Need reassurance! Debtline advised bankruptcy best option.

BeckyD_2

Had meltdown yesterday. Wanted to buy xmas presents but realised had nothing in my account. Finally realised after years of borrowing too much and spending too much that I have lived WAY BEYOND my means and I am now paying for my own stupidity. So, I totted up how much I owed in total, how much money was actually coming out of my account every month, how much I needed to live on and pay for child care, travel, etc and how much I earn .... and the figures terrifed me:
I owe ... between loans, credit cards, store cards etc £35,000
Every month my outgoings total £1800 and I earn £1100. I owe family thousands and yesterday was a real wake up call.

So thanks to this site, I found the number for the Debtline people .. they went through many options with me but agreed that bankruptcy would probably be the best solution given how much I owe and earn. :eek: This was like a massive weight had been lifted from my shoulders ... it terrifies me that after this I won't be able to get a credit card or a loan but to be honest with you ... I can't be trusted with them, I've demonstrated that by getting myself into the mess I'm in now so not being able to get any credit will be the best thing for me.

My husband has been great and has said this could be the fresh start we need. I lie awake at night worrying about money butknowing that NEXT christmas will be better is already a tonic.

Just wanted to know from people who have gone through a BR - is there life the other end??? I need assurance before I commit myself to this path... I do online shopping, basically because i spend much less on groceries this way because I'm not tempted by shiny packaging to buy things we don't need. How hard is it to get a switch card with a basic bank account. Not having one would be a BIG problem.

Please - someone tell me there is life after BR???

tigerfeet2006

Hi there is plenty of life after BR. It makes you live within your budget and come up with ways of saving money.

You won't get an account with a switch card but you can get a Co-op cashminder account with an Electron card (see sticky at the top of the board.) You can't use it at Tesco online though if that is the supermarket you use but if you get a pre-paid credit card you will be ok.

Peter_Pan

We have Co operative Electron card that comes with a cashminder account and have been pleasantly surprised at how many places (online and in the high street) accept it.
Its a pain Tesco online grocery shopping doesn't accept it (you can download a music track from Tescos with it though) but Asda accept it for groceries online.

Have still managed to do most of my Xmas shopping online from places like play.com, wilkinson plus etc and its a brill feeling knowing its all paid for and no credit:D

swiftlyspent

there is life after br but depending what u want to achieve it can be more expensive, i ambitiously still wanted to own my own house and unbelieveably was still able to get a mortgage but interest rates are high making a reasonable mortgage expensive, also couldnt get a debit card for couple of years and if i get a credit card it is never lower then 49 percent. ive also been turned down for certain jobs which were cash related and i can tell you felt like some criminal when infact im a real honest person by nature

Richard_S

Hi BeckyD,

Pleased you managed to find us at last.:D

The realisation that bankruptcy is probably your only option, the form filling, and second thoughts prior to being declared bankrupt, are in almost all cases far worse than the Court appearance and the Official Receiver interview.

You will have to prepare an Income & Expenditure Budget and if you consistently have a surplus of £100 or more pcm you will be required to pay an IPA for 36 months. The O.R will allow you a budget that you can live reasonably comfortably with, and it's structured to you as an individual; not a one size fits all approach.

As for buying on line, as the previous posters have said, an Electron Card and pre-paid Visa or Mastercard will enable you to purchase anything in this country that you'd be able to with a credit or debit card.

The only exception is hiring a car abroad, which is annoying when your budget allows a modest provision for an annual holiday.:cool:

Richard

devonsdreamer

Hi I recently went BK and although it is still early days it was without a doubt the right thing for me to do. I now have a budget I can live on and I am sure as time goes by things will only get better.

I filled the forms in online and did a bit day by day to get use to the idea of it all - Going BK wasnt something I wanted to do but for me it was the ONLY option. I have learnt a lot about my spending habits and have made the changes that are needed and just take it day by day. I am glad that I wont be able to get into debt again and eventually I will have savings.

All the best for whatever you decide