reason for bankruptcy to judge/OR beware it is a essay please read and comment/advice

frank1

this has taken me hours to do,i took tigerfeet advice and rewrote it.please do not lable me i know i have done wrong and i am worried sick when i have to stand in front of the judge next monday.i know it is very long but it was the only way i could do it.here we go

I started to struggle paying my debt in 2004 when i was offered a loan for the amount of £5000 from beneficial finance after being refused a loan from a high street bank.i needed this loan for a vehicle and living expence. the intrest rate for this loan was very high at 30.1% apr .
In july 2005 i changed my bank account to natwest and applied for a natwest credit card at the same time which i was accepted for and due to having to move house i found myself using the credit card for the expense of moving and having to buy house hold items.

In 2006 after making all my debt monthly repayments on time natwest wanted to review my finances and offered me a bank loan to reconsolidate my beneficial finance loan and my natwest credit card.The loan was for £10000 and the intrest rate was 13.1% apr and took this loan because the intrest rate was much lower and thought it would save me money in the long run.the mistake i made was i did not cut up my credit card and i found myself using it again after a couple of months,big mistake.

In june 2007 my car broke, i had to buy some new household goods and i had no spare cash so i applied for a new loan with natwest for 15000 to consolidate my £10000 loan and to allow me to buy a car and new house hold goods.

I was earning a good wage with plenty of overtime from this point and i foolishly used more credit and i could not see that my debt was a problem because i could afford the monthly repayments and this is how it has been for a long time. I took my motorcycle test and passed which in turn led to me buying a motorcycle which had many problems and these were fixed by using credit,how naive i have been.

2009 i applied for another bank loan for £3500 so i could buy a newer motorcycle and the bank approved me for the loan, i can't beleave what i was thinking of i went from bad to worse. i then sold the motorcycle a few months later and used that money to pay some debts, paid to go on holiday and used the rest for general living.

Again from this point I am still using credit, paying my monthly repayments on time getting more credit. I applied for a barclay card in january 2010 to do a 0% balance transfer which i cleared my natwest credit card. I was planning to try and clear my debt quicker but again i did not cut up my natwest card. I had more troubles with my car and had to buy another which the only way i could was on credit. I then have had my income cut in the form of no more overtime available which has now cut my yearly salary approx £4500. I managed to get part time work on my days off to make for this loss of earnings but it did not last for long due to cutbacks.

In april 2010 i applied for another loan at natwest to reconsolidate the loan for £3500 and pay of my natwest credit card and pay of some other debts. It then got even more worse when my wife got made redundant from her main job and this meant i had to make up for the loss with my wage. I was then using more and more credit for house hold bills and living and at this point i new it could go on for no longer.

I called a debt chairty (The Consumer Credit Counselling Service) who went through my finances,there advice was for me to go bankrupt.I am very sorry for my behaviour and carelessness and i feel ashamed for what has lead me to this point.

Angiepange

Hi frank1

The decent people who post here will not label you in any way, so please don't worry about that. Personally I think what you have written is absolutely fine. Its good you have included amounts and dates of when you took out credit and reasons for doing so. And you have clearly stated that you were managing the repayments until your circumstances took a turn for the worse.

Try not to worry (I know easier said than done!) but I do think what you have written is perfectly ok. Good luck.

confused76

hi there
i can only echo exactly what Angie has said above. it sounds fine to me, it's clear, concise and in date order.
try not to worry x

Doucam

That seems fine to me as well, please try not to worry x

We_Are_The_Mods

I've not gone into 1/4 of the detail in my reasoning on my BR forms, will I be OK?

I thought they just wanted a brief but informative reason?

dojoman

My explanation was only 8 lines long and my OR was happy with that.

RuthnJasper

Jeez - Frank, have you been stalking me?!

This is EXACTLY the same - almost word-for-word - as my own story.

I got an IVA. Three years down; two to go. I know you probably feel pretty wretched just now. But it's important to remember three things.

1) You have made mistakes. Well, we have ALL made mistakes, financial or otherwise. Mistakes are what make us human - if we insist that we never made any mistakes, we're either liars or deities (gods).

2) No-one is going to come and kill you over these debts. You will always have a roof over your head and something to eat. That's all we basically, as humans, need to survive.

3) You have had the courage and dignity to face up to the fact that you have a problem. That is honest, brave and speaks highly of you as a person. So many people either refuse to accept that they have a problem - or seek to blame society, circumstances or someone else.

Your honesty and, well, frankness (!) is refreshing. Frank - this is the first step on the road to recovery. You have had your 'lightbulb' moment and had the guts to turn around, hands in the air, and say "this has to stop".

Apologies if I have been TOO frank here. But you are going to be alright. This is the beginning of a new, debt-free, life for you (in time) and us MSE'ers will be with you EVERY step of the way.

Please keep us posted with your progress. Jasper-dog and I wish you well.

Good luck - I think you're going to be fine, in time. xx

frenchmaiden

i am fighting br at moment seeing my solicitor tomorrow to see if iva better option although have one creditor who wants to see me br ! i just want to say well done to you all and i m told life is like a new start so I d like to wish you all a great start and a happier future without debts

frank1

thank you for all your help and giving your time to read and advice it means alot to me.

jasper thank you for your kind words i am touched and you have made me feel alot better.

i will keep you all updated and once again thank you to all.

RuthnJasper

frank1 wrote: »

thank you for all your help and giving your time to read and advice it means alot to me.

jasper thank you for your kind words i am touched and you have made me feel alot better.

i will keep you all updated and once again thank you to all.

Our pleasure Frank. Keep going - you'll be OK. Everything that's legal is tightly-crossed for you at our end!

R & J x