Debt free at last

thevdm

I've seen a few of these posts over the last year so thought I would add my story to hopefully give others some hope. First, a year seems like forever when it's in front of you and a week when it's behind you!

After much deliberation and thought I declared myself bankrupt on 18th February 2019, debts had been eating away at me for many years with the usual borrowing to pay the bills so I could afford to pay the debts I already had; at the time this felt like the only way to make those monthly payments and still eat. My debts started when I was earning a reasonable wage, like most debts they were completely manageable when they started; it was only when I lost my job due to poor health that they became a problem.

My youngest child’s birthday is on the 21st February and I didn't want to spend the day worrying, so I finally got the courage to submit the application on the 18th; as I had already done a lot of research and knew that this was my best option the weight was instantly lifted after submitting the application. I suppose it was a case of it no longer being in my hands and knowing that I could contact the creditor of the next letter to drop through the door to notify them without worrying. We had a great day on her birthday as I had a lot less to worry about.

The next minor worry was the OR interview, I received a phone call from the OR on the 20th February to arrange the interview; she was friendly and easy to speak to. After introducing herself she asked when over the next couple of weeks would be convenient for the interview, then said "I'm free now if you want to get it out of the way." After a brief pause I decided that it would be the best thing to do as I'd only be worrying about that for a couple of weeks otherwise. After 30 or so minutes of going through my finances all was done; a few days later the written confirmation arrived with a couple of forms to sign and return, that was the last communication I had with the OR.

I was lucky with my creditors over this year, apart from a handful of letters in the first couple of weeks they have made no contact other than sending the periodic statements that they are entitled to send.

Finances: I am on a relatively low income and was never asked to contribute towards an IPA. I felt reasonably well off after a few weeks as without having any debts to pay there was money available to do the food shopping and pay the bills etc... To most this would feel like surviving, but when you've been paying more than you can afford for debts to still mount up then this feels amazing. I've always had a strange fetish for spreadsheets and can say this has helped a lot with making money last.

I've made it a challenge to see where I can save a little money here and there with trivial things. With 3 children it's quite easy for us to go through a loaf of bread each day, having the offer of a used bread maker from a family member I worked out that (including all ingredients and electricity etc...) a loaf of bread costs around 50p and 5 minutes to make, whereas in the local shop a loaf of bread is around £1 and 5 minutes to get. This may sound trivial, but that's £182.50 saving per year, if you haven't got a lot to start with, that makes a difference. As flour doesn't go stale, this also means that I haven't got to go to the shop every couple of days to buy bread and as such avoids the temptation to grab a pack of biscuits, saving further money. If you can think of 5 trivial things like this example, then you've got yourself over £900 a year in extra cash! Make it a game, it can be more fun than it sounds.

Anyway, this has gone on a bit of a tangent, last night I was up past midnight, realising what the date was I decided to check the insolvency register and at 00:01 this morning my file was already marked as discharged. In celebration I have splashed out on a cheap bottle of wine (my debts had nothing to do with alcohol consumption) and a lottery ticket (I've never had any gambling issues so this will be a one off).

As far as I am concerned, declaring myself bankrupt has changed my life for the better, I'm not saying it's a catch all option for everybody but in my case it was the right thing to do and has taken away 99% of the worry about life.

RattyIrk

Congratulations on getting through.
I have a month or so to go.  Days really dragging now!  However definitely right decision for me too.  Once you know you have no other choice best to just get on with it.  Sooner done sooner over and all that.  

thevdm

Exactly, the sooner it's done, the sooner it's over. The last few weeks were a bit of a drag for me too. It probably didn't help that I wrote a countdown on the calendar. In a month or so you will look back and think it went really quick. I hope it doesn't drag too much for you, it'll be over soon

Bluecar2

Congrats, I was originally due to be declared Bankrupt on the 18th Feb as well but due to incompency of HMRC and several postponements I still have 6 months to go and at the moment that seems to be a lifetime away

thevdm

In 6 months time you'll look back and realise how quickly that time went. It'll be over soon.

RattyIrk

First thought in the morning is how many days left!  
Will be nice to feel normal again although appreciate on a practical basis will not make any difference.  

thevdm

You're right, other than being debt free not a lot really changes. Psychologically there are some changes though. I might have been able to enjoy the day a little more if it wasn't spent with my wife in hospital being checked out for possible cancer. It almost feels like we weren't meant to stop worrying on that day, hopefully in a couple of weeks when her results come back clear we will have something to celebrate and have that fresh start of a normal life again.

allthe7s

I cant wait to be writing one of these posts next year! Glad it all went well and thank you for sharing your experience