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Bankruptcy and OR Diary...
Sparx71
Posts: 39 Forumite
I did a voluntary re-posession and entered an IVA in Nov 2008.
My debts were £18k with the sale of my property "pending"..
I was paying £271 per month to my IVA, then on my annual review my property had sold for £21k less than I owed on the mortgage.
My DMC said I would have to increase the payments, or extend the 5 year term to cover the new amount of debt.
I explained I couldn't afford to do either.
I filed for bankruptcy, and was declared on 17 March 2010.
It was quick and painless, as I had filled out the forms properly, and was congratulated by the judge for it!! My tip is be thorough and honest on the forms.
Today, I had my telephone interview with the OR which goes through your Income and expenditure, and was told I would probably have to pay approx £50- £60 per month for up to a year.
The interview was extremely pressure-less (new word?)..and non-judgemental. It was almost as though I could feel the weight lifting from my shoulders as we spoke.
There were a few questions on how the debts accumulated, but as long as your honest, the response is sympathetic.
All in all, it was a massive relief and I'm looking forward to getting on with a new debt-free life, including getting married this summer.
To anyone thinking about BR...DO IT...!!!!
My debts were £18k with the sale of my property "pending"..
I was paying £271 per month to my IVA, then on my annual review my property had sold for £21k less than I owed on the mortgage.
My DMC said I would have to increase the payments, or extend the 5 year term to cover the new amount of debt.
I explained I couldn't afford to do either.
I filed for bankruptcy, and was declared on 17 March 2010.
It was quick and painless, as I had filled out the forms properly, and was congratulated by the judge for it!! My tip is be thorough and honest on the forms.
Today, I had my telephone interview with the OR which goes through your Income and expenditure, and was told I would probably have to pay approx £50- £60 per month for up to a year.
The interview was extremely pressure-less (new word?)..and non-judgemental. It was almost as though I could feel the weight lifting from my shoulders as we spoke.
There were a few questions on how the debts accumulated, but as long as your honest, the response is sympathetic.
All in all, it was a massive relief and I'm looking forward to getting on with a new debt-free life, including getting married this summer.
To anyone thinking about BR...DO IT...!!!!
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Comments
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Thanks Sparx, I think it really is good when we share our experiences, hopefully it helps puts those that are thinking about it minds at rest.0
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I`ll echo what Doucam has said, thanks for sharing your experience.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
thanks for sharing. i'm so glad you're feeling less stressed0
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Hello Sparx71, Thanks for your post! A great incite to what we all go throughx"If wishes were horses, then beggars would ride"
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