bankruptcy - not a bad thing

uther_2

Strange to think that on Monday we will have been Br for 2 weeks already!

bizzylizzy

I didn't know that Alan Sugar has been bankrupt twice.

wherediditallgo

bizzylizzy wrote: »

I didn't know that Alan Sugar has been bankrupt twice.

I think I'd heard about him being BR once years ago, but I didn't know about the second one until he mentioned it in "The Apprentice" this week. Rory (the guy who was fired) is a BR, & when Sir Alan was about to fire him, he said that he knew he was BR but there was no shame in it - he'd been BR himself twice.

bizzylizzy

I look forward to great things then!

I'm glad he said that on TV, hopefully some of those people who continually put us down will have heard him too.

lucylocket39

Ixy wrote: »

It is the final option usually after a long long time of disperse and in our case illness due to worry.

My husband and I owed over £50,000 and we couldn't afford the payments anymore. The problem, as for so many, wasn't that we didn't earn a good amount of money, if it wasn't for the debt we would have a good income. However the repayments were more than we could afford no matter how hard we tried. After a lot of soul-searching and broken hearts we, as CAB had advised us, went bankrupt in 2004.

IVA would literally have taken most of our lives to pay off what we owed and during that period our credit rating would be destroyed. To go bankrupt would disrupt our lives for 1 year badly, 3 years for backpayments to them and 6 years on our records. That is better than a life sentence.

We behaved very well and were released from the bankruptcy early - after only 6 months although the payments will go on for the full 3 years of course.

It turned out to be the best thing we could have done, gone was the illness caused by stress and worry. With the repayments gone we earned good money and could actually have a normal life.

The only ill-effect is that we can't get a credit card - we don't want one but in today's society you need one for many ordinary things. Funny, if we want we can get a mortgage but we can't get a cc:mad:

Your reasons for bankrupcy are the same as mine, our credit record would have been destroyed anyway, and in a year i can begin to live a little again. Six years is better than 30 odd with an agreement! When an advisor spoke to us about bankrupcy he told us that he'd just worked out an agreement for a guy that would take 36 years to pay off! just cos he couldn't cope with the stigma of bankrupcy!

lucylocket39

That's weird that you can still get a mortgage! There's hope for me yet lol!

Icemoose

It's almost 6 years since I went Bankrupt and I have never regretted it....

lucylocket39

so you're nearly out of the woods then icemoose...how have you coped during the 6 years?

Jennie_2

Donald Trump has been bankrupt at least one. And Alan Sugar has stated if he lost it all tomorrow he has every faith he could build up a business again.

lucylocket39

ah well we're in good company then lol......or are we??