BR's over and came the other end ok

FabDee

Hi all

Just wanted to say myself and OH both became BR in March 2010. .

We are now finished. It was the best thing we did. Lost house, moved to rented house. Still here. Have 2 kids aswell.
It was a struggle at first to get used to no credit cards and getting money when we wanted it and I use the word wanted in stead of needed it. Because I tell you something now, it was wanted when I look back. I know ever penny we get in and out and things are much simplier all round. It has been a wake up call these passed 3 years on the actual rubbish we all buy and think we need.

So what I'm saying so glad we did do it. Life is on the up now.
Just wanted to let other know if they are thinking about BR then do it the sooner the better, 3 years has passed like wind.
I havnt really posted on here for years I think. At first I thought I could deal with things, kidding myself on I think, but things came to a head and we had to stop pretending we where the Jones, of keeping up with the Jones.

Always on here reading though and it kept me going with tips and ideas on lots of the boards.

Anyway good luck to all on there own personnel journeys.

FD

Ox1987

You say the best thing but you lost your house. How old are your kids
How did they cope with it all

IF

Hi FD and thank you for the update as this post will help others just starting their BR.

Best wishes
IF...x

lonestarfan

FD. - Did you and your OH have paid employment throughout the 3 years?
There's a few posters on here that seem to be struggling with going down to low paid jobs rather than no job at all & finding they are just above the benefits threshold. None the less i think your post been will hopefully help some find comfort. Well done.

FabDee

Hi

Yes getting rid of the house was the best thing, big mortage and loans on it as well, it was never ending to be honest.

The relief to leave it all behind and know in 3 years it would be over and we could start again. A house is only bricks, it did not warrant a stressful miserable life trying to pay peter and paul.

Its hard in the beginning to even think about it. I kept trying to put it off but OH said lets get help we did. Family life is 100% better. no stress now. Kids had just left school.

We both had/have good jobs, hence thinking we where the Jones.
we paid our 36 months fixed amounts and my OH paid an excess he had from overtime monthly.

Our SOA was ok as well. I made sure we had enough to over all our essential out goings and if a problem did come up, eg. car we informed our insolvenancy manager straight away and they adjusted the extra payments. Infact the person dealing with us was great.

Hope this helps someone.

FD

FabDee

Sorry meant to add Kids where fine, knew the issues, because older, both at college, didnt want me and OH to split up or rows over it. so where for it. Sensible kids really. They are great with money now as well. search for deals with there cash. think things through for stuff like that. Looking forward to us as a family to be able to go out and about and do more now.

Ox1987

Yes well i worried if it happens to us ours are only very young only one at school, also we feel the same as you re the house but worried about where we could live as my job may not like BR and it may take a while to get another one post BR.

why did you not consider a DMP or an IVA rather than the BR route

FabDee

Hi

I completly understand about your younger kids. Though as younger kids they wont know whats happening really,not unless you tell them about the money issue. If you lose your house, you can rent another one, we did it before we had any ccjs or anything like that with bad credit. Move first as fast as you can and didnt need to tell the letting agent as had not lied to them as not actually completed forms. Advised to move asap by Insolvenancy manager and give all details after. never had a problem with new house if thats your big first worry.

I thought about the same problem with my job, I only told one manager who said it was ok. nothing else happened. All sorts of people understand and know people themselves with these money worries as well, u would be surprised.

I see the kids are your big worry as well, rightly so, but moving and getting a SOA sorted to cover all outgoings should cover that. If you got the BR route. Everyone moves at some time. Remember young kids will always have a home with the council. Get on there list.

We originally looked at DMP but we budget would only have been £1 per month to all creditors apart from mortgage whom we where advised to keep on paying in full. it would have taken us 20 years to pay it back, no way really. The amount we owed we would have never been able to have any spare cash to pay much more ever, because of the house. so thats why we went BR. Friends suggested a good one and they where great. knew everything, sorted it over a few weeks. Moved out all set up with house, monthly payments. all done all over now.
I think DMP's only work if you have the spare cash to over them and if not waste of time.

Get more info if you need it but dont hang about if you want to move house.

Also we got accepted for sub prime credit cards there each. not much on them but its a start and we will never ever do this again. Going to start saving accounts.

Hope this helps.

FD