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Yorkshire building society
now
Posts: 851 Forumite
Hi all as I was AD yesterday I thought I would post a few of the highs and lows of the last year. I have spent the day researching loads of things and would like to share some of the experiences along the way .
We ran our own company which we funded in the early days by selling our house and moving into rented accommodation, things were hard in the beginning we paid wages from our savings and started to run a nice little business. Things were ticking along started to make a profit and 2 1/2 years in we started to draw a wage, the company was in able to start paying back the personal money we borrowed along the way. The company was growing so we invested in new equipment and more staff via a bank loan which we personally guaranteed but life was good and we managed to pay our way. Along came the chance to tender for a contract which would have been the best thing ever, then bang we were it with the recession and three large invoices did not get paid. That was it, the bank stopped honoring payments on the account and we were forced to admit defeat. We were seen by an insolvency practitioner who told us we had no choice but to wind up the company and declare personal BR as the banks would call in the PG and we had no income to settle any of our personal creditors.
My hole world had just been ripped apart with one blow, my mother suffering from dementia, my father trying to care for her, my father in law died suddenly, and three aunties followed suit, my car was written off and we thought we were going to be kicked out of the house. We had to try and club together to pay for funerals (that was hard) When was all this going to end?
So the dreaded day came and went I was a bag of nerves, I remember one lady sitting across the bench from us crying and I just thought oh my god what are we going to do?
Interviews went well the OR was supper, and we heard no more for 8 weeks, we got our IPQ which we filled in and heard no more until the OR called in March and asked us to send in our pay slips, in they went and we heard no more until the end of the summer when we were called and told we did not have to pay anything towards an IPA but we had to inform them of any increase in money.
All along I was worried that they were going to ask me to send in my bank statements but that never happened, ten out of the blue a call in to say we had to attend a face to face interview. I started to panic as all thoughts were running through my head :eek: we had confirmation of the appointment with a big bold note across the bottom stating that if we could not account or give a reasonable explanation then we would have to go to court. BRO around the corner I thought :eek: but 10th of October came and off we went 2pm on the dot, my nails had gone and I was white! It was the thought of meeting the person who up until now had been on the end of the phone:eek: Well when they took out all our old statements I nearly died on the spot, what did they want? Questions were asked re the company and I was able to find it in me to remember what we had done......That was it they said OK thank you for coming in and clearing things up, it was quicker to have you come in then to try and do it over the phone:T Oh my god all that worry :rotfl:Here I am AD and the register is down
So I guess if you get called late on in try not to panic, they were lovely and only trying to close down our files :j
Sorry for such a long post but I have done nothing but worry for the past year when I should have been living my life, having suffered the loss of elderly relatives,(company, care and almost my sanity I think I can cope with anything life has to throw at me. Watching people rebuild the last few years of their lives due to the loss of a loved one is really hard.
I found the help and support given on the board the best ever, I sat and watched for a while before I first joined and posted.........So please if you are new or not sure try not to worry as BR for many is the best thing ever done.
Good luck to one and all, it is not easy but neither is living in the black hole called debt :beer:
I forgot the Yorkshire BS will give discharged BRs a savings account but you have to go into the branch with a copy of AD notice
We ran our own company which we funded in the early days by selling our house and moving into rented accommodation, things were hard in the beginning we paid wages from our savings and started to run a nice little business. Things were ticking along started to make a profit and 2 1/2 years in we started to draw a wage, the company was in able to start paying back the personal money we borrowed along the way. The company was growing so we invested in new equipment and more staff via a bank loan which we personally guaranteed but life was good and we managed to pay our way. Along came the chance to tender for a contract which would have been the best thing ever, then bang we were it with the recession and three large invoices did not get paid. That was it, the bank stopped honoring payments on the account and we were forced to admit defeat. We were seen by an insolvency practitioner who told us we had no choice but to wind up the company and declare personal BR as the banks would call in the PG and we had no income to settle any of our personal creditors.
My hole world had just been ripped apart with one blow, my mother suffering from dementia, my father trying to care for her, my father in law died suddenly, and three aunties followed suit, my car was written off and we thought we were going to be kicked out of the house. We had to try and club together to pay for funerals (that was hard) When was all this going to end?
So the dreaded day came and went I was a bag of nerves, I remember one lady sitting across the bench from us crying and I just thought oh my god what are we going to do?
Interviews went well the OR was supper, and we heard no more for 8 weeks, we got our IPQ which we filled in and heard no more until the OR called in March and asked us to send in our pay slips, in they went and we heard no more until the end of the summer when we were called and told we did not have to pay anything towards an IPA but we had to inform them of any increase in money.
