity that surrounds the B for me.

But I am glad that so far I have heard some positive experiences and can only congratulate you all on making a very brave decison.

maxmycardagain

well it isnt pretty, and maybe sometimes you have to do things you otherwise would never have considered doing, sometimes you have to look after your self+sanity, ive been ED since october, i owe no monies, i wont be getting any mortgages again, so its all down to the lottery and/or ernie to cough up for anything better, I may be on a few hitlists (HSBC, RBS, Yorkiebank, MBNA....to name but a few), but **** em, they screwed me for multiple charges, interest, £20 late payment letters wilynilly and HMRC wanted £10K unjustly......

out_of_cash

hi maxmycardagain,

i am right with you there,amex helped me 3 years back when my probs first began by shoving my apr up from a fixed 4.9% to 36.9% that kind of help really makes sense dosent it especially when you are unemployed at the time. My attitude to all the dcas and banks is stuff em their greed has brought them down and us with it.No more mortgaes for me either as i am 47 so will be half past nearly dead if i ever took another one out,ive lost my house,savings,16yr relationship etc because of this so its a hard lesson learnt for me and one i wont repeat ever again.i just think the creditors with their open cheque book policy of oh it dosent matter hes out of work lets charge him £50 for a letter etc add on mega interest and penalties has shot them in the head,like peoples circumstances and lifes do change and they make zero allowance for this.

hope it all works out good for everyone on this forum.

regards

out of cash

dack_2

I too noticed that two of my CC's had the interest raised by 5 or 6% almost immediately after I missed a payment.

My guess is they want to inflate the debt as fast as possible for at least two reasons..
Scare the debtor into paying what they can't afford
Increasing the debt also increases their pro-rata payements in an IVA, DMPor BR (assuming they increase the debt quicker than your other creditors)

This practice sucks big time