All other options exhausted - Bankruptcy!

Geraldine999

blind-as-a-bat wrote: »

I must admitt this is an area im unsure of but i read this reply by another poster does this have any baering on your work situation?
http://forums.moneysavingexpert.com/showpost.html?p=5836129&postcount=26

Thank you - I read the post - I am not sure! My worry is that the business I am employed in is governed by lots of legislation regarding holding other peoples' monies - tenants and landlords and the company I work for - realistically, I think I will be barred if I declare myself bankrupt - that is why I am wondering if I should just let them take me to court - I suppose there is still the worry that one of my creditors will make me bankrupt.

I just hope ARLA get back to me - if it is hopeful at least I can show my employer that I have done the research and that I do care about their business - and my personal finances and my useless approach to them does no way reflect my business abilities.

I guess I need someone to tell me that CCJ's or Bankruptcy is the way to go - but which one?

Posthinking

Only you can make that decision sweet. Take all the advice you can find from the stickies on here. Good luck to you

Geraldine999

blind-as-a-bat wrote: »

Its a shame you havnt got a contract to refer to yet to help as im sure it would be in there

A Creditor will take a long time to make you BR if ever as they know once that post is past they will probebly see very little return But as you are aware they can and will make your life a missery and may take the CCJ route but again that can take some time

In my view you have to base the discision on your own strengths if you can put up with the hassle then just let it take its course and see where it ends up as you have done all you can but its not worth losing your health over

I think when you have the answer regarding your job it may make the discision a bit easier but i hope we have managed to at least shrink your worries down in size a bit

The worst bit of all this is the uncertanty so the more answeres you can get the easier it makes it

Thank you (sitting here in tears), it matters that someone takes their time to help. I appreciate you all. Thanks!

PixiePie

Sorry I can't be of much practical help Geraldine999, but I just wanted to post and say please please don't let this get you down too much. I know how awful it all is (I am currently sort of homeless, desperately trying to get the money together to go BR but not really managing it and getting DCAs phoning up calling me all manner of names), but at the end of the day - you have been a bit hopeless/unlucky with circumstances with regards to money. This does NOT make you a bad person, just another victim of our modern throwaway society. IF (and thats a big IF) you are not allowed to carry on your job (which from what I know, although I warn you this isn't huge huge amounts, doesn't sound a legal thing) you will and can find another. And then you will find one that gives you enough hours to claim WTC and any other benefits you might be entitled to (I know as a non-disabled, British National, single woman without children they are few and far between though) and pays you enough to rebuild your life.

If you have questions, or just need to talk this is a great place for it, so post away (I was on every 5 seconds when I started filling in forms etc etc) and we will all try and help as much as we can.

Big hugs

PP

meerkat2007

I don't want to get your hopes up, but I did a search on the ARLA Code of Practice, which you can download from their site, and I couldn't find the word "bankruptcy" in it.

I also found a site for a letting agent, which included the following text:

"ARLA has strict rules on how agent members handle and deal with their client's money and bank accounts must be regularly audited. Each member firm is covered by the Association's Client Money Protection Bonding Scheme which safeguards client monies from any misappropriations of funds or claims of bankruptcy and every member firm has to have adequate Professional Indemnity Insurance."

Now, I'm no expert, and I don't claim that my opinion is worth anything, but in the context of the quoted text above, I would read that as protecting clients' money if the letting agency goes bankrupt, rather than someone employed by the letting agency.

In a previous life, I used to work as an audit clerk, and one of the boss's clients was an estate agency that also managed residential lettings. As part of the audit, I had to check the clients' bank account and make sure that everything was being conducted properly. I would presume that all letting agencies would have to go through the same thing, so any impropriety would show up that way.

Of course, all of this may be meaningless, depending on the terms and conditions of your employment. I really hope everything works out for you.

Geraldine999

Thank you all for your kindness.

I will wait and see what reply I get from my email.

One concern is that the company will probably want some form of Indemnity for their employees - you know if staff take off with their money and I think this will be a sticking point, not necessarily the company I work for but the insurance company who cover the employer - not sure if legislation demands this kind of cover so I will wait and see what the reply says.

I have applied for many jobs in the last year, some nothing to do with finance and I either received no acknowledgement or a "thanks, but no thanks letter".

This job was a real boost - but also a huge kick up the bottom to get things sorted, but the best laid plans and all that.

