My Bankruptcy Diary

fiveyearplan

Then you can relax.

Izabel

I've just read your story and it's helped me feel easier about the whole process.

Have you had you OR meeting yet? If you had can you give me an idea of what happens and what to expect.

Thanks Izabel

Vici

Just wanted to say a massive thank you for this thread. It has been a great help to me and made me not quite so scared about my BR. I am just waiting to see whether payplan are going to file for my BR or whether I am going to have to do it myself

TheEditor_2

Hi,

Just spent about 15 minutes on the phone with the Co-Op bank and my internet banking is all set up. I've never dreamt of internet banking before my BR because checking my account was, well, I'd rather go to the dentist.

Now, it may be empty, but it's mine! After the worry of not being able to get a bank account - or being subject to scrutiny - it's another huge relief that the account is working and I have checked that my clients can make direct BACS payments into the CashMinder Co-Op Account.

My OR meeting is in 2 weeks(ish), I'm going in to meet with the OR because I had LTD. companies in my name when I went BR. The only people who are being awkward so far are companies house. Forms, codes and having to wait for forms to arrive that could only be sent out to my old address - it only arrived today so I can get that sorted.

So much for having only 3 things on my list. It's now 8!

I start back to work next week and I can't wait to do my job for the first time in ages without having to worry about phonecalls and having to rob peter to pay paul. Of course, we are sticking to the budget - and so far no surprises. I'm not worried about the OR meeting yet. I've got worrying scheduled in for next week!

All the best,

TheEd.

fiveyearplan

Hi Ed, I my life too is one long list. I had a ltd co and haven't even sorted it out with companies house yet. I seem to be able to cope with one thing at a time and I was concentrating on BR. Now the BR may have to wait because it looks like I will most likely be without an income the day I become BR because my contract will be terminated upon BR. The company said they would be fine with it but now have renegged (sp?). I have an interview for some temp work in the meantime and at least this will mean no IPA, but I won't be able to make enough to pay my bills.

ps I got all the things done on my list today!

Scarlett.1974

Hi Ed,

I've just seen your diary and I just wanted to say thanks for sharing It really helps for people, like me, who are about to go BR, to read a real person's account of the court process. I know I keep reading on here that it's never as bad as you think, but my stomach still luches over every time I think about it

TheEditor_2

Thanks for your messages, I'm glad my diary is helping. I was standing having a smoke... I know... but I used to stand there and think - "I'm so stuck!" Then leading up to the BR I was worried sick about the court date - playing it through in my mind over and over - with worries of what will happen, even meeting someone in court that I know or if the judge said no. Now, having gone through it, I know there is nothing to worry about. Nerves are there for a reason, it's just a response to the unknown.

Now, my stomach is churning a little about the OR meeting - but I got a good feeling about the OR from my phone conversation so that's a load off really - and although my circumstances are a little more complex than some having run Ltd. companies, it's a relief that the OR needs to allow me enough of my income to pay for the essentials. I was paying out over 2k a month on repayments - that was a shock when I added it all up - but it was also my lightbulb moment and thought "that's why I'm always in the "poop" financially...

So, being able to spend money that comes in on essentials feels at the moment like a novelty. We're working to my estimated budget so far so if the OR has any adjustments we will feel it - but it's 12 months of my life and probably the best way to show me the error of my financial ways before.

The creditors keep getting in touch and I call them almost instantly - I'm polite, to the point and give them all the information they ask for. So far, they have all been polite - although I do get the feeling that it does mean that they have to turn to a page of their script that they don't see very often.

Also, my Co-Op card was on the mat today - but no PIN yet.

So, I start work next week - more info when I have it.
TheEd.

TheEditor_2

Hi all, it's been just over two weeks since my BR and now I'm working away from home. So far, life has been pretty normal - and the money we have in the bank to live on - some of it is still there, which would never have happened before I went BR.

The phone calls have stopped on the most part all except a few who have been calling me regularly. I have not been taking the calls during office hours as it's not that sort of conversation I want overheard.

I have been sticking to my budget well, using Google documents to make a spreadsheet which I can get to if I have internet (which I do!) to make a note of an expenditure during my working week. Based on last week, I allowed £10 a day for food and misc stuff. So I left the house with £60 in cash ready for the week. I now have no access to money via a bank account so that £70 was my only cash. However, I forgot that the petrol costs £15 each way... It's left me with only £6 a day for food and stuff, so it's been tight (for me!) but I've done it and the weeks almost over. I've put aside £15 for the return journey petrol so it should all work out.

I also picked up my PIN when I was home at the weekend for my new Co-op account and have put the payment details on my latest invoice - so very soon - it will be working for me.

I have my OR meeting next week, and these past few weeks have demonstrated to me that I can stick to a budget and find ways around situations so I'm not feeling as nervous as before about the meeting.

I've also resigned as director of my limited company, so that's a weight off too.

I'll be back on here at the weekend. To all of you going through BR - best of luck and keep going. Make a plan and try and stick to it, it's working for me so far. Early days, I know, but for once I can see a logic to it all and I'm not worried about the phone ringing - and I'm making plans for the next 3 years. Something I have not been able to do for many years, and it's exciting.

More info once I have it...

Over and out. TheEd.

fiveyearplan

Hi Ed- things are looking up. I hope you're enjoying your new job?? I start a new job on Monday and had a handover yesterday. I've been self employed for 5 years so it will be nice to know exactly how much money I'll have coming in each month although it is only enough to pay mortgage, council tax and travelling expenses! I have to keep my busines running to pay the rest and found out last week, when I do decide to go BR I won't be able to keep that running! So I've got to look at a way to bring in about £800 per month to pay the rest of living expenses! Urgh!

tigerfeet2006

Hi Ed, Glad things are going well for you. Yaaay!!! for the budgeting :money: .

Hope your interview goes well next week with the OR. Keep us updated with what happens.