Ready to go, or am i?

lil_girl

Hi guys, i posted on here a couple months ago as i was so scared of what was looming! Well i think i am ready to finally go bankrupt but am still unsure. I have around £25,000 unsecured debt which ive had for around 10 years. for the last 5 years i have entered into a debt mangement plan which didnt work as it would have taken me 16 years to pay off and last September i entered an IVA which failed in April this year. I have received my notice of termination of the IVA about a month ago and have not paid any of my creditors since as i have planned to go bankrupt but im still really scared to actually go through with it. I have filled out the forms etc so am ready to go but have not gone through with it yet. I have for the last month or so been receiving letters from a couple of creditors threatening legal action/bailiffs etc and it makes me sick to the stomach every time i open open one of their letters which is about twice a week now. Please can someone advise me howlong i have now to go bankrupt and if this is really the best way forward, i feel in my heart of hearts it is but i really need some reassurance right now from maybe someone who has been through the same experience as i have had!

Thank you for reading and eagerly awaiting your response - kind regards x

skylight

I understand completely. It took me about a year to really accept I needed BR, but a further 2 to actually do it! I knew all about it, and how it would affect me, but despite being reassured I still didn't go for it; always holding on to a little bit of hope that something will turn up like it always did.

It was the best thing I did. After court was a bit surreal and I did panic a touch even though I knew things were going to be fine. 6 months after discharge I am now quite blaise about it all. It is not the end of the world. Life gets bigger and better.

philnicandamy

ditto.....same here BEST decision I ever made....and nearly 3yrs down the line life is very very very very good

lil_girl

thank u for your replys much appreciated, but how long do you think i have to go BR now????? can any of my creditors make me br? x

skylight

You will be waiting until doomsday II for a creditor to make you BR (unless you owe HMRC or AMEX). It costs them too much - unlike court for CCJs and potential bailiffs etc (which are in comparision, cheaper).

BR is more about relief from hassle and harrassment and the fear really. If the debts are "live" then the contact will continue and you will never be "free".

headoutofsand

Sounds like you're at the crossroads, which way? I reckon you know which way. You have done your best and it didn't work for you.

You have to ask yourself." Do I want to start a fresh with all the hassle of worry and stress gone"?

You said it "Listen to your heart"

out_of_cash

Same here took me 2yrs everyday for that time fretting,pondering,worrying.

My only regret is i didnt do it 5yrs ago when i first truly realised what a mess i was in. Things were very different for me then, had a family ,mortage to think of, .goodluck to you with whatever road you choose to go down.

fiveyearplan

I waited for ages before taking the plunge myself. I knew I was going to do it but had to wait for things to be just right. It was 11 months at least since I had paid any of my creditors and that was the time they started sending CCJ notices so you've got plenty of time yet however the sooner you do it the sooner you will be discharged from bankruptcy and get on with living your life!

Newdiamond

Hiya, it took me about 5 months to actually go through with it, I always believed something would happen (lottery win etc) and I wouldn't need to go BR, but as the panic attacks and anxiety increased I knew I had to just do it. So sat down with OH, who is completely supportive, worked out all the debt (which is scary) and completed the forms. Took me 2 weeks to pluck up the courage to ring the court. First they told me I couldn't get an appointment until October 13th!!!! I must've sounded really disappointed because she went away then said she'd got me an appointment for the following week, that was last week, I went BR this morning and it is the best feeling in the world.
If BR is your only option having exhausted all the others then don't be afraid, you are taking a massive step forwards, facing your debts and doing something about it is a courageous step.

Desperate+Depressed

I tried to bury my head in the sand, with the hope that one day I'd win the lottery/get a fantastic job etc and would be able to sort my own mess out.

But life doesn't work like that........I have been on Income Support since Feb this year, and although I've tried really hard to pay my creditors out of my I/S money, it has meant I have been scrimping on other things, like food etc.

It was only since I joined this forum and taking advice from CCCS, that I realised it was true......I needed to go BR if I wanted to be debt free a.s.a.p rather than in 30 years (which is what it would have taken me if I offered my creditors token payments)

I have my court appt next Tuesday, and although I know I am making the right decision, I'm still feeling very anxious.

But you will find that everyone on here will be there to support you all the way x

iquit

Get as much advice as you need to help you make the decision. It is a personal problem that all of us grapple with before we take the final plunge. I think my denial/ head in sand phase was about 2 years. Once I decided to bite the bullet it was less than a month to my court date. Good luck and post on here as much as you need to - it is cathartic and helps you sort through what can be conflicting and confusing emotions.