SOA - any comments welcome

HappyMJ

baglady wrote: »

Thanks Downhill fast, I totally agree with you. All this mess and stress could have been avoided if I had taken control a lot sooner and dealt with my finances and debt. I'm not sleeping and trying to not get overwhelmed but it is not easy.

I had my interview with the OR this morning and basically although she could not give advice the upshot is that if I can get £20,000 within the next 2 weeks and pay all the creditors plus the OR costs of approx £1,800 then the bankruptcy can be annulled. I will have to speak to family and friends to see if collectively I can get the money.

An IVA was a possible option but unlikely due to the equity in the property and the likelihood that the trustess would not want to wait for their money.

This is truly a lesson to anyone who is burying their head in the sand like I did in terms of dealing with debts.

Just wondering...why £20,000 when your debts show £14,500? Does that extra £5,500 include the fees and charges the creditors have applied to your account to petition for your bankruptcy.

baglady

HappyMJ wrote: »

Just wondering...why £20,000 when your debts show £14,500? Does that extra £5,500 include the fees and charges the creditors have applied to your account to petition for your bankruptcy.

£20,000 is an approximate amount but yes it is to cover court fees and I guess any other fees that the creditors have added to the debts.

LoveLifeAgain

Just wishing you Good Luck baglady.

baglady

LoveLifeAgain wrote: »

Just wishing you Good Luck baglady.

Thank you for your kind words - it is very much appreciated.
I've started to tell a few friends I trust about my situation and they will see what they can lend me. I am thinking of ways to increase my income so I can pay my friends back as I know borrowing from friends can cause problems. The difficult thing will be to tell my parents - as grown as I am these are the people you want to protect and not disappoint.