Does anyone Regret going Bankrupt

TinyToes

Zlatan100 wrote: »

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

we dont have spare money, but then before we had no money, robbing peter to pay paul kind of thing. but now we have an allowance for shopping, clothes, petrol, emergencies etc so are in a much better position now.

TinyToes

TOOMUCHWORRY wrote: »

Tiny toes, I hope you dont mind me asking but were you able to keep your mortgaged house. If we go BR we have equity in the house but not enough to buy another property. we would need 3 beds as we have 2 dependants, 1 in FTE and the other at uni.

The thought of having no where to lives terrifies me.

We needed to have a relative pay a nominal fee to buy out our trustees interest or they could have came back in a couple of year and had the house revalued, and ultimatly sold it to release the capital. We have a good few K of negative equity so there was no real interest in our home. We were told if we did have equity, we could keep the house as long as a relative bought out the interest (amount of equity we had).

TaxAvoider

In an ideal world, I would have loved a fairy godmother to wave a magic wand and pay off all my debts the day before I was made Bankrupt. But once the day was over and you get into the whole new way of life, you soon get used to it. This forum was an absolute goldmine of help and support at the time, and still is by the looks of it. I am now 4 years into my 6 year stretch, and already looking forward to that time when my Credit File is as Blank as Blank can be !!

My health had suffered as well over the years, physical and mental, and while BR did not solve all my problems overnight, they gradullay improved and are still doing so. You still have to "suffer" from ignorant comments about BR made by the general public and even close friends and family, but you just need to shrug them off.

I definitely feel that going through the BR process makes you stronger as a person overall, it resets your mind/brain/soul whatever you like to call it and from the many stories on here, there seems to be a common theme of looking towards the future.

All the best with your own Journey, I hope it all works out for you.

rocketman80

Regret the reason I had to make myself bankrupt? Yes, absolutely. I acknowledge my own shortcomings that helped create the problems.

Regret going bankrupt? Nope.

I was living in a room in the back of my house for 6 months to avoid anyone seeing me living there when they were knocking on my door. The lack of endless letters and phone calls and the fact I have more confidence and my health has improved from my stress levels dropping was worth taking that step.

I've learnt to manage my money and lifestyles and will never ever make those mistakes again.

Rocket.

jess0612

It's not a easy decision to make, but for me it's was the best choice i made, Also on bank accounts i opened up a Barclays Basic Account prior to bankrutcy and have been able to keep it.

SKINTMARE

Did you have equity in your house? If you dont mind me asking, Just about to take the BR road....very scared!

minimooh

Hi, I went BR in June this year and have to say that it's not an easy decision to make, but for me it was the only decision. I haven't regretted it, but still think I was stupid to get into the situation that's caused the BR.
I was really nervous about going to court and the OR interview, but have to say that everyone has been really nice and helpful and it wasn't half as bad as I expected, actually it wasn't bad at all.
After years of depression and sleepless nights, I can now sleep again and my mental state has massively improved.

Just make sure that you get proper advise by CAB or other FREE help organisations and consider all the pros and cons. And if you go for it: Good luck (not that you need it)!
Oh, and don't forget to come on here as well, because the help, advise and support on here is amazing!

gtanny

I like most others regret having to go bankrupt but I don't regret doing it.

When I was building up the debt and being immature and ignorant my wife and I never had a true holiday (and due to the realisation of br cancelled a honeymoon to florida after paying the deposit on a credit card) but have just booked a holiday for next year with the family and will be saving up axcordingly.

Now I've done it I have a different outlook on money and I am doing the best to make the most of every penny but also know its not the main thing in the world.

SurreyLass1

Going BR? No, not a regret
Getting to the point of NEEDING to go BR? Yes, absolutely. I regret the stress, the deceipt, the loss of my life through stressing about the mess.

It was 5 months yesterday since my date in court.
I do get waves of guilt, where I feel ashamed of the mess, of what I did to get there. I do worry about hings that before I would just have gone 'hey. here's my credit card' - but I think that I because I have drasically changed my outlook on my life, lifestyle and money in general.

Good luck with the path that you decide to take - make an informed choice, and focus on the eventual outcome.

lilcoder

I helped my partner through a bankruptcy 2 years ago. Best thing she could have done and 1 year on from her discharge now, her credit rating is climbing nicely and no more worries. Barclays were very helpful and we now both bank with them because of it.