Do you regret going bankrupt?

2011newstart

I have to say that although I found the whole experience of br totally horrendous, it was the best thing at the time. No more phone calls, dreaded post, sleepless nights.... I am very, very organised financially, and the reasons for br were due to my soon to be ex husband. (He agrees totally on this!) Indeed his attitude to money, even when faced with the obviously looming br, was the reason we broke up.
However, I need help :eek:
I am in a new relationship, and am finding it very difficult due to previous relationship. My new bf wants me to move in with him, but I need some way of paying the bills jointly, without it affecting his credit score, if possible. (His score is through the roof.) I want to increase my credit rating, and have been an excellent customer whilst on my own, but am unwilling to become dependant on someone paying our bills for me.
Can anyone recommend any way we can solve this, and suggest an account we could both use, for bills, direct debits, shopping, etc.?
p.s. I was discharged in dec 2010, same time as husband.

philnicandamy

No way to sort it sadly...if you opened a joint account then it'll create a financial link to you meaning lenders etc will see your bankruptcy for 6yrs

could you not open a basic account in one name then just both pay into for household expenses?

vardmac

Bankruptcy was not an option for me and I lost everything. It can be good for some people but in my case it meant a life sentence as I cannot work in the industry I served for over 30 years. I now live in a poxy 2 bed hellhole flat and have to work under the radar because I am treated like a leper in the work place.

For those people who have a job that requires them to be a fit and proper person, beware as bankruptcy will ruin you.

Apologies for the depressing nature of my reply.

wildheart83

vardmac wrote: »

For those people who have a job that requires them to be a fit and proper person, beware as bankruptcy will ruin you.

I can appreciate what you're saying, as I am guessing you worked in a financial services / regulated position, but to say that if you're required to be a fit and proper person it will ruin you, is quite frankly wrong.

Going BR allowed me the fresh start I needed, and allowed me to accept a job that I loved, but was on a much lower salary than I was used to, because I wasn't paying a horrendous amount of money every month to creditors.

Now, I'm not saying that going BR is peachy, it's far from it and very much a last resort but life is by no means over when you are declared BR. Like most here, I have learned my lesson with regards to debt but going BR was the only way I could start again.

vardmac

wildheart83 wrote: »

I can appreciate what you're saying, as I am guessing you worked in a financial services / regulated position, but to say that if you're required to be a fit and proper person it will ruin you, is quite frankly wrong.

Going BR allowed me the fresh start I needed, and allowed me to accept a job that I loved, but was on a much lower salary than I was used to, because I wasn't paying a horrendous amount of money every month to creditors.

Now, I'm not saying that going BR is peachy, it's far from it and very much a last resort but life is by no means over when you are declared BR. Like most here, I have learned my lesson with regards to debt but going BR was the only way I could start again.

I'm glad it worked for you but all I can go on is my own experience and believe me I went BR in 2007 and despite over 200 job applications, many many interviews and several job offers as soon as a credit check is done or I admit to my bankruptcy I get a big thanks but no thanks.

chelle73

I am considering BR for both me and my husband. We have a business together but will be folding that in a few days.
My concern is that if we file for BR then we will have to move from our house. We currently rent at the moment and if we do have to leave, I'm concerned that we will not be able to rent anything else and be left homeless.

This is really my only major worry, I know we got into this mess and we want to be able to start all over again.

alastairq

I notice quite often folk who declare BR get shut out of the type of work they have carried out for years.

[IMHO, a totally bigoted viewpoint on the part of the professions....who place financial fidelity above moral standing.]

There can be times in our lives when complete turnarounds in how we earn our living need to be done.

Sometimes, because we are sick and tired of doing what we have done for years?

Sometimes for health reasons?

Or, sometimes due to sheer economic pressures at the workplace.....redundancy really doesn't fit well with the UK's work ethic.

Sometimes, a simple loss of a driving licence is enough to force a quantum shift in career.....

Or the unforeseen demands upon our time, placed by a loved one in need.....where work commitments are no longer compatible with domestic needs?


or..in many of our cases, BR puts us beyond continued pursuit of a previous career path....

Sometimes we have to veer away from 'what we know', and enter a new world of work....

We need to re-consider how we view 'work?'

The difference, for example, between 'living to work'...and 'working to live?'

In the end, a pound is a pound...whether it comes from a bank, or Tesco's, or the local bus company.


Ask yourselves this......if you had not petitioned for your BR.......exactly where would you be right now?

marmalady

For me making the decision to go BR was the hardest and most upsetting thing Ive had to do. Partly because a lot of it wasnt my fault!

But Im nearly one year post discharge I didnt have an IPA so guess its been slightly easier as after discharge Im free of everything BR related.

Ive tried to keep things simple by staying with insurance companies I was with pre BR (tho did inform them) thankfully my premiums havent been affected. My landlord at the time was fine about BR but I wanted to move and intially trying to rent through an agency no one would take me on without guarentor. I went with private let and it was never raised and it isnt mentioned in tenancy agreement, plus no credit check required!

Im lucky my job isnt affected by BR, the other area has been in relationships. I was single when I went BR and worried about how a new partner would take it. Again this hasnt proved to be a problem with current partner.

I would like to get a mortgage again in the future and have started saving for hefty deposit so in 5-6 years I can hopefully get somewhere but seems a small price to pay for a fresh start.

BR may cause issues in the future but at the moment I have no debt and can actually start saving and has been the best thing Ive ever done. I need to start the credit file process but not in a rush plus need to pay for discharge certificate first.

I was embarressed about being BR but found being honest with people helped and talked openly about it when asked.

Good luck with your decision :-)

RuthnJasper

I can't deny that it has been difficult. But I don't regret it for a single moment.

Here's Jasper's blog from our WORST day - http://jasper-thedogsblog.blogspot.com/2008/10/saturday-28-july-2007.html

My future will be debt-free and I have learned many valuable lessons. That, in itself, has made it worthwhile. Making the decision is the first step on the road to recovery.

Good luck to you, OP. xx