Does anyone Regret going Bankrupt

Zlatan100

Hi,

I am due to go bankrupt in the next few months, don't have any other choice as I have been struggling with debt for years now.

What I am wondering how big an impact does this have on your life? Does anyone who has went bankrupt regret it? I am hoping my life becomes less stressfull and gives me a new start

Thanks

Peanutmac30

Hi, I went bankrupt 5 years ago and haven't regretted it since. Having said that, I didn't have any assets to sell (no house or car to repo). It does restrict you a little in that you won't be able to get loads of bank accounts, credit cards, etc. but then you probably don't want them anymore anyway!

The biggest annoyance I have found is that I cannot get access to internet banking with my bank, but the pros are worth the cons. We were in a desparate situation, no hope of ever paying off our bills and debts, my partner was ill and out of work and there was no light at the end of the tunnel. Since going bankrupt the pressure of debtors, etc. has been lifted and we are now able to manage our money much better and have absolutely no debt (we even have pre-pay gas and electric meters so that we don't owe anyone!)

Zlatan100

Thanks, I have no assest at all, which does help & my credit rating is so low anyway I can get a credit card or anything else at the moment either.

Did you have to get a new Bank account? I am with Lloyds TSB and I have heard they will close my account when I do go bankrupt, was it easy to get a very basic one?

fermi

I regret the circumstances that forced me into it.

But actually doing it, no. It was the right thing to do for me.

TinyToes

almost 2 months down the line, its the best thing i could have done. nothing has really changed for up, (still in our mortgaged house). We now have a budget every week and know we will have enough for food, clothes if the kids need them etc. I know its a long road but for us, we now have a fresh start.

Zlatan100

Thanks Tinytoes, do you find you have more money than you did before? As I am hoping for a fresh start and not to be paying out a fortune every month on debts before I even have to think about living cost

Candy53

Hi Zlatan,

Yes, you should be able to get a basic bank account. I know of 2 - the Co-op and HSBC.

We got one with the Co-op which is called a Cash Minder account. We were accepted straight away. We both went bankrupt. You can use the card anywhere.

Candy

Zlatan100

Thanks Candy53, I have a basic lloyds account which at the moment and you can only use the cash card at lloyds ATM which is very very annoying lol. I'm just hoping everything hurrys up so I can go through with the bankruptcy, it's the waiting about is the worst part

Candy53

Don't I know it! But, once the day comes, it will all happen quickly, and then it's all over.
Good Luck,
Candy

dojoman

fermi wrote: »

I regret the circumstances that forced me into it.

But actually doing it, no. It was the right thing to do for me.

Ditto...............

Have a look at this thread as well:)


https://forums.moneysavingexpert.com/discussion/3315390

dojoman

Zlatan100 wrote: »

Did you have to get a new Bank account? I am with Lloyds TSB and I have heard they will close my account when I do go bankrupt, was it easy to get a very basic one?

The Coop Cashminder and Barclays basic accounts are the only 2 really BR friendly account, HSBC are very anti BRs. You can open the coop account over the phone but will have to go in to a branch to open a Barclays account. The link below will take you to the coop website!


http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts?WT.svl=copy