Debt free as of yesterday

jellycat40

Hi guys, I said I would update you all with my bankruptcy news.

Yesterday I finally went to the county court and was declared bankrupt. I paid my £475, affirmed the info was true, went and had coffee for 2 hours. Returned to the court collected the order, went to the OR office, had a 10 minute interview then left assured I will have another OR inteview in a week to 10 days but that I will be discharged within 6-12 months provided they don't discover that I have gambled, drank or used the money for drugs.

I owed around 140K so all you dfw who are scared of going bankrupt, if you, like me are at the end of the road, then do not despair.

Ironically, many of my creditors over the last couple of weeks have written to me telling me that they will write off 25% or more of my debt if I agree to have an agreement with them. If they had said that before the charges, fees and commissions had been added they may have got something back and I would not be BR. Also if they had accepted my low IVA then they would at least have got something instead of nothing.

The OR took my cash card but said that they would not be requesting my account frozen and it would be up to my bank to decide if they still wanted me as a customer. I don't know what will happen but if they refuse I can still apply for a basic account with another bank and the OR will advise which ones are obliging.

I am not happy, I am not sad, I am just bone tired and relieved that it is nearly all over.

Love to all you dfw.

Louise

wanttobedebtfreenatty

Hi Louise,

Sorry to hear that it got so bad that you had go for bankruptcy, but I am very glad for you that it is now getting sorted.


Hope that you have a good weekend and keep your chin up

calleyw

I would apply for a basic account now. Most banks don't like having non-discharged bankrupts having accounts with credit on them such as overdrafts and cashcards.

I am sure you will sleep more easy at night.

All the best.


Yours


Calley

dottyanne

Well done Louise, it seems that you have explored all options before resorting to bankruptcy and i dare say this wasnt easy for you. hope everything works out fine for you. dottyanne xx

skylight

Glad you are feeling relieved.

At least you can wake up tomorrow morning without the "chains"

Best of luck
xxxxx

lynzpower

Wishing you a calm, peaceful and long nights sleep tonight, cant have been anywhere near easy, look after yourself xx

Bestthingsinlifearefree

Hi Jellyfish,

Tomorrow is a new day with a fresh financial start.

You have been through a stressful time. Hopefully now some of the burden has been lifted and it will be onwards and upwards from here.

I wish you well.

Bestthingsinlifearefree.

In_Search_Of_Me

Sounds like you had a bit of a surreal "dream" like day...at least the stress of what to do/not to do, negiociating, sleepless nights and worry can stop & you can learn from it, start afresh and begin a new life, debt free. Just out of interest what have you learned on the rocky road & what advice would you give to others at the start of it?

jesster_2

Good to hear from you Jellycat. Glad that the stress leading up to this is now over and you can start afresh. Wishing you all the luck with getting things back in order. As I tell my OH, you may not have much money, but at least it's yours to live off now!

oops_a_daisy

Hi Jellycat - sorry to hear you ended up having to go bankrupt but you did try everything so hopefully you will be able to put it all behind you and start afresh. All the best. OOPS.

jellycat40

Thanks all you guys for your good wishes.

Fishface, I have learned a lot about the financial world and how they are just out to make money at anyones expense. I have learned that they actually have amounts each year that they expect to have to write off. I have learned that none of them (and I had over 30 creditors) actually deserve any loyalty.

However, I have also learned that nothing is free, that you should definitely cut your fabric to your pennies and I have learned that there is a very nice feeling to waiting and saving for something that you want. 2 reasons, you definitely own the item and you have probably ended up by waiting with more for your money as technology moves on. I know when your washing machine breaks down that you may not have time to save but the principle is the same and for folks like me no choice will be available - save or go with out. Finally, I understand the principle of saving for a rainy day, not insuring against it so that your credit cards get paid for you during the storm.

I would tell anyone just starting out on the debt journey to turn back while they can. I would advise anyone with debt never to borrow more money to pay off a debt except in the most exceptional of circumstances and DO NOT card tart unless you actually cut up the cards and close the account of the ones you are not using.

I have a real respect for all on the dfw noticeboard you have acknowledged your problem and you are doing your best to get out from under.

When I was in court yesterday there were 5 others filing for bankruptcy and if you times this per day in each court across the country you are not alone. All of the folk seemed ordinary and not at all dodgy!

Hugs to all

Louise