1st credit made me bankrupt

baglady

I have been very stupid and as a result I have been made bankrupt. I had a closed Lloyds Bank account I'd say from over 8 years ago. I had a high overdraft on it and was struggling to keep it open so closed it. The account was about £6,000. I think another debt company started to chase me for payment which I ignored and then later 1st Credit stared chasing me. I again ignored all their calls and letters. Eventually they sent a Statutory Demand notice, I should have sought advice but again I did nothing. I got bankruptcy petition notice and attended court this week. A few days earlier I contacted Step Change for advice and got a financial statement. I contacted 1st credit to offer monthly payments of £150 but they said the case was now with solicitors. I made payment offer to solicitors who went back to 1st credit who rejected it. I went to bankruptcy hearing and tried to explain that I wanted to pay the debt off in instalments but the judge and solicitor said they didn't think I would be able to pay it and it would take too long to clear the debt. in less then 10 mins I was made bankrupt.

dancingfairy

Hi, and welcome, I'm a little confused as to the point of your post.
Is it to warn others to avoid the same mistake?
To overturn the bankruptcy?
To find out what happens next/what restrictions you will have now you are bankrupt?
If you explain further I'm sure you'll get some help/replies.
df

baglady

The post was more to warn others. To be honest I am still in shock.


I am scared that my flat will be sold to pay my debts. I'll be calling the insolvency helpline at step change tomorrow for advice on what happens next. My interview with the official receiver is in a few weeks time.

tigerfeet2006

How much equity is there in your flat?

Who do you bank with?

Do you have any other debts?

Welcome to the board, we'll try and support and help you all we can. Read as many threads on here as you can as although you became BR by a slightly different route to most on here the same things will apply. Ask any questions you have and someone will try and answer. Think about your SoA as you will be asked for one. When you have one pop it up for perusal on here and someone will try and sure that you have everything covered. Oh! And as I said read as much on here as you can.

owlet

Sorry to hear of yiur circumstances. Don't beat yourself up over it, we've all done daft things. The main thing now is to get ready for your OR interview and ensure that you are ready.

By posting your SOA, we can take a look & ensure you have enough money to live on comfortably (if you would like help, that is). By saying comfortably, I don't mean luxurious but it's not breadline either.

SOA calculator link below.

http://www.stoozing.com/calculator/soa.php