2 years post BR

gtanny

Hello all,

Its been a long time since I have been on the bankruptcy I thought I should come back and post an update as this forum was a very big help for me when things were at the worst.

I started struggling about late 2007/early 2008 after my wife left her job to have our first child in October 2007, we really started with the problems as soon as she left work about August time but at the time I had an £9k limit on my credit card so I thought things would be good and I had just changed positions at work to a position with 'guaranteed overtime' and a company car which at first worked well and I was paying my credit card off nearly as much as I was putting on it, unfortunately the interest started adding up and my minimum payments started requiring me rely on overtime for food as all my basic was tied up on the mortgage, credit card bills and a car loan for I car I no longer owned as I sold it when I got the company car and paid a whack of my credit card that seemed to very quickly build up again.

About April 2009 after being in the position of very little overtime being offered any more and having to make a choice of pay mortgage or buy food for the family I seeked advice from the board as I had a DMP that was not working so I decided bankruptcy was the best option, I stopped paying my mortgage and with that money we purchased some much needed essentials i.e. clothes, food and once the repossession letters started coming we started looking for a rented house, this wasn’t easy when I explained my situation but found one estate agent willing to help and we eventually moved out. It took me a while, and to be fair it was nice the debt collectors not knowing where I was for a while but the debt was always in the back of my mind, so after working nights all Christmas 2010 we had enough for the fees and on January 31st 2011 (I was actually off work with work related stress and depression all January and most of February due to the stress all the worry was causing) I was declared Bankrupt and it was one of the biggest relief I have ever felt, I was pain free and the staff at the court were excellent.

I had the phone call with the OR and all went well and I got away without an IPA/IPO, Once I moved I refused to work overtime to minimise my 'free' cash and this worked for me, I would rather have slightly less money then a 3 year repayment plan, the next few months were good and it seemed in no time in August 2011 I was given early discharge.

Things were going well but I still wasn’t too happy with work due to the lies I was given in my new position so I managed to get put back into my old position on less money but I was a lot happier, things were back to normal but we had a life of getting by but never had really nice things and saving for a holiday was never going to happen, so I decided it was about time to look for a new job, I had looked in the past and applied but have never been offered a job that I could justify taking, normally due to poor salary or low job security. Until April 2012 I was offered an interview and a week after the interview I was offered a job on a significantly bigger salary and with a very big company offering many benefits, but 1 ½ hours drive each way per day, we discussed it and she agreed to move local to my new job so after passing all the background and medical checks I handed in and worked my notice period and eventually moved house and job in July 2012.

I now have a life that 5 years ago I never thought would be available to me, we have our first family holiday abroad booked and paid off, we have enough spare cash each month to make saving for the holiday easy and to top things off I even have 2 credit cards to start rebuilding my credit file along with a share option run by my employers meaning I already have £2k in savings for a worst case scenario or as the current plan it – a deposit for a house in 5-10 years.

I hope my post doesn’t come across as bragging about how happy I am with my life as I know how much stress a lot of people on this board are going through and I hope that I can show there is life at the end of the tunnel and 5 years ago I couldn’t see anything at all and was reading these sorts of posts with hope but with a 'that is not possible' mindset as everything seemed so bad, but it has and it was possible, im not saying it was all smooth sailing and without help from family, my wife has been a massive help through this (things like being able to feed a family on a monthly budget of £50) and I don’t think I would of managed without her and my Dad helped a lot with some financial things like moving costs, getting a cheap car when I lost my company car and general support through out so im not saying this was my own doing.

I am now 27 with 2 daughters (5/1) and a wife that has been through a lot with me and things seem like they are going the right way, I know with the financial climate this can change instantly but at this moment it seems like I have come over the hill and if it wasn’t from the help I received on this board I think I would still be stuck at the bottom looking up afraid to even start to climb, so for that I can only offer my thanks for their advice and support through it. :beer:

PS Sorry for the long post, I only planned on giving a thank you update post and I seem to of typed a small essay

failingfast

Well done! I'm really glad you've managed to turn your life around and are enjoying your journey.

I'm seriously considering BR at the moment as it's been recommended to me for my situation. Reading your post has helped me realise it's not necessarily a bad thing and has given me hope that I'll be back on my feet soon.

Many Thanks and best of luck for the future.

Ox1987

What is it you do

I am living in fear of BR every day even though I am not here yet and could survive but things are tight on DMP long term at the moment and as a CIMA accountant fear I would never work again and I am worried about he kids and the impact on them though your story is wonderful

alastairq

as a CIMA accountant fear I would never work again and I am worried about he kids and the impact on them

Hey Ox.....do you really know that for certain?

Or is it currently a supposition?

Do your kids really care what you do for a living?

What sort of disadvantage do you imagine they will endure?

I get the impression from your other posts you have locked yourself into an ever-narrowing outlook on the world?

I know it's difficult, but you need to think 'out-of-the-box?'

As the OP has so ably posted.....bankruptcy can offer a wonderful opportunity to divest oneself of the detritus of the past.

