nearly discharged and best decision ever!!

stevelo

hi all I am currently 3 weeks away from discharge from BR and honestly say its brilliant for me, all the stress gone. I was first looking at an IVA due to not understanding the processes and was quickly hounded by several Iva firms trying to convince me to go with them. a chance conversation with a solicitor next door whilst having a break at work gave me my answer, he sat me down and said my best idea is BR, I have no mortgage, and "real" assets and all in all a simple decision in his eyes I was 27k in debt over several CC loans etc and gave me all the help in filling out the online form and even refused any payment as he said it was a 5 min thing. long and short of it is in 3 weeks time I am discharged and over last 12 months managed my income and outgoings brilliantly saved up some money as well and looking forward to the future. anyone wondering or fretting about going BR I hope you see that it is a way to reset your financial life and make a fresh start. 

luvchocolate

A very uplifting post. 
So pleased for you and good luck in the future 

maxmycardagain

better than sex...

cheaper too

barryboyx

Well done I'm facing the exact same thing right now and have been looking at IVA or BR and also have no assets.
Can I ask how you managed to save some money - I'm petrified of the IPA and being able to make ends meet.

stevelo

barryboyx said:

Well done I'm facing the exact same thing right now and have been looking at IVA or BR and also have no assets.
Can I ask how you managed to save some money - I'm petrified of the IPA and being able to make ends meet.

I saved money as I had no debts to pay I haven't save a fortune as such but for first time in a long time manage my outgoing and have a little left over. I did not have any payments to make to any debtors so it was really a clean slate for me. 

stevelo

and also I would say if you have no assets that BR was in my case the ideal option as with an IVA you can still default and go BR and in real terms the debtors get pennies off your and the IVA get the majority of the money 

Well done I'm facing the exact same thing right now and have been looking at IVA or BR and also have no assets.
Can I ask how you managed to save some money - I'm petrified of the IPA and being able to make ends meet.

barryboyx said:

Well done I'm facing the exact same thing right now and have been looking at IVA or BR and also have no assets.
Can I ask how you managed to save some money - I'm petrified of the IPA and being able to make ends meet.

barryboyx said:

Well done I'm facing the exact same thing right now and have been looking at IVA or BR and also have no assets.
Can I ask how you managed to save some money - I'm petrified of the IPA and being able to make ends meet.

thevdm

That's the big problem with IVA's, the so called debt charities earn quite a lot of money out of them so end up pushing for them where they're not appropriate. I was on an IVA for a year before I did my own research and decided that I was truly not in the best option for myself. I intentionally defaulted on the IVA for 3 months so it would fail and to give myself time to save up the bankruptcy fees. I'm now discharged with no IPA. Had I stuck with the IVA I would have at least 2 1/2 years left, possibly more. When I checked out the end statement it was clear that of the payments I made, most of it went to the provider with my actual debts barely changing.

thevdm

Also to add about saving money while bankrupt. If like most people who go bankrupt, you are used to living on the absolute bare minimum to keep paying debts you cant afford then it's amazing how well off you feel when you have enough to live on.