It just feels like a vicious circle, I know I am the stupid, irresponsible person in all this and I know that I have to suffer the pain and consequences but all roads seem to lead to a "big fat nothing" - no money, job or home and a zero future!

I have read loads of stories on here and I really embrace the spirit of this forum and the support it gives and receives. I know there are far worse difficulties people have to suffer and they probably do not have the prospect of a future or mutual support which only makes me feel worse. My situation is totally self made - so why should it be easy for me to sort out?

I am trying not to appear "sorry for myself" - I know it is my S**T but I feel I am at the bottom of a great big black hole, with no ladder in site.

Thanks everyone!

meerkat2007

Geraldine999, I used to be like you and blame myself horribly for the situation I got myself into, but all it did was make me feel even more down about it. Then I realised that punishing myself like that wasn't contributing anything positive to my situation, and in effect, I "forgave" myself for making the mistakes that got me into the situation I was in, and that helped me to move forward.

I'm not saying it's easy. My finances went pear-shaped when I couldn't get any work for 6 or 7 months in 2000, and could only then find work on a much lower salary. At that point, I think my liabilities just exceeded my assets, and I'm sure I would have been advised to petition for bankruptcy, but I couldn't lose the house.

I did the ostrich thing until I confided in a friend in 2001, and she advised me to write to my creditors and explain the situation. I had all the horrible phone calls and letters, the fear of people coming calling, but eventually I got arrangements in place, and for the last 6 years, I've thrown money at my debts. There's been no holidays in that time, very few new clothes, rare treats like a visit to the cinema. I've worked out that I have another 5 years to go (assuming no pay rises), and then I'll be clear.

There IS a ladder out of the hole, Geraldine999 - it may not be easy to find, but it is there, and you will find it. We're all here for the same reasons - how we got there differs from one person to another, but we all have debts we want to be rid of, and we all have different ways of getting there. That's the beauty of this place: you can come here for ideas, and you may find a way of achieving freedom from debt that you hadn't thought of.

All the very best, and good luck with your endeavours.

Posthinking

meerkat2007 wrote: »

Geraldine999, I used to be like you and blame myself horribly for the situation I got myself into, but all it did was make me feel even more down about it. Then I realised that punishing myself like that wasn't contributing anything positive to my situation, and in effect, I "forgave" myself for making the mistakes that got me into the situation I was in, and that helped me to move forward.

I'm not saying it's easy. My finances went pear-shaped when I couldn't get any work for 6 or 7 months in 2000, and could only then find work on a much lower salary. At that point, I think my liabilities just exceeded my assets, and I'm sure I would have been advised to petition for bankruptcy, but I couldn't lose the house.

I did the ostrich thing until I confided in a friend in 2001, and she advised me to write to my creditors and explain the situation. I had all the horrible phone calls and letters, the fear of people coming calling, but eventually I got arrangements in place, and for the last 6 years, I've thrown money at my debts. There's been no holidays in that time, very few new clothes, rare treats like a visit to the cinema. I've worked out that I have another 5 years to go (assuming no pay rises), and then I'll be clear.

There IS a ladder out of the hole, Geraldine999 - it may not be easy to find, but it is there, and you will find it. We're all here for the same reasons - how we got there differs from one person to another, but we all have debts we want to be rid of, and we all have different ways of getting there. That's the beauty of this place: you can come here for ideas, and you may find a way of achieving freedom from debt that you hadn't thought of.

All the very best, and good luck with your endeavours.

That's one of the most kind posts I've read for a long time Meer. Thank you

meerkat2007

Thanks, Posthinking

I remember how it felt to be going through all that. There was one particular Sunday afternoon, when I was standing in the front room window, looking at the road outside (it's a cul-de-sac, so we don't get much passing traffic!), and I reached my lowest point in the whole time.

I wasn't suicidal, but I reached a point where I could really understand how people can get to the point of feeling suicidal. It was then that I realised I couldn't let the situation get the better of me, and I never felt that way again.

It isn't all a bed of roses now, but I see the balances I owe going down, and I have an end in sight. But if I can help anyone out there by sharing my experiences, I'm only too happy to do so.

Walter_J

Geraldine,I understand your worries but please, don't let them get you down. I went bankrupt 18 months ago and can vouch that the process is almost completely painless! Your employer won't know anything about it unless you tell them. The same goes for your landlord. That bit in the lease is just a bit of legal mumbo-jumbo @r$e-covering. Put it to the back of your mind, file for bankruptcy and make a new start. Oh, and start looking for a new job - you can do better!