It really is the only way of truly making a fresh start.

The old lifestyle really has failed.

So, maybe it's time to take a totally fresh look at what you have?

Maybe a chance to give yourself and your family a complete change of scene?

A chance to see what a millstone your old lifestyle, and aspirations, have become?


chin up, deep breath, start afresh?

fermi

Thanks for the update. These sorts of posts help immensely.

gtanny

thanks for the reply Fermi its posters like yourself that gave me some excellent advice at the time

for information im an analytical chemist, i did work as a cargo surveyor/chemist for a few years (the ones with guarenteed overtime that only lasted a few months) but i have been working in a laboratory environment since i was 17 (i despised 6th form so went into work) so im lacking the normal required qualifications of the positions i have managed to get so i have had a bit of luck but i have worked very hard to prove myself.

i didnt use BR to start afresh as such, i enjoy working in a laboratory and although i did think about changing to become a chef (i love cooking, as people dont reaslise how much chemistry is involved) it may be a job i would love but the hours wouldnt suit my family life and my family come first.

i still need to do a credit file cean up but ill be honest not being able to get a significant ammount of credit is an excellent way of keeping in control, my credit cards have limits of £500 and £600 and in a worse case it would take me a month and a few hours overtime to clear them (although i would then need to use them for food but thats what i do anyway to keep them in use)

Ox1987

alastairq wrote: »

Hey Ox.....do you really know that for certain? No i dont but no one can also back it up

Or is it currently a supposition?yes

Do your kids really care what you do for a living?no

What sort of disadvantage do you imagine they will endure?No home, no money for food, clothes etc

I get the impression from your other posts you have locked yourself into an ever-narrowing outlook on the world?Yep

I know it's difficult, but you need to think 'out-of-the-box?'Ok but how

As the OP has so ably posted.....bankruptcy can offer a wonderful opportunity to divest oneself of the detritus of the past.I agree

It really is the only way of truly making a fresh start.OK

The old lifestyle really has failed.Tell me about it

So, maybe it's time to take a totally fresh look at what you have?OK

Maybe a chance to give yourself and your family a complete change of scene?Where do you mean can't sell house

A chance to see what a millstone your old lifestyle, and aspirations, have become?I would love to but dont know how


chin up, deep breath, start afresh?

Tell me how



I understand Al but too many what if for my brain to compute and risk

alastairq

hi.....really, no-one can 'tell-you-how'....there isn't a kit-of-parts out there.

So, I feel you need to tackle those questions which haunt you, one-at-a-time?


Start with the job thing?

Make positive enquiries, either at work, or outside.

You need some sort of definitive answer to that one.

But...if it is a disappointing answer, that isn't the end of the world.

After all, what you do for a living simply provides a wage........and a lot of other types of work out there do the same thing.


No money, no food, etc....is exactly what is not going to happen...in this day-and-age!

Maybe it did in 1813, but not today!

When I say 'think out-of-the-box', what I suppose I mean is, try and shed some of the past influences on the way you think?

Most of us are, or have been, the 'victims' of past influences...over the way we think, and what we feel are the ideal things we want in life.


You have made a start already.....by banging your head against that brick wall you have found, trying to see which sort of path you should follow?


All I can say is..one thing at a time?

Once you have a better idea of the options open to you, you'll be able to see more clearly what it is you need to do for the future. Old tat, I know...but I'm trying to be supportive in a positive way.


I too, suffer from the 'what-if' issue.....it gets in the way, a lot of the time.

sometimes we just have to take life, suck-it-and-see, so to speak....then see what comes of it?

jayk

Gtanny

Great post and so pleased you in much better position than you were. Never easy to make decision to go BR and so many of us have worked and paid for years to try and get credit cards, loans etc paid off. However there can come a point when it can all get to much and I know in my case with DMP and having paid that for years realistically It was going to take more years than I had left working to pay it all off.

I am now discharged BR and although was not easy and stress was very high I think it was the best thing for me. Hugh relief and I can continue with my life. It has changed me completely I am more relaxed, budget better and has made me more aware of what matters. My family, friends and although I dont have a lot of money to live on as long as I can pay utilities keep up with rent and C. Tax the rest follows.
In the end you have to do what is right for you and sometimes just go for it.

I wish you all the best for the future. Very well done.

fiveyearplan

Wonderful to hear your update! Many congratulations, you sound very happy. Thanks for the post as it is very helpful for others to hear that there is life after BR.

Rylynn

Hi there, a great post, I will put one up later on today. Hello fiveyear plan fancy seeing you here :rotfl:my old buddy.

So pleased things worked out for you OP. I think it is great to read others stories several years down the line, which is why I will post mine up later.

Like you I remember reading posts like yours in 2008 and thinking heck that cannot happen, surely after BR it cannot get so much better!! how wrong I was.

Congratulations to you and your wife, no easy road, but one that gets easier in the end.:T

Ox, I think you need to consider the job is not the be all and end all, I will tell you why in your own thread.