We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Share Bankruptcy Experience

Hello

Am going through a bankruptcy at present and would like to exchange some experiences with others considering or having the same experience.

I wont go into the full details of why ! but includes divorce, maintenance payments, tax arrears, credit cards, loans, business failure, redundancy...... a quadruple whammy right in the middle of the credit crunch. So I have been wiped out for about £60,000.

Ill interject a few thoughts

I looked long and hard at other methods, IVA for instance.......I dont think that I really found anyone I could trust to do an IVA, plus the charges once you get into them are something like £7500

My views on IVA

More expensive than you think, always remember the practitioners are doing it for profit, assess the full life time repayment, assess the risk of being employed for the whole period of the IVA.

My thoughts so far on the OR and bankruptcy.

I made a full and thorough submission to the OR to make their job a lot easier. I took along a filed up copy of everything with me after the court hearing.

I have been treated fairly by them so far, the service is polite and professional.

Presently they are looking to sell my vehicles, which is okay because I cant drive them all ! and give me a 2 thousand allowance for a car. The vehicles were valued by a third party who offered a third party interest 'buy back', however having spoken to the OR the trustee decides what happens to vehicles and property, also I thought this dealer was trying to profit from the situation as the vehicles seemed to be overvalued. I wasn't taken in by the get a 'third party' to send a cheque to me 'straight away' offer.

Some notes

Am paying income contributions but only for three months in line with my notice period from work.

The phone calls have stopped

I found it easy to open a cash card account with Barclays, took about 10 mins, take along your passport for ID.

My monies are frozen in another account although the OR will release monies if you ask them.

I feel alot better for going to bankruptcy, my health and well being have improved

I took advice from an Insolvency accountant before making my decision.



Look forward to sharing
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.4K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.