All along I was worried that they were going to ask me to send in my bank statements but that never happened, ten out of the blue a call in to say we had to attend a face to face interview. I started to panic as all thoughts were running through my head :eek: we had confirmation of the appointment with a big bold note across the bottom stating that if we could not account or give a reasonable explanation then we would have to go to court. BRO around the corner I thought :eek: but 10th of October came and off we went 2pm on the dot, my nails had gone and I was white! It was the thought of meeting the person who up until now had been on the end of the phone:eek: Well when they took out all our old statements I nearly died on the spot, what did they want? Questions were asked re the company and I was able to find it in me to remember what we had done......That was it they said OK thank you for coming in and clearing things up, it was quicker to have you come in then to try and do it over the phone:T Oh my god all that worry :rotfl:Here I am AD and the register is down
So I guess if you get called late on in try not to panic, they were lovely and only trying to close down our files :j
Sorry for such a long post but I have done nothing but worry for the past year when I should have been living my life, having suffered the loss of elderly relatives,(company, care and almost my sanity I think I can cope with anything life has to throw at me. Watching people rebuild the last few years of their lives due to the loss of a loved one is really hard.
I found the help and support given on the board the best ever, I sat and watched for a while before I first joined and posted.........So please if you are new or not sure try not to worry as BR for many is the best thing ever done.
Good luck to one and all, it is not easy but neither is living in the black hole called debt :beer:
I forgot the Yorkshire BS will give discharged BRs a savings account but you have to go into the branch with a copy of AD notice
If you woke up this morning congratulations, you have another chance :j
0
Comments
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Well done on reaching your AD
Good luck now for the futureThe worst cliques are those which consist of one man ~ George Bernard Shaw
Holiday Saving fund 2010 = £25.00
WeightLoss 2010 = +6lbs 
BSC 292
June NSD 11 :TJuly NSD 15:TAugust NSD 14:TSeptember 9:T October 19:jNovember 15/110 -
Nearly all business related BR`s have a face to face interview.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Great post NOW Best wishes to you for the future, please hang around here too.I'm no expert, but i'll give you my opinion, my support and my experience. Its all i have.
Delcared BR 28th May'10 - Married 30th April'11 - Auto Discharged 28th May'11 - Life Changing0 -
Sunnylooloo wrote: »Well done on reaching your AD
Good luck now for the future
Thanks I just can.t get to see it in the register as the dare thing is down again
I Fogot to say that the YBS will give discharged BRs a savings account :jgot to go into the branch with my papers and they will open it for meIf you woke up this morning congratulations, you have another chance :j0 -
Sorry forgot to add great news on your AD :T:T:T
You can also open in Internet Savings Account with YBS whilst still undischarged as well, just in case you do not have branch local to you.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Thanks I just can.t get to see it in the register as the dare thing is down again
I Fogot to say that the YBS will give discharged BRs a savings account :jgot to go into the branch with my papers and they will open it for me
Yep it is shame the register is down.
Good about YBS tooThe worst cliques are those which consist of one man ~ George Bernard Shaw
Holiday Saving fund 2010 = £25.00WeightLoss 2010 = +6lbs
BSC 292
June NSD 11 :TJuly NSD 15:TAugust NSD 14:TSeptember 9:T October 19:jNovember 15/110 -
Nearly all business related BR`s have a face to face interview.
We did this at the IP office but the face to face was just about a month before AD, they said they were not interested in the company. the questions related to our BR, it was just easier I guess as we were so close to the end for us to attendIf you woke up this morning congratulations, you have another chance :j0 -
Sorry forgot to add great news on your AD :T:T:T
You can also open in Internet Savings Account with YBS whilst still undischarged as well, just in case you do not have branch local to you.
Thank you, you next week, not sure how I feel, I want to open the door and shout at the top of my voice " I am free" but the neighbors will think I am nuts if they don't already :rotfl:If you woke up this morning congratulations, you have another chance :j0 -
Great post NOW Best wishes to you for the future, please hang around here too.
best wishes to you to, loads of things I worried about turned out to be silly in the end, the last being the interview so close to the end, I thought i had really screwed up on something like spending the last of our savings on our BR feesIf you woke up this morning congratulations, you have another chance :j0 -
congratulations on your AD...i hope this coming year is better for you x
as i have got to know people on here i have seen that there are sad circumstances for everyone, illness, divorce, passing of loved ones, redundancy etc it's good that we can support each other0
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