Bankruptcy: Hints & Tips

AloeBlacc

Hi All

After lurking on this forum for the past 6 months or so, thought it was about time i introduced myself! Hi everyone...

My husband and I have been battling through the mire of a redundancy, high unsecured debt payments, a car on hp and negative equity for the past 12 months. After lots of calls to NDL (my new best friends! I think they may even have assigned us a personal ringtone we've called that often :rotfl:), we've finally decided to bite the bullet and file for joint bankruptcy. Phew!!

So my question is to all those bankrupts and ex-bankrupts out there: if we were you, is there anything that you wish someone had told you before hand? Are there any hints and tips that you can offer us before we do this scary thing?!

Thanks
Aloe

Tupperware_Queen

just read everything twice ....and keep your paperwork in a lever arch file with dividers!

seriously, lots of useful advice on here, and support too x

tigerfeet2006

Also get yourself as knowledgeble about the in' and out's as possible.

Read the Look Here First sticky https://forums.moneysavingexpert.com/discussion/1056083

Read all the threads, even if you don't think they apply to you now, they may in future.

Read, read, ask questions, read, ask questions and read.

KNOWLEDGE IS POWER!

ETA: Welcome to the board

and there is no such thing as joint BR. You go BR individually and pay 2 lots of fees.

kepar

Don't be wary of talking about money problems after br, you will be surprise how many people open up to you about their problems. Even those you thought would be having no problems, others will tell you about their br's , etc. You have the knowledge to help, and advise where you can, or send them to this site.

jmheggie

As said before keep all your paper work, probably for 10 years or longer if you can, you will probably need it a few times in the coming years! Also make sure you include any debts you belive have been writen off as these have a habbit of getting you a few years after!

I was made bankrupt in 07 and discharged 4 months after, and have had no real problems since in fact life has been good but those 2 tips would be the best I can offer! MBNA actually sold the debt after being told I had been made bankrupt and I had the company try and get money from me, the offical reciver delt with that for me but I have had 3 old mobile contracts where the debt was written off and since sold to another company and because I didnt include in the order (well I was told they were written off by letter) been told tough it wasnt in the order so the debt is valid! I have never actually made payments to these but it can get you down!

otherwise its been good, I do now have some credit again but not much (I dont want it) and to my suprise my credit score is classed as good though I do have many defaults on my file from 07 but still only 18 months and they go!

andyf1980

Echo what others have said really. Just try to be as organised as you can with paperwork etc. Be honest with the OR and if you don't know the answer to their questions just say so; they're not out to get you.

Accept that the process is one of transition. If you're used to having credit "just in case" :mad: it will take a while to adjust.

It's not an easy process but for me it was nowhere near as bad as I expected and gave me my life back :beer:

Ineedaname

jmheggie wrote: »

As said before keep all your paper work, probably for 10 years or longer if you can, you will probably need it a few times in the coming years! Also make sure you include any debts you belive have been writen off as these have a habbit of getting you a few years after!

As long as utilities are up to date you only need to keep paperwork for 3 years. Rental agencies often ask for proof of address for the past 3 years, so for year one & two just keep one piece of paper for each month. Keep all of year 3 plus the current year.

Anything for tax purposes keep for 6 full tax years, plus the current year.

Anything for debt I'd say keep until it drops off your credit file.

However, I'm going to keep my BR Order and anything about discharge for life...

jmheggie wrote: »

but I have had 3 old mobile contracts where the debt was written off and since sold to another company and because I didnt include in the order (well I was told they were written off by letter) been told tough it wasnt in the order so the debt is valid! I have never actually made payments to these but it can get you down!

They are wrong and you shouldn't have to put up with continually being chased. I'm sure there's a Fermi letter, possibly in the clean up thread, which you can send them to get them to stop chasing you.

myfreddie

My husband and I went br in September after a lot of research and it was not as scary as we thought it would be - but the relief of having done it was incredible, in fact when I got the order from the court official I just cried.

Now I open the front door without even thinking about it, answer the phone rather than letting it go to ansaphone and I don't mind the postman coming. Even when the OR calls she is really friendly.

Make sure that you check out everything before hand i.e. your home, job safety etc to make sure it is the right thing for you both

We told our landlord in advance of going br and he was really understanding and told us we did not have to worry about our tenancy. Also told my boss and she was fine and offered me her support (husband is self employed so his job was not an issue)

My husband opened a new bank account with Co op with no problem at all and my bank (Natwest) allowed me to keep my account, albeit a basic one

Good luck

AloeBlacc

Thanks Everyone! All good info. Especially nice to hear that life post court isn't that terrifying. I'm not bothered in principal about not having credit, I think its more fear of the unknown, e.g how it might impact later on in life. Having said that, it cant be much worse that 18+ years of debt repayments..!
Sure I'll be back posting on here as it progresses...
Aloe

Angiepange

Definitely fear of the unknown for me. I went into panic mode every time any correspondence from the OR came through the post! But on the whole once all our assets were sorted we had no contact from them for about 9 months up to AD. At the same time I had a major battle getting through the Mortgage rescue scheme, so that completely overtook the Bankruptcy.

Wishing you good luck and well done coming out of lurkdom

dojoman

Do as TF suggests and you will not go wrong:)