Have I made a mistake going Bankrupt?

moneysaver1980

at least you have learnt, i respect that

Richard_S

moneysaver1980 wrote: »

at least you have learnt, i respect that

We're on common ground moneysaver. The difference between being able to meet your commitments and not is wafer thin. It only takes a small upset to the status quo and your whole life can be turned upside down.

We'd got large debts, but were comfortably meeting them, we were trying to dispose of a number of assets that would have put us in a very strong financial position.

Along comes some greedy little fook of a creditor and thinks he knows best; petitions for our bankruptcy and fetches the whole thing crashing down. We start to look after our own best interest and to hell with repaying debt and the only winners are us; the only losers are our creditors.

That is why I have no sympathy with lending institutions; you can agree something and work your fingers to the bone but if just one of them has that mentality then you're scuppered.

We were earning a good £2k a week by working 70/80/90 hour weeks and keeping on top of things. Anything we earn now above 37hours is ours to keep.:D

Richard

AmIdone4?

debt_doctor wrote: »

Hi I would put H/K up to £ 200, holiday £ 20, Tvlic £ 12, Haircuts £10, personal exp £ 40, and would think about some house ins.

Remember you dont have to agree to an IPA,you could let the court decide. Remind your OR that you should be allowed to have a fresh start and not be so stricktly limited as your original SOA.

Best

DD

Cheers for that

AmIdone4?

Don't mention the war... so I won't.

Heres my revised SOA, including all helpful advice given yesterday, whats everybody think?

gas, £26
elec, £34
rent, £280.67
housekeeping, £200
council tax, £57.62
water, £17
clothing, £40
travel, £95.76
media (inc. modile) £40
tv licence, £12
haircut, £10
holiday, £20
personal expences, £40
contents insurance, £25
health charges, £20

Total £918.05

fermi

Looks like it's getting there.

The important thing is that it is looking livable, whereas before you would have struggled to keep to it or cope with any unexpected expenses. No point going BR and then landing yourself back in trouble a few months down the line.

Others might be able to suggest things that you need but have forgotten, and the OR will no doubt tweak things a bit (to earn their money ). But it's looking better.

fiveyearplan

dentist and prescriptions? I recently had an abcess and had to spend on both a dentist and a prescription for antibiotics. THis would have been very difficult to come up with the money without putting them into one's budget.

AmIdone4?

Yep, it looks better doesn't it. I agree its more livable.

I have put down £20 for health charges (dentist and prescriptions), but I might up it as I wear glasses also.

Richard_S

Hi AmIdone4,

You are allowed a modest amount for laundry depending on your job. Some cothes can only be dry leaned after all.

Richard

AmIdone4?

Things are definately looking better. I suppose I panicked originally. Thinking I'd have to set out my SOA along the lines of my standard of living upto now, which has been totally !!!!!! by the way!

Once again everybody has been brilliant (I'll stop that now before everybody starts throwing up!)

More advice will gladfully recieved...
:xmastree: :snow_laug :xmassign: :snow_laug :xmastree:

AmIdone4?

Richard_S wrote: »

Hi AmIdone4,

You are allowed a modest amount for laundry depending on your job. Some cothes can only be dry leaned after all.

Richard

Hi Richard

Will add that, as new job is officed based.

Cheers

Craig