Thought I might put my BR story up

adpod

Just off the phone with some BR office who have confirmed that I am discharged and it got me thinking about the last 5 years and everything good/bad that has happened and I thought I would share my story with others :-)

My problems started 4 years prior to going BR, I had my own business, own house and a nice wee sports car (not bad at 25). My business was making £40K+ per month profit (pre-recession) and within 3-4 months of the recession hitting I was losing £15-£20K per month.

I should have just shut up the business and cut my losses but my pride wouldn’t let me, I didn’t want to admit it was a failure so I went into further debt to try and sail through the recession.

Within 12 months I spent over £100K of my own money and maxed all my credit cards, loans and remortgaged twice it was only then I would have to admit defeat and swallow my pride.

I spent 2 years ignoring constant telephone calls, threathening letters, my long term relationship ended (due to the pressure I was under), I didn’t socialise (partly because I had no money and partly because I felt like a failure), I ended up putting on 3 stone in as many months due to not sleeping and not exercising, I lost my sports car and eventually I handed my house keys back - I lost everything.

It took nearly a year for the bank to sell the house and chase my for the outstanding debt, during this time I prepared for going BR, I stopped using credit, I search for the best deals, I used vouchers and cash back sites, I had a rule - if I didn’t use it in the last 3 months, I would never use it - so sell it!

During all this I met a beautiful girl, who I told everything too, my thoughts and feelings and she didn’t judge me.

When I went to court, last february, I was very nervous but I knew it was the start of the end, in and out in 10 minutes - step 1 done.

The 2 hour OR interview (interrogation) left me feeling worse, I still felt like my debts were there and my life was much more complicated with possible IPA and BRO but I carried on and counted the days.

Before I knew it, it was 3 months into my BR and I started planning for my knew life in 2014 - First thing I did was sort out my eating and sleep pattern, I started to work out and get back into shape, I started to socialise with my friends more (flip, it turns out I don’t need money to enjoy myself just great company), I took up a new hobby and I searched house looking for things to sell to get enough money to buy an engagement ring (she said YES!!!).

6 months in, 2 stone lighter, don’t owe anyone anything and I’m starting to smile constantly again, I started looking for government grants or funding to retrain myself so I can get a better job - but nothing to help me, unless I was longterm unemployed or strangely a banker wanting to retrain as a teacher……says it all really!!!

9 months in and I can see the finish line, its so damn close….

Saturday 22nd of February 2014 I am there…..I made it, I am debt free, I woke up that morning and I for the first time in 11 years I OWE NOTHING, everything I have I owe, everything is mine, its not much but its mine….

I just wanted to let anyone know that there is light at the end of the tunnel and while you may lose everything you will realise that its the little things that matter…oh and those friends that I was ashamed to admit my failures and debts too….

Turns out most of them are up to their eyes in debt and are struggling to pay the bills, some already looking at BR or IVA’s.

Thank you to everyone who offered help and advice on this forum and to everyone going through or thinking of going through it, all I can say is, everything comes to an end so don’t worry about it ;-)

sort_me_own_yard_out

It is so good to read, I am due to be automatically discharged a week on Friday I am so excited!!!

Good luck for the future.

thinkpositive1

Great story adpod.

Some similarities with me. I have had years of debts and the last 5 have comprised a DMP and then IVA and I am now preparing for BR and I cannot sustain my IVA and the stress of trying to keep going and not to "give in" has proved too much.

I have a very supportive partner who sees BR as a "fresh start" for me and for us really. Has taken me a while to realise the upside of BR and seeing it as a fresh start more than "throwing in the towel / giving up" which is how I had viewed it til now.

I have worked my proverbials off, 60-80 hours a week being self employed for over 12 years...went from renting to then saving a bit, then a nice sports car too, then my own house but then I was living a bit beyond my means, credit cards buolt up and with my business income dropping by over 60% recent years, debts mounted and it went pear shaped.

I have fought my hardest to keep going but now am giving up my house, may lose my car in BR, have no savings and just want a fresh start. I have put on weight, gone inward looking and not keeping in touch much with friends - haven't felt sociable and feel rubbish in others' company when it comes around to the "how's business going?" conversation!

Feels like I have worked so hard to end up with nothing but I can see a good way forward and your story struck a real chord with me.

Thanks for sharing.

Worcsman

Thanks for sharing, I went BR in 2009. Havent applied for credit since. I have no debts what so ever. Everything we buy, we have saved for, everything we own, is ours outright. We have learned a new way to live. It's good to know we aren't alone so thanks!

SomebodyToldMe

Thanks a lot for posting........going to hand in BR petition next week and really dreading it, especially the OR 'interrogation', so your story was really inspiring

fiveyearplan

Thanks for posting your story adpod. Glad to hear things are so positive!
.

Teen_the_Drama_Queen

Cheers adpod, I love a happy ending

Thinkpos1 - don't beat yourself up as to how you got where you are today, there are lots of people out there in the same situation. (Until you find this site and read other peoples' stories, you feel you are alone!).

My OH and I went BR back in 2011 so are now discharged (but still paying an IPA - ends in June this year, hurrah). It's easy to feel bitter, thinking here we are 3 yrs later still paying for a house we now don't have (we went down the vol repo route) and a car we no longer have (that was taken too, though we did get enough for a good old second hand car which is still going strong).

On the plus side, we don't owe anything, we don't have credit cards and we can sleep at night. If there is something we need but can't afford, then we go without it... (unless we can buy a used whatever it is cheap on e-bay, such as clothes etc). We never want a credit card again - yes sometimes it's hard getting by without one (esp if car repairs or something else crops up) - but we manage (and living in a rented house, if the boiler or something goes wrong, then it is not down to us to get it fixed, one of the bonuses of renting).

True friends stick by you - if certain people don't want to continue to see you, then those are the sort you can do without.

It's been a real learning curve, but we have survived, we have a roof over our heads and can at least afford to eat -I shudder to think how much I used to spend a week on groceries, used to be over £100 prior to BR, now it's around 60-70 in Aldi's

Going BR is not an easy decision to make, but once you have made it and gone with it, you realise your life does go on and it's really not that bad.

samurai1

Nice, there is a light at the end of the proverbial tunnel, I went BR in July 2013, I found that the biggest relief was that, after years of constant threatening/demanding letters & phone calls and trying to talk to companies that do not want to listen, these letters & phone calls stopped almost completely in a week.
Unless you have been in this situation you cannot explain to people the stress caused just by the phone ringing.

Nearlyforty

AdPod
Congratulations for moving on. It also took me a while to cut my losses and move on but I am due to be discharged next Tuesday..... 4.5 days to go!!! Best wishes

wildheart83

Great post Adpod - there is indeed light at the end of the tunnel.

For me, whilst I don't broadcast the fact I went BR, it was a means to an end. An ex partner who ran up debts in my name, left me liable for bills that were nothing to do with me etc then the double whammy of redundancy. I battled with debt for years, furiously treading water whilst trying to give the impression everything was hunkydory when really I should probably declared BR well before I did. But it's done now and I can honestly say life is enjoyable once again.

To all those who are due to go BR, or are going through their BR year - life does get better, good luck to you all x

Seth0571_2

Thank you for posting your story, adpod, as someone who's Hubby is about to go bankrupt due to company debts its nice to know that there is light at the end of tunnel. No one believes bankruptcy is an easy option but its good to know that you can rebuild your life. I'm happy to read your story & your OH sounds lovely, good luck for your future you have worked hard to get there enjoy it! X