The Bankruptcy Club & Supporters Club

Red_sky_2

hi everyone,
just wanted to say thank you for all your posts, it is so good to hear other peoples' experiences and makes me feel less alone with the whole BR thing. I will be declaring myself bankrupt very soon, and am very worried about the whole process.
It sounds like the court bit is not too bad, but what happens with the OR interview? how much detail do they ask for? my debts date back a few years and i was just wondering what info/details they ask for in the interview?

p.s. Mike -hope it went okay today?

rog2

Red_sky wrote:

It sounds like the court bit is not too bad, but what happens with the OR interview? how much detail do they ask for? my debts date back a few years and i was just wondering what info/details they ask for in the interview?

p.s. Mike -hope it went okay today?

I've got my OR interview on Thursday - huge form to fill in, but basically the same info as would have been on the form for self petition br.
I have been asked (well told really) to bring my last two years of statements/accounts.
Will let you know how it goes.

Doushka

want to thank Sandralovescats for pointing me this direction, I've been filling my forms in online for the last 3 months I think. Not that its taking that long, I just keep putting it off despite knwing there is no other option.

Still, I'm almost there now, and on SLCs advice phoned the court and have a date.... its November 29th, 3 weeks wednesday. Scarey but at the same time exciting as I am sure the relief of not having to juggle money will be positive on my life and my health.

So, can I join your club please?!

Jaxo_3

Hi. i am a 27 yo male and in about £20000 worth of debt.ive been in debt since ive been 18 and its only been getting worse the whole time. i started when i lost my job about 7-8 years ago and insurance companys never honoured their agreement. i got loans defaulted and took out more to try and repay my debts and everything just escalated.

i owe: £3200 on credit card (£2000 limit and raising by £104 per month)

Jaxo_3

SORRY DIDN`T REALIZE TAB BUTTON POSTED!!

Hi. i am a 27 yo male and in about £20000 worth of debt.ive been in debt since ive been 18 and its only been getting worse the whole time. i started when i lost my job about 7-8 years ago and insurance companys never honoured their agreement. i got loans defaulted and took out more to try and repay my debts and everything just escalated.

i owe: £3200 on credit card (£2000 limit and raising by £104 per month)
£8900 overdraft (raising by £200)
£8000 defaultd loan
£700 O2 defaulted phone
i am on a moderate income i earn £350 a week after tax but i am a sub contracting electrician and work is not always there plus i don`t get holiday pay. i.e i only earned £12000 last year. i`ve been struggling to pay these debts for what seems like forever and there is still no light at the end off the tunnel. i have been considering br or an iva for a few years now but keep thinking i`ll be ok. but in all honesty its just getting worse. would you recommend bankruptcy for myself or should i go the iva route? i have no assets and a 2001 astra with 110000 mile (book value £1600) which i need for work. someone please help :-(

P.S. can i join your club?

rog2

Jaxo wrote:

. i have been considering br or an iva for a few years now but keep thinking i`ll be ok. but in all honesty its just getting worse. would you recommend bankruptcy for myself or should i go the iva route? i have no assets and a 2001 astra with 110000 mile (book value £1600) which i need for work. someone please help :-(

P.S. can i join your club?

Hi Jaxo and welcome to BCSC

Hopefully the posts in this thread will help you to decide your best plan of action. Whilst bankruptcy is an option, may I suggest that you talk with CCCS or PAYPLAN (links at the top of the page) before you finally decide. They are charities, so their advice will cost you nothing, and they employ proffesional advisors. Having said that, and looking at your post, it does seem that BR may well be your best option.
Have a look through this thread - there is a lot of advice on how to go about it and the effects of BR.
Cheers:beer:
Rog2

Jaxo_3

THanks ROG2. also i am from n. ireland, is the bankruptcy laws here the same as mainland uk? will i have to pay money each month and how long do you reakon it would be before i`m discharged. an iva takes 5 years and then stays on your credit file for another 7 which has sort of put me off that option.

rog2

Jaxo wrote:

THanks ROG2. also i am from n. ireland, is the bankruptcy laws here the same as mainland uk? will i have to pay money each month and how long do you reakon it would be before i`m discharged. an iva takes 5 years and then stays on your credit file for another 7 which has sort of put me off that option.

I am not 100% sure, but I do believe that the Bankruptcy Law in Northern Ireland is the same as (or very similar to) mainland UK. I know there are some differences in Scotland so I will check that one out tomorrow.
Assuming that the laws are the same, then the Bankruptcy period lasts for 12 months, although you can, at OR's discretion, be discharged earlier. The record of your br will remain on your credit file for 6 years, and will not help if you need a mortgage.
Normally, depending on your income, you would be given an Income Payment Order, which means that you will have to pay a monthly amount, from your income - this lasts for 3 years. You would not get an IPO if you are on a low income or benefits.
As I said, I will do my homework about Northern Ireland (Fine Place) and let you know if there are any differences.
Cheers
Rog2

Jaxo_3

Brilliant ROG2, thanks for you help, it is really appreiciated. one last thing (sorry to be a pain) would they consider my income to be low. it averages out to be about £13000 - £14000 the last two years. although i`m getting £350 a week at the mo i might not be getting anything in 2 -3 weeks time as im only contracting and wont know the true value of what i earned in this financial year until april. once again thank you for your help!!!!

rog2

Jaxo wrote:

Brilliant ROG2, thanks for you help, it is really appreiciated. one last thing (sorry to be a pain) would they consider my income to be low. it averages out to be about £13000 - £14000 the last two years. although i`m getting £350 a week at the mo i might not be getting anything in 2 -3 weeks time as im only contracting and wont know the true value of what i earned in this financial year until april. once again thank you for your help!!!!

It will depend on your outgoings - basically the amount of disposable or discretionar income is the amount left from your take-home pay, after yu have paid the essential expenses, such as rent/mortgage, council tax, electric/gas, house-keeping etcetera.