Bancruptcy - Serious advice needed!

kew63

Firstly welcome to this forum and so sorry to hear what a rough time you have had.
If BR turns out to be the best path for you, and you need to speak to one of the charities (national Debtline are VERY good & their factsheets are great) to know what the implications are for you, then I cant see what you've done in the last few years demostrates anything other than a desperate attempt to sort your problems out.
As for your OH (I'm the OH of a BR) there shouldnt be any effects for her, but to set your mind at ease when you speak to the debt councillor you can check this. My husband had no BI in my house as he had only moved in last year & not contributed to the household pre-BR.
On the SOA I "contribute" my half of the household bills. To be honest the BR was a bit of a non-event, nothing much happened for weeks after, had lots of questions from the OR (hubbie debts were business ones) but answered honestly & totally up-front & the OR have been great so far. The BR itself was fine, staff at the court couldnt have been nicer.
If you do have to go BR, dont beat yourself up about it, you've done everything you possibliy could to avoid this happening, and made yourself ill in the process. It's time to draw a line under it, and put it all in the past. You have the opportunity for a new relationship & new job (one will come along & it will be a far better one) and to get yourself well.
Good luck & let us know how you get on :-)

PaulRobertson

Guys,

I have just spoken to my IVA company and informend them of my NEW circumstances and that i will not be able to make another payment and I want to go bankcrupt. They have informend me that because I am a new client, I will have to miss 3 monthly payments before the IVA fails and I can go bankcrupt. Has anyone heard of this before?

I am really dreading it if this is really the case because it is just extending the enevitable by another three months and I'm really not sure my health will stand this much longer.

Im a 39 year old, dad of two and I have made some real mistakes with money over the last couple of years, the worry has really taken its toll on me and now just when I have nothing else to loose and thought that going bankcrupt could be the start of a 'new start' for me - I am being told this.

Is there anything I can do?

tigerfeet2006

I am afraid it is and some courts will not accept your petiton until you have a certificate of failure from the IVA co. So make sure you ask your court if they need this.

Nothing you can do I am afraid untill you have failed the IVA. Make sure you start living as you would when you are BR. Start saving fee's for BR. If you start getting hassle come back to us for advice as there are several strategies.

alastairq

Make sure you start living as you would when you are BR. Start saving fee's for BR. If you start getting hassle come back to us for advice as there are several strategies.

this is absolutely the best way to go......once you have decided, 'enough is enough', you can start to 'move forwards'.

A Co-op Cashminder bank account [or two, useful] is a start.....

Put aside each month/week the money to pay ESSENTIAL bills...ie power, water, any rent, etc, food, clothing, medical....petrol..internet phone.....

this takes a kind of discipline.....which is where I personally found 2 cashmnder accounts useful..income goes into one, and I immediately transfer to the other, the amount needed for the essential payments.....this I do not touch, except to pay those payments.

This leaves whatever is left for food,petrol, as-and-when purchases, etc, in the other account....

by getting your financial house in order, in your mind you will feel better...more ''in charge''.

Stop paying debts immediately.......your income is now for your living expenses.

keep old bank accounts open..[maybe extract any overdraught cash for your court fees?].....for sure you'll get plenty of mail....if using one of the Debt charities for advice/help, they will even contact your creditors for you...try to establish an agreement over things like interest, etc.

The important thing is, once you have a hold over your finances, and have decided which whay to jump....it really doesn't matter what pressure creditors exert........ignore the phone, especially.....in the end, they cannot grab any more money off you, if it is already allocated to your living expenditure.

[there's always the 'excuse', for example, of not wishing to favour one creditor over another?]

Once prepared with regards to lifestyle, BR simply becomes another stepping stone.

PaulRobertson

Guys,

Thank you so much for your advice and obvious support.

I thought I had cracked it by taking on the IVA until this happened.

I have to contact the IVA account manager next week and keep them in the picture until the IVA fails officially.

I'll keep coming back on the board daily. You have been a great source of advice as well as support.

Thank You All

Darnit_2

<<<<hugs>>>> PR, keep posting and we will help you all the way, but I can't add any more now than has been said....

Jessica23_2

Hi Paul, look at it this way, if you dont pay your IVA then you can use that money you would have paid for your BR fee's. I know and im sure everyone on here knows the feeling of once you have made the decision you just want it over with, but 3 months isnt forever and it will pass really quickly. Just keep telling yourself that you have made the decision and now it just has to take its course, like you said just keep the IVA person informed and really try not to worry. Making the decision is the hardest bit, and for me finding out what was going to happen and when was a big help, so at least you know whats going on and your in control of the situation.

pmg19680

Hi Paul,
I just wanted to say welcome to the forum. You sound like you are beating yourself up but please don't because we have all been in similar situations and you have nothing to be ashamed of. It sounds to me like you have tried and tried to address your debts in the past like I did. me & oh were with payplan for over 6 years up to BR date and this went down well with the official receiver because it shows a willingness to try and sort out the problem. BR is a last resort (well it was for us) and although I have really bad days of feeling really low and desperate, I don't regret going BR for one second.
As previous posts have suggested you should contact one of the debt charities. I turned to payplan after missing payments and they agreed with me that BR was the route to go down.
Please don't give up and keep posting. You will find some of the experts advice invaluable

PaulRobertson

Thanks again. Just opened my cash finder account with the co-op.

back to scouring the jobsites now looking for gainfull employment¬:rolleyes: