Reason for bankruptcy letter

Southerner

Hi all!!!
Firstof all let me tell you how much your experiences and thoughts have helped me in this awful moment. Having faced up to the reality of my situation I will be filing for bankruptcy in a couple of weeks, but before I would like to pick up your brains concerning my letter explaining the reasons for it. So, here it goes....

After approaching the CCCS for advice, and having accumulated over £72.000 in unsecured debts, I have come to realise the hopelessness of my situation. It is with regret and embarrassment that I am petitioning for bankruptcy.
For several years I have had a large volume of debts that I serviced monthly. Most of these debts grew at a steady pace throughout the years spent at university, where I completed several degrees and a doctorate in the hope of improving my prospects, given that my career change had come as I was well in my thirties. Between 1997, when I obtained my first credit cards, and 2008, I always made regular payments and had a very good credit rating. At the time I was completing my PhD and working part-time on temporary contracts as I had done throughout my time at university, but following a long spell of unemployment between X and X, my credit cards balance grew fast as I was withdrawing cash for both living expenses and card payments.
In 2002, I obtained a one-year junior full-time post at X University, yet as the year passed by, the contract was reduced first to 0.8 and then to 0.5. Since then and until September 2008, my job was in permanent fluctuation, working part-time most of the time. By late 2004 there were signs at work that an improvement in my conditions was imminent. This hope prevented me from realising the true proportion of my financial difficulties, even as I found myself taking more and more credit to cover up payments and expenses in the belief that soon I was going to be able to regain control over my finances. In ......, after seven years of temporary contracts, I was offered a permanent part-time academic position and was promised a full-time post for the coming academic year. While I accepted the post, after so many years struggling to make an acceptable living, I decided to change professional direction.
In 2007, and although I continued to work at X University as I still do today, I moved to London and took a loan (payable in 12 years after graduation) to complete an Urban Planning degree at X. The timing appeared right given that the Olympics were generating much work in the London planning scene and I was confident that this would be a break-through. Despite graduating from X with merit, the adverse financial climate meant that by 2008 many of the opportunities available a year earlier were no longer there, and I was unable to find a planning job. By October 2008, while undergoing divorce proceedings in Germany from my estranged husband, my situation had become so bad that I found myself unable to cope with the financial and psychological strain. In addition, my partner of two years had become unemployed, and following the expiry of his claim to contribution-based JSA, he was denied job-seeker’s allowance and housing benefits on account of my income. At that point, I contacted the CCCS but against their advice, I tried to avoid bankruptcy and with the help of some friends I managed to avert a default of my debts. Now, a year down the line, I am in no better position. Every month my salary is wiped out almost immediately (current payments to creditors add to £949 per month), I live from my bank overdraft and I often find myself unable to pay for basic necessities. Having finally accepted that the situation is unmanageable, and despite that stress and shame that this causes me, I ask you to declare me bankrupt.

Feelingfoolish_3

Hi

Didnt want to read and run but Im sure the reason writing expert (Beth) will be here soon :-) she's a goodun

Bethankim

Hiya i have done my best, sorry but it was a bit hard to pick out the pertinent points, Beth




It is with regret that I am petitioning for my bankruptcy. I have sought advice from CCCS, I have £72.000 in unsecured debts with no ability to service debts.


For several years I have had a large volume of debts that I serviced monthly. Most of these debts grew at a steady pace throughout the years spent at university. Between 1997, when I obtained my first credit cards, and 2008 I have been able to service my debts and although I had a large amount of debt I maintained a very good credit rating.

I began to experience difficulties after I became unemployed between X and X, my credit cards balance grew fast as I was withdrawing cash for both living expenses and card payments. (please insert what cards, and the balances)

In 2002?? (is this correct or do you mean 2007), I obtained a one-year junior full-time post at X University, During the year my hours fluctuated and were reduced to part time. I struggled to meet my financial commitments, but I believed my job would become full time.

Whilst working full time I decided to do an additional degree which involved relocating to London. I took a loan for (insert how much) payable 12 years after completing the degree, I believed this would improve my job prospects, in Urban Design. As the building industry has been heavily affected this has not been the case.

In 2008 I did not fully accept my financial difficulties and consolidated my debts I took out (please state what and for how much) I mistakenly believed I would be able to get back on track and regain control of my finances.

In October 2008 I was involved in divorce proceedings in Germany from my estranged husband. In addition to this my current partner became unemployed after 6 months he was no longer entitled to JSA due to my earnings, I became the sole earner, I have struggled to meet my financial obligations. I have barely met my essential living costs in addition to trying to service my debts.

I now accept I am insolvent and am no longer able to pay my debts, I have spent many years trying to better myself through education and hope by petitioning for my bankruptcy I can make a fresh start and live within my means, without relying on credit.

Southerner

Thanks a lot for your advice Beth. I will rework the text.