BR forms online

wayforward_2

Please could you have a glance over my reasons for bankruptcy and let me know if it's ok.

Also the question have you made any composition or arrangement with your creditors in satisfaction of your debts?- i assume this is an IVA not a DMP as the next question re a voluntary arrangement appears to be referring to a DMP.

Thank you!

I have used credit almost all of my adult life. I never spent more than I was confident I could repay and never had a problem meeting my minimum repayments every month. I know there were times such as Christmas, birthdays and holidays when I spent more than I should have on my children and family, but I always thought that because I had no real problems meeting the minimum repayments that my debt was not a huge problem.


I consolidated my various debts (credit cards, overdraft and store cards) at various times using 0% credit cards, loans and re-mortgaging and got by financially with my husband. Unfortunately in February 2007 my husband was made redundant. He got a reasonable redundancy package and we worked out that we could pay our bills for 6 months using both my earnings and his redundancy money. Towards the end of these 6 months we decided to move house as the house we lived in wasn’t conducive to my working from home (which is where our income came from) and we were concerned that the area we lived in was decreasing in desirability and therefore value (a fear that was subsequently justified). My husband was looking for a job at this time.
Sadly, on September 11th 2007 my husband suffered a brain haemorrhage and was rushed to hospital. Luckily, he did not require surgery and, after a stay in hospital, began to recover. However his recovery was slow and this meant that he could not look for work for 6 months and he claimed disability benefit.
Our house sale and purchase was well under way when he became ill and we decided to go ahead with the move – despite it being incredibly stressful on us both as there was a delay to our purchase necessitating 6 weeks in a B&B with all our belongings in storage.
In November 2007 we moved and were able to undertake some essential building works on our new house using the surplus from the house sale together with two loans to make it habitable.
Unfortunately the change of location resulted in a downturn of my business and as, by this stage, my husband was actively seeking work but unable to find any, I too decided to look for a part time job to supplement my self employed earnings.
In June 2008 we both found jobs – although he was earning a significantly lower salary than previously. We continued to service our debts, although they were increasing, and we attempted to consolidate some of our credit cards to 0%.
In January 2009 as the recession began to hit my business further we realised we were struggling to meet our repayments and decided to seek help. We consulted with Citizens Advice and Payplan and decided to opt for a Debt Management Plan as we wanted to make some attempt to pay our creditors.
We have not taken on any new credit since this was set up and have been living within our budget. Unfortunately though, after consulting with the Insolvency Service and Payplan further, we have come to the sad decision that we have no long term option but to file for bankruptcy. This is due to the fact that most of the agreements are temporary and some of our creditors have not frozen their interest so our debt is increasing and we will end up never being able to pay it off.
The last 2.5 years have taken their toll on my husband and I and we have both been diagnosed with depression and are on medication for both that and sleeping problems which we know are caused by stress.
We really feel that we have now finally learned to live within our means and that the fresh start that bankruptcy will afford us will give us a chance in the future.

So_Sad_Angel

Hi wayforward

You need to PM Beth ( bethankim ).....she is brilliant at these !!...hmmm actually she has probably seen this already.:D:hello:

Angiexx

wayforward_2

Yes i used a couple of previous posts as a start!

Bethankim

only just seen it

Hi wayforward,

i can have a tweak if you like lots of it is great but its a bit on the waffly side, without the bits the OR needs. have you read my little guide to writing your reasons?

I have added bits in red and tweaked bits.mostly its fine but you will be asked by the OR what debts, who with and when did you get them so better to ahve them in there already.

basically it needs
[STRIKE]I consolidated my various debts (credit cards, overdraft and store cards) at various times using 0% credit cards, loans and re-mortgaging and got by financially with my husband. [/STRIKE] In XXX (insert year) I took a loan with (insert who) over xxx years for £xxx inert amount) to consolidate my £X insert amount made up of credits cards (insert who), overdraft with XXX and XXX storecardsUnfortunately in February 2007 my husband was made redundant. He got a reasonable redundancy package and we worked out that we could pay our bills for 6 months using both my earnings and his redundancy money. Towards the end of these 6 months we [STRIKE]decided to[/STRIKE] moved house [STRIKE]as the house we lived in wasn’t conducive to my working from home (which is where our income came from) and we were concerned that the area we lived in was decreasing in desirability and therefore value (a fear that was subsequently justified)[/STRIKE]. [STRIKE]My husband was looking for a job at this time.
Sadly, on[/STRIKE]In September 2007 my husband suffered a brain haemorrhage and was rushed to hospital. [STRIKE]Luckily, he did not require surgery and, after a stay in hospital, began to recover. However[/STRIKE] his recovery was slow and this meant that he could not look for work for 6 months and he claimed disability benefit.
Our house sale and purchase was well under way when he became ill and we decided to go ahead with the move – despite it being incredibly stressful on us both as there was a delay to our purchase necessitating 6 weeks in a B&B with all our belongings in storage.
In November 2007 we moved and were able to undertake some essential building works on our new house using the surplus from the house sale together with two loans for £XXX with XXXX insert lender[STRIKE]to make it habitable.[/STRIKE]
Unfortunately the change of location resulted in a downturn of my business and as, by this stage, my husband was actively seeking work but unable to find any, I decided to look for a part time job to supplement my self employed earnings.
In June 2008 we both found jobs – although he was earning a significantly lower salary than previously. We continued to service our debts, although they were increasing, and we attempted to consolidate some of our credit cards to 0%. (succesful or not?) if yes again with who and how much?
In January 2009 as the recession began to hit my business further we realised we were struggling to meet our repayments and decided to seek help. We consulted with Citizens Advice and Payplan and decided to opt for a Debt Management Plan as we wanted to make some attempt to pay our creditors.
We have not taken on any new credit since this was set up and have been living within our budget. Unfortunately though, after consulting with the Insolvency Service and Payplan further, we have come to the sad decision that we have no long term option but to file for bankruptcy. This is due to the fact that most of the agreements are temporary and some of our creditors have not frozen their interest so our debt is increasing and we will end up never being able to pay it off.
The last 2.5 years have taken their toll on my husband and I and we have both been diagnosed with depression and are on medication for both that and sleeping problems which we know are caused by stress.
We really feel that we have now finally learned to live within our means and that the fresh start that bankruptcy will afford us will give us a chance in the future.

tigerfeet2006

Here's a link to your excellent guide Beth

http://forums.moneysavingexpert.com/...1#post23555767

Bethankim

now if only i could work out how to add it into my sig would be so much easier but sadly im a techno muppet