Still thinking about it!

janinemann

I have put off and put off doing the deed and haven’t paid any debts for a year now. My partner has moved in and don’t want him involved in my BR but obviously will declare. He has his own debts, maintenance to pay and we are going to keep our finances separate. Is it ok to do that? 

Also will I be penalised for avoiding this mess and not paying debts for a year. It sounds bad but it has been so enjoyable having some money. I know I have been stupid though and could be a year into BR 😭

hopper01609

I Put off and put off going bankrupt for several years because of fear of doing it, how stupid of me I’m approx 4 months in to it now and the time has flown by.
I had a telephone interview and my OR was great we even had a laff about a few things, she even phoned me the night before and said I have nothing to worry about.
On my bankruptcy forms I listed iPad phones Xbox all sorts , she said she knew there would be no problems with some one who lists every thing down

janinemann

Did u carry on paying your debts whilst plucking up the courage? 

I know it’s the best thing I am just so scared 

hopper01609

One I paid £2 per month since 2000 others £1 per month,I had borrowed as well couple of years before BR which I was paying back full amount each month until this virus struck then that was the final straw for me just had enuff of it all my family has to come first

hopper01609

I stopped paying every one maybe a month befor I did it,even paid some of the bankruptcy money on a Visa card OR wasn’t bothered

sourcrates

Very common for debts to go unpaid for years before any action is taken.

No one will be bothered in the slightest, people tend to stress about the most unimportant things, its simply a fear of the unknown I guess.

Most bankrupcy applications are pretty straightforward, as long as you are honest, and there have been no shady dealings, you will barely know your bankrupt.

If you have assets or property, then it can be more complex, and you may want to look at other options, but that apart, its a fairly easy, and simple process these days, I`m not wanting to make too much light of it, but the one call from the OR is all most folk get.

janinemann

That’s reassuring. 

Today I have had a letter in post from a loan company I owe £8000 if I pay £4000 this month they will write the rest off!! I wish I could. How can they do that??

sourcrates

Everyone is looking to build up cash assets due to the unpredictable nature of things right now.

Lenders are aware a lot of people will not be in work when the furlough scheme ends, and a lot of credit debts will not be re-paid, so they will be looking to get at least a slice of the pie before its all gone, i would strongly advise you stop all non essential creditor payments if you intend to declare yourself bankrupt.

cymruchris

I didn't do mine for about 9 months after I should have done. In that time I was paying the mortgage and essential bills, but next to nothing on anything else. Looking back, I should have done it sooner to get it over quicker - but it is a bit of the fear of the unknown. The quicker you get it done, the sooner you'll be back on track. (assuming it's the right option for you based on your level of debts and assets)

janinemann

I am afraid of the IPA as I can’t afford to pay the debts but without them I am ok. I will go back to having no money with IPA just the basics. I know I have wasted a year but I have lived which has been lovely 

flipflopflo

If you are worried pop up your SoA and someone will look over it for you and give you an idea as to whether you would recieve an IPA. 
https://www.lemonfool.co.uk/financecalculators/soa.php
Make sure you press MSE when it asks which format version.