Advice needed with br

LEK

Slowmonkey94 wrote: »

Okay so a quick phone call withing of the charities above and it turns out my debt has taken me over the threshold for a debt relief order hence my application being rejected so I now have bankruptcy as my last option god I'm really hoping this all goes another than the previous six years of my life

I had a feeling that it may be the case that you get refused a DRO, I'm sure I remember reading previously that the threshold is much lower when compared to the minimum threshold for bankruptcy (which is in the region of £18,000). I also read into a DRO first when considering bankruptcy only to see near enough immediately that I wouldn't qualify for one.

Again do some more thinking on it before you're 100% sure that you want to go ahead with bankruptcy but if you do, there should be no reason for them to decline your application... As long as you're totally honest with them and thorough with the application.

Liam.

Slowmonkey94_2

Yes your right I fully intend to be completely honest with then and have spent the last six months not sleeping at night my total debt cones to 40000 and I didn't even realise I'm just so frightened I go through the application and get given a ipo I have two children and have all my bills full rent to pay etc... car insurance and maintained as I'm a delivery driver and earn just under 1000 a month so really worried I'll spend fifteen years paying money I literally can't afford back I was young stupid and pressured and let's be honest when your eighteen you don't think about the consequences of things as your so naive fingers crossed and thanks again for the reply Liam it means a he of allot

LEK

Slowmonkey94 wrote: »

Yes your right I fully intend to be completely honest with then and have spent the last six months not sleeping at night my total debt cones to 40000 and I didn't even realise I'm just so frightened I go through the application and get given a ipo I have two children and have all my bills full rent to pay etc... car insurance and maintained as I'm a delivery driver and earn just under 1000 a month so really worried I'll spend fifteen years paying money I literally can't afford back I was young stupid and pressured and let's be honest when your eighteen you don't think about the consequences of things as your so naive fingers crossed and thanks again for the reply Liam it means a he of allot

Not a problem at all.

Speaking from experience with my Bankruptcy up to now and even though I am only 6 or so months in, it has been a steady sigh of relief but knowing that I can have a fresh start but that I can also start to think about putting this all behind me - especially come July next year when I am discharged all being well.

The initial period with starting mine back in July was a lot to account for and the amount of thinking I had to do with it, but with my personal circumstances at the time and thinking forward (finding out that me & my partner are expecting), I just wanted to put everything behind that had counted towards my bankruptcy for the last 7 years and my debt history up to this point and to start from scratch once again.

Liam.

downhillfast

The future is not bleak. Yes you will struggle to source credit for a few years but having that enforced on you teaches you how to live within your means and appreciate what you have.
This board is mostly frequented by recent BR affected people so I thought I'd chip in and offer a more long term view of it...

I was made bankrupt in Feb 2007 aged 31 due to a failed business and granted early discharge in October the same year with no IPA
I couldn't get my basic account upgraded for a good few years and didn't even bother to get a credit card until about 4 years had passed - got an Aqua.
Roll on another couple of years and once the BR dropped off my file I got a decent bank account and a Halifax Clarity Card (decent card to have and not dished out willy nilly)
Just after that I needed a new vehicle and was able to obtain an £8k loan with Sainsburys at a not too shabby 6.4%APR.
That loan will be paid off in a couple of weeks...

And here's the bit you're really interested in... we are currently awaiting a mortgage decision - 95% LTV with a loan of nearly £350k... :eek:

Slowmonkey94_2

that is amazing thanks for sharing your experience I also want to just put it all behind me my debt also comes from a failed business and a very long very bad relationship and me making bad choices so there is definatley life after br you just have to prove you've learnt your lesson I guess that's exactly what I'm doing I just have to save up the 680 and go for it I guess I really hope t goes smoother than the previous six years of my life I really do I cant thank you all enough for sharing experiences and advice with me I do feel very alone on this my current partner and I haven't been together for long maybe 8 months and she has lived a completely different life and had lots of guidance from parents I didn't have them growing up so I made bad choices but want my children to take from my experience how to make good choices :j and hopefully they wont make the same mistakes sorry for the poor grammar I'm typing this whilst cooking a stir fry lol

Slowmonkey94_2

downhillfast wrote: »

The future is not bleak. Yes you will struggle to source credit for a few years but having that enforced on you teaches you how to live within your means and appreciate what you have.
This board is mostly frequented by recent BR affected people so I thought I'd chip in and offer a more long term view of it...

I was made bankrupt in Feb 2007 aged 31 due to a failed business and granted early discharge in October the same year with no IPA
I couldn't get my basic account upgraded for a good few years and didn't even bother to get a credit card until about 4 years had passed - got an Aqua.
Roll on another couple of years and once the BR dropped off my file I got a decent bank account and a Halifax Clarity Card (decent card to have and not dished out willy nilly)
Just after that I needed a new vehicle and was able to obtain an £8k loan with Sainsburys at a not too shabby 6.4%APR.
That loan will be paid off in a couple of weeks...

And here's the bit you're really interested in... we are currently awaiting a mortgage decision - 95% LTV with a loan of nearly £350k... :eek:

hi i just wondered if you got your mortgage deciion s it intrests me to know if you can still have a fincial future after bankruptcy
thanks again :j

downhillfast

slowmonkey94 wrote: »

hi i just wondered if you got your mortgage deciion s it intrests me to know if you can still have a fincial future after bankruptcy
thanks again :j

Still waiting on the decision as Christmas seems to be slowing things down a bit - I'll let you know once we get an answer... wish me luck!

Slowmonkey94_2

ok thanks for the update and yes i wish you the very best of luck !!

downhillfast

Today the postman delivered the long awaited mortgage decision... and we got it! A 95% mortgage on a £367k property. Needless to say we are pretty happy and relieved right now - there is life after bankruptcy... but it takes a while!

Slowmonkey94_2

well done ! a big huge congrtulations !