missed payment

shabana

today i missed my first loan payment in past 4 years. what is the ppoint paying if im heading towards bankruptcy. may as well save the money. i dont like this feeling of missing payment...feel like ive done something wrong

the-muffin-man

Don't beat yourself up about it - if you are 100% sure you are going bankrupt you should stop paying anything that will be included in your bankruptcy, otherwise you are throwing good money after bad.

Save the money towards your BR fees, and keep some to live off as well.

dollparts

I second that, and besides once you have 'realised' you are insolvent you need to stop paying all creditors because if you pay some and not others you could be deemed to be favouring a creditor which is a no-no.

And like the above has said, save your money for the BR fees.

I do understand what you mean though. I wasn't behind with any of my creditors before I decided to go BR, It was the fact I was tired of juggling debts that weren't mine alone but nonetheless I was paying and a huge shortfall on my mortagage my ex was going to stiff me for.

I felt bad because they were very good to me as I had always paid regularly and I used credit responsibly.

That will pass though and you will feel relief when you have a fresh start.

confused76

hi shabhana i've just done the same, juggled up til now...
i feel bad as most of the creditors have been alright (except one who hiked the interest to ridiculous amount!)
defo going for br so stopped as soon as decision was made.
try not to feel bad, i know it wasn't a decision you've taken lightly x

In_a_Mess_3

hi shabana, we are missing payments for the first time ever this month as well.

It is an odd feeling, but for two of them I don't actually feel bad as we told them we were struggling and asked for help and they refused us, so feel quite vindicated in a strange way!! Maybe now they'll realise that we weren't joking.

crowman19

I know what you mean. There were some creditors I felt a bit bad about stopping their payments but some others that I had asked for help but didn't want to know. It is a strange feeling just stopping to pay them too after paying for so long.

dojoman

I think that this is a common feeling but like the others have already said, if it is the only option then it has to be done. One of my creditors did not want to help at all, and even though I informed them of my situation they hiked my IR from 3.9% to 29.9% increasing my monthly minimum payment to stupid levels.

confused76

dojoman wrote: »

I think that this is a common feeling but like the others have already said, if it is the only option then it has to be done. One of my creditors did not want to help at all, and even though I informed them of my situation they hiked my IR from 3.9% to 29.9% increasing my monthly minimum payment to stupid levels.

i really don't understand why they do things like that, that just means you can't pay anything!

shabana

barclays think its more important for me to pay them than my health. get lost i bee so happy when this is over and will always hold a grudge against barclays (how childish of me)