Considering bankruptcy

mwarby

The worst case is you need to pay over and scrimp a little for 3 years (and tbh I think you can avoid an IPA). Before the kids are 10 you’ll have a fresh start and complete freedom as to how you spend your income

once you hit that submit button the debt isn’t your problem anymore, you’ll get the odd letter but they can’t do a thing. Yes the interview will be a bit scary, but odds are you’ll have a 30/60 min call and come out saying it wasn’t as bad as you thought. If you avoid the IPA you’ll probably never hear from OR again, and before you know it your discharged(this happens at 1 year regardless, if you get IPA you just need to keep them informed if circumstances change)

mwarby

It’s kinda good the kids are thinking about budgeting, learning that money is finite but you can control how you use it to make you the most happy is a good life lesson

george_112

Definitely! Thank you so much. I feel like this is something I can face. I’ll be back with questions and updates along the way. I hope to feel a weight lifted and the chance to relax again without my mind wandering to debt at any quiet moment 

luvchocolate

You have had some great advice already so not much to add. 
Make sure you get a basic bank account..Natiowide always get a good review on her...Barclays or co op also. 

george_112

Barclays basic account is opened, once I get my card I’ll move all my income payments to it and when that’s done my household direct debits. Feel like I’m another step closer to sorting everything out 

george_112

Couldn’t open a nationwide one as not bankrupt yet according to the website 

mwarby

I thought they had an option to select if you were in financial difficulties, but nvm the Barclays one will be fine I’m sure, at one point they were the only bank you could use when undischargef

luvchocolate

Yes when I went B.R 7 years ago only Barclays and Coop would entertain us. 
Thank goodness it's improved 

george_112

I didn’t see an option but had to apply on my phone so maybe I missed it. Worst case scenario I will move to nationwide once it’s done if need be.