Has anyone regretted going Bankrupt

MikeJO

I have no regrets at all (five months in). I'm "lucky" in that as we live on benefits and don't own our house it was a much simpler process than it is for many. Budgeting was a little tricky but we're in the swing of it now and we've even managed to put aside a modest amount for Christmas presents.

The big thing that really only struck me last night because it's kind of crept up on us is that we laugh now....a lot. There wasn't much in the way of happiness around pre-July.
We talked about it last night before bed both ended up in tears (irony?).

Other thing is I used to have to get a my repeat prescription for my migraine medication about once a month....not ordered it now for three months and still have half a dozen in the cupboard.

It's not an easy option but it was certainly the right thing for me.

My one regret is that I only found this place when I was googling for info on the OR interview the day after I went BR....it would have been a great help on the run-up.

Falze

sealsandsqueals wrote: »

Thanks Falze.....so happy, really feels like a start of a new beginning.

The big day will be pretty small but next May....I'm taking budget bride to a whole new level! Having my nan's engagement ring was a great start and means so much more to me than a huge-on credit-rock!!

Same as.

Me and Mrs F have been engaged for 7-8 years (i'm a bloke and no good with dates)

We decided after our BR in May that we would get married (30th April'11) to make a fresh start.

Budget is Very small too and i'm pulling in favours left right and centre.

Best of luck to ya.

andyf1980

Tupperware_Queen wrote: »

I was worried about my job too, but actually has not been a problem.

I actually don't think it would have been for me either. At the time I didn't really know much BR; forearmed is forewarned!

ani_26

FavDaughter1 wrote: »

Thankyou. i feel like it's killing us. we had the house valued,barely any equity which was good and sad all at the same time. it's frightening to have this new budget(from a IVA firm) and to see how little over there is.
my husbands wage has dropped by £100's over the year. he used to pay for food with a cc telling me he was paying it off(i know now he wasn't), i couldn't understand why he was so grumpy paying for the shopping,he must have felt sick knowing how it was growing, i wish he'd spoken to me ,that hurts.

i'm so low,weepy,angry,sad and frightened. he looks tired and old, nothing is worth that.

i bought things in the sales through the year so i have gifts for family but they're much smaller than they would have been.
but, this year there will be no credit card bills that are left to grow with me thinking the were being paid off.

thankyou all for your posts,i felt so alone...it even crossed my mind to end it. i'm not in a good place but nor am i suicidal now, i find it amazing that people we never meet have the power to touch us and make a difference. you are all very brave, big big hug ,God bless you allxx

It takes alot of courage to bare your soul and admit how you're feeling publicly. There are probably many people who have felt the same. Its a long road back from the abyss, but there are people here to support you.


With kind thoughts


Nohope xx

geoffky

If any of you feel down or bad please remember the mps who flipped houses every year and fiddled their expenses and last but not least all those !!!!!!! bankers who are now sitting in million pound homes sipping champagne counting their ill gotten gains that run into billions...screw them ALL..

I am not in debt or owe anyone but if i was struggling i would not hesitate going bankrupt after the conduct of our so called leaders,,

JCS1

I think there comes a point where you decide to put your health and family first, and realise that BR can help you do that.

BRSurvivor

Regretted it? Hard to say. But I don't think so...

This is my first time posting here, but I read extensively before we went BR in February this year - and found a LOT of useful information that helped to set mine and my wife's mind at ease if not necessarily at rest.

In 2007 we sold our house in the north so that I could take up a promotion in the west country, and we moved to Wales. Because we had a secured loan on our property, we moved mortgage to Northern Rock (125% Together) to enable us to pay a deposit.

We were earning in excess of £50k between us, but the very month we moved my wife fell pregnant, something we totally hadn't expected or counted on. However, after two previous miscarriages, we were over the moon. We saved up a few thousand before the baby came, and my wife took a years maternity. Unfortunately, for various reasons she felt unable to return to her previous place of work, and didn't want to take them to tribunal.

We set her up in a business, and at the same time borrowed some money to get me another car as mine broke and would have cost around £2k to fix. Her business didn't work out.

Around late summer last year, things were getting tight and we sat down and worked out that after paying the mortgage, paying my fuel and bridge tolls to work, paying the loan we had, we had about £300 to pay council tax, all other bills, and buy food - without servicing around £10k of credit card debt.

We'd bought our house for £172k, with a mortgage of £183k. It was then worth about £145k. To top it all, my wife was deeply unhappy being so far away from her friends and family - so wanted to move back north very badly. I loved my job, but I loved her and my boy more.

We talked to National Debt Helpline about our options, and concluded that to enable us to get back up north to be near family, our only option was to go the BR route. On their advise we stopped paying the mortgage, and took out a rented property in the north very close to my parents. I gave notice on my job - I couldn't go BR and remain in my job according to my T&Cs anyway.

I finished work in December last year. We both went BR in February. My wife was really scared, but it really was quite painless. We never even saw a judge, and our interview with the OR's office was by phone.

We lost my car, but my wife got to keep hers. Obviously the house was repossessed, but we lost nothing else. We are awaiting possible Early Discharge, but only have two months until Automatic Discharge anyway.

It's been a tough year. We had a relatively comfortable life for a good while. If my wife's business had taken off, we would have been ok financially, but she still wouldn't have been happy. We've had to scrimp and scrape living on benefits, although my wife did get a part time job back in April and is enjoying it. We'll have a good Christmas although we haven't bough each other gifts, and we had a particularly hairy moment when we got a huge gas bill through shortly after going BR.

Fortunately, the OR didn't need to inform our landlord. I still have moments of worry that they might find out, but we've been very good payers for over a year now. Or that he might decide he wants the house back to sell (pretty unlikely at the moment).

We don't have an IPA/IPO, and have managed to scrape together a contingency fund which is a little over 1 months rent.

We've each had some desperately low times this year, but we've pull each other through it. It's hard not been able to go out and buy stuff you want when you want (or need it). When our washer broke a few months ago, we would have gone and bought a new one in the past. Instead, I researched and got a new PCB for around £50 - and it's still going strong. I've been a home owner half of my life (first home at 19!), and it feels sad not be a home owner.

I feel down about not working at times, particularly worrying that I'll have to do some job I hate (I managed some 250 people before). However, we are generally happier, and we have optimism about the future and our second baby due in just over a month.

We both know we did absolutely the right thing, and feel our lives will be better for it in the long run.

Sorry to go on, I hope I helped answer your question.

And to the folks here who give up their time to give advice - THANK YOU.

motherb

onnly regret is not doing it sooner ad on the 15th jan 2011,we lost our home 15years ago because we were paying all non essential debt instead of priorty debts everyday there were phone calls at work and at home we were at wits end,we moved into rented accomadation and still carried on paying loans at reduced rates only wish we had found this forum years ago anyway while i was off work sick last nov me and hubby decided on bankruptcy best thing we ever did even though we have an ipa of £360 a month,that is nothing to what we were paying out, the last year has flown by only wish i knew then then what i know now so good luck