Loopy's Bankruptcy Journey

wherediditallgo

If you can't find the actual agreements, don't worry - just put down an approximate date. The OR can get the details from the creditor. As for the reason for the debt, if it wasn't for something specific that you can remember, then put down something like "to pay arrears on other debts/bills" or "to pay day-to-day living expenses".

loopy_lou1

I am still struggling with this section. I've put "consolidation" for a couple "living expenses" for a couple of others but I don't even know approximate dates. I have a day to do this! I am scared now. Should I just make stuff up?

I don't know how I spent the money. I just overspent.

7 credit cards, 2 loans and a store card

Apart from the pensions section it's the last thing I have to fill in. I don't know household income because my dad pays all the bills.

I will just have to leave blank what I don't know.

I am feeling really light headed and sick.

wherediditallgo

Against one of mine where it asked for a reason, I put "to clear another loan that I couldn't make the payments on" & on another where it asked for the date, I put "during the last 4-6 years". It really can be that vague. I honestly couldn't remember even the year never mind anything more specific, I just knew I'd been dealing with the debt for 4-6 years.

Try not to worry - the OR isn't looking for an exact breakdown of your spending: it's not an audit. All the OR wants is to get an idea of what you've done with the actual money you had & the credit you managed to obtain. They know you've over-spent somewhere along the line, but they want to know whether your debts are a result of you over-spending on things like luxuries, addictions (eg gambling) or poor investments, or whether they're the result of normal expenses punctuated by unexpected events you couldn't have foreseen. Debts resulting from normal day-to-day living & the accummulation of debts are something they see every day, & they won't expect you or anyone else to submit exact reasons for them.

loopy_lou1

Thank you
It's finally got to me and I am crying my eyes out. HGod knows what I will be like in court. I'm terrified.
I will just be vague then. Because I don't know what to write.
This has affected me for 10 years on and off and I don't know how to feel now.

Sorry to be a nuisance

wherediditallgo

loopy_lou1 wrote: »

Thank you
It's finally got to me and I am crying my eyes out. HGod knows what I will be like in court. I'm terrified.
I will just be vague then. Because I don't know what to write.
This has affected me for 10 years on and off and I don't know how to feel now.

Sorry to be a nuisance

You're not a nuisance. This forum is to provide help & support, so ask whatever you need to know. I've just sent you a PM.

fermi

Don't panic. You're not being a nuisance.

As others have said, putting something like "built up over time", "over the past X years", "general living expenses", "juggling/consolidating credit" should be fine.

As WDIAG says, you're not a business whose accounts need to be audited, but an ordinary consumer who has made mistakes and got themselves into a difficult situation.

The OR who will have to read the forms is a human being as well, and will recognise all this. It can be hard to see it like that when you are sitting staring at the forms, but they don't expect you to have been perfect.

You're doing well, but until it's done and dusted most people emotions are all over the place.

fermi

blind-as-a-bat wrote: »

I put 'various' for my CC and it was accepted without much fuss, but if they want more they will bring it up at the interview:D

Indeed they will. And as I've said before the forms are just a a way of gathering initial/essential info.

If anything needs to be clarified they will ask. But for most consumer debts "fuzzy" answers are normally OK and accepted.

loopy_lou1

But I was just stupid and spent too much. I have nothing to show for it at all.
You know I watch game shows and when people win 15k I go - oh thats not enough.
I think about nothing else and every time I have a break in work it comes to me. I have this hanging over me.
I am bothered about going br - I'm very bothered about the after though. The IPA or BRO or something horrible in the paper and someone mentions it to my dad in the pub - I live in the smallest place in the world and it's nosey and close and I am sure someone will spot it. I am scared and I know it's stupid. I'm also scared that they won't accept my petition. And tell me to do a DMP or something!

fermi

loopy_lou1 wrote: »

But I was just stupid and spent too much. I have nothing to show for it at all.

Well it'll only have been the X hundredth (or even thousandth:eek:) time your judge/OR has heard that this year.;) You will be in good company.

loopy_lou1 wrote: »

You know I watch game shows and when people win 15k I go - oh thats not enough.
I think about nothing else and every time I have a break in work it comes to me. I have this hanging over me.
I am bothered about going br - I'm very bothered about the after though. The IPA or BRO or something horrible in the paper and someone mentions it to my dad in the pub - I live in the smallest place in the world and it's nosey and close and I am sure someone will spot it. I am scared and I know it's stupid. I'm also scared that they won't accept my petition. And tell me to do a DMP or something!

Being bothered about it is just fine. If you weren't in the slightest bit bothered then to be honest I would be a bit concerned about that!

The IPA/BRU issue in the end you see as being "whatever will be will be". An IPA is intended to allow you to pay something back if you can afford to, while the probability of you getting a BRU should be low. Even if (unlikely) you did get one, it would be very short.

The public nature of going BR is unavoidable, and in many ways necessary for the procedure to be fair not only to you but to creditors. It's not the most pleasant thing in the world, but it's normally nothing like your fears.

fermi

loopy_lou1 wrote: »

I'm also scared that they won't accept my petition. And tell me to do a DMP or something!

The number of cases I've heard of being refused are minuscule. And even then it's normally since they either blatantly hadn't taken any advice, didn't have a clue about what they were doing, had assets sufficient to cover there liabilities etc.

For people like you and me it's normally:

"Have you taken professional advice?" and "do you understand the seriousness and consequences of this?". Once you've squeaked back your reply of "yes" then its all signed and stamped and you are ushered on to the next bit of admin.