Slightly freaking out

wolfers

So I've decided to go bankrupt after taking advice from the CCCS and I've spent the week trying to prepare myself. At first I was hugely stressed about it, then I felt calm, and now I'm freaking out.

I don't know if any of you can help, but I think it's the uncertainty that's getting to me.

Will the OR tell my landlord (letting agent)? If so, what will they do? Will the OR agree my budget? Will I have to do an IPA? Does this mean I'll still be saddled with debt repayments for another three years? How much detail will the OR go into? Will he/she look at all my credit card and bank statements for the last few years? Then there's the complication with the company I run. I've transferred it all to a friend, but will the OR think this is suspicious? Will he/she want to see the books of the company?

And then there are websites that give contradictory information? One said you had to owe more than £40,000 to go bankrupt. Another said you had to have made an effort to come to an agreement with creditors first. So now I'm thinking my BR will be declined.

I'd really appreciate any stories people can share of how things have gone. Preferably nice ones!

bat-out-of-hell

wolfers wrote: »

So I've decided to go bankrupt after taking advice from the CCCS and I've spent the week trying to prepare myself. At first I was hugely stressed about it, then I felt calm, and now I'm freaking out.

I don't know if any of you can help, but I think it's the uncertainty that's getting to me.

Will the OR tell my landlord (letting agent)?Maybe, maybe not, that is a grey area, depends on the OR, If you can show your up to date, they may not, unless thee is a BR clause in the agreemant. If so, what will they do? Will the OR agree my budget? Show us youe SOA, and we may be able to answer Will I have to do an IPA? Does this mean I'll still be saddled with debt repayments for another three years? Show us youe SOA, and we may be able to answer How much detail will the OR go into? Will he/she look at all my credit card and bank statements for the last few years?Yes, well at least 12 months Then there's the complication with the company I run. I've transferred it all to a friend, but will the OR think this is suspicious? Will he/she want to see the books of the company? Possibly they have a duty to make sure all is above board

And then there are websites that give contradictory information? One said you had to owe more than £40,000 to go bankrupt.rubbish Another said you had to have made an effort to come to an agreement with creditors first. So now I'm thinking my BR will be declined.More rubbish

I'd really appreciate any stories people can share of how things have gone. Preferably nice ones!

...................................................................

wolfers

I'm paying someone to do all the forms for me, so I can't show you my SOA at the moment.

I can show bank statements to prove I've paid my rent and the rent agreement doesn't mention bankruptcy. BUT the agreeement is in mine and my partner's names -- we split up in December and he's moved out (the last straw, really, that led me to bankruptcy). I want to stay here and my company pays part of the rent for the use of a room in the flat. My letting agents know none of this.

I haven't really done anything "naughty" with credit cards in the last 12 months -- they've mostly not been used.

Thanks for replying.

GEEGEE8

I went bankrupt 2.5 yrs ago, was crapping myself too, it's normal.

I ran my own business, but it went under with me, wasn't making much money towards the end.

Yes, they will go through your bank statements etc.. and will ask lots and lots of questions about why you went bankrupt.

It's all standard. Unless you have gambles, drank yourself into debt, or been overly reckless then you should be ok.

If you have been a good tenant then you should be okay, only thing is if you move you will either have t have a guarantor or pay 3-6 months in advance. My landlady was fine with my bankruptcy.

SOA, is just you income and outgoings. If you have loads of spare cash you may have to pay an IPA for up to 3 yrs. If you only just have enough to live on, then probably not.

If you post up your outgoings then people can advise what else you can add in there, like hairdressers, holiday fund etc..

GEEGEE8

Oh, and all went fine for me. I even have a credit card again for £250 lol

wolfers

I had no debts four years ago. Now I owe about £40,000. Where did the money go? Living beyond my means. My income dropped hugely about five years ago and since then I've consistently spent more money than I've earned. Some of it is "naughty" -- holidays, plasma tv -- but mostly it's a spiral of debt and living expenses. A lot of it is probably interest.

Thanks for responding.

betterlatethannever

wolfers wrote: »

I'm paying someone to do all the forms for me, so I can't show you my SOA at the moment.

.

Why??
Its something a five year old could do.
Its not a good idea to be spending silly money right now.

Honestly, with just a little help from here you could do your own SOA, and have it perused by loads of people who have gone BR and had their SOAs approved.

wolfers

Well, my accountant recommended him and I was worried I'd screw it up, or screw myself over in some way. And I hoped he'd take some of the stress out of it.

It's too late now -- I've already paid him.

philnicandamy

sadly they wont..all they will do is take the cash for a pretty easy job you could have done for free..they cant attend court with you or sit in on the receivers interview