Been advised to take bankruptcy as 'the golden opportunity'

uther_2

We took out our DMP a year ago. It was projected to run for 18 years @ £190 PM! Because not everyone froze interest (they dont have to) we owed pretty much the same now as we did a year ago! + the regular letters/phone calls asking us to up the payments.
As of Tuesday this week that will all stop.BR can cause stress,but it can stop a hell of a lot too.Life really is to short to be worrying about debt all the time.

neowave

Just been reading this post found some interesting points. I have similar situation to others started at 19 with a credit card and small loan catapulted to larger loan and larger credit card and other little amounts owing so i truly don't know what i owe although a ball park figure of £30000 seems reasonable to me. would i need to put all my debts on the form or would all be covered if i forgot about the companies and details etc. I am now 27 thought about this option a few years ago but didn't want to go bankrupt for 5 years and now, 5 years later, i still have debts so this is the best solution. I have a young family and i want a fresh start away from my reckless past. Does anyone know if i can be refused on the basis that i squandered all the money and have nothing to show for it ? Horrible to think where all that money has gone but this happened and i need closure from it all if that makes sense. Probably babbling now lol.

Appreciate any advice :-)

Neowave

Red1708

Personnaly I feel it is irrelevant how much you actually owe, once you can't pay you can't simple as that. Debt is an ugly word and I will hate it for the rest of my life. I've struggled for a long time now and I've basically been existing rather than living.

I spoke to CCCS who suggested Bankruptcy as my only other option would be DMP paking payments for over 62 years!!! However I still struggled with my conscience. I felt like a criminal, I got the debt and should be responsible for it!! That was until I spoke to my daughter about it. She's 15 and has noticed the stress it is causing me and the ever increasing pile of unopened post (all now open).

I explained to her my options, and the consequences of bankruptcy. She said to me she would rather see me happy again!!! I will never be free from my debt unless I go bankrupt...so basically will never be truly happy again unless I go bankrupt and get rid of this debt.

gettingitsorted

Red1708 wrote: »

Personnaly I feel it is irrelevant how much you actually owe, once you can't pay you can't simple as that. Debt is an ugly word and I will hate it for the rest of my life. I've struggled for a long time now and I've basically been existing rather than living.

I spoke to CCCS who suggested Bankruptcy as my only other option would be DMP paking payments for over 62 years!!! However I still struggled with my conscience. I felt like a criminal, I got the debt and should be responsible for it!! That was until I spoke to my daughter about it. She's 15 and has noticed the stress it is causing me and the ever increasing pile of unopened post (all now open).

I explained to her my options, and the consequences of bankruptcy. She said to me she would rather see me happy again!!! I will never be free from my debt unless I go bankrupt...so basically will never be truly happy again unless I go bankrupt and get rid of this debt.

Children are very wise and soon put you back down to earth so to speak in other words they make you see whats important in life .

Richard_S

neowave wrote: »

Just been reading this post found some interesting points. I have similar situation to others started at 19 with a credit card and small loan catapulted to larger loan and larger credit card and other little amounts owing so i truly don't know what i owe although a ball park figure of £30000 seems reasonable to me. would i need to put all my debts on the form or would all be covered if i forgot about the companies and details etc.You should put all your creditors on the form but it's not unheard of for people to forget some. It doesn't make any difference if you do forget, either refer them to your O.R or just quote your Case Ref and the O.R's office that's dealing with your estate. I am now 27 thought about this option a few years ago but didn't want to go bankrupt for 5 years and now, 5 years later, i still have debts so this is the best solution. I have a young family and i want a fresh start away from my reckless past. Does anyone know if i can be refused on the basis that i squandered all the money and have nothing to show for it ?I think you'd be fairly unique if you hadn't squandered the money you'd borrowed. It's not really squandering money if you've been caught in a debt trap and used peter to pay paul Horrible to think where all that money has gone but this happened and i need closure from it all if that makes sense. Probably babbling now lol.

Appreciate any advice :-)

Neowave

Hi Neowave,

You'll get a better response if you post this as a thread in it's own right, I've answered a few of your questions but only got chance for a quick post.

Rich