Please help me! Panicking

uselesswithcash_2

Hi all

Was on a few days ago and had made the decision to go bankrupt as IVA situation unmanageble. Thanks for the advice whcih pointed me to national debtline. I have now filled in my forms and firends have clubbed together with the fees, but have now had the wind put up me by a relative who says my house will be stripped by bailiffs etc and they will haunt me forever. I rent, and drive a £300 car from ebay which they can have if they really want it, and with current iva agreement have -£89.00 a month to live on and am already on the insolvency register. Just looking for guidance/reassurance really. Never felt so alone with this. Yup, the kids have nintendo ds lites which were bought by the ex, but other than that have no real assets. No I declare this sort of stuff. My daughter has overheard my phone calls and is now crying. And my GP still won't give me any valium!!!! I owe £32K (how??) and accept I have been an idiot/overly optimistic financially, but have no big purchases to account for it; just food & petrol costs and the usual. I feel like a crap failure.

In_Search_Of_Me

hugs for you - I dont know about going bankrupt but will copy a linky to them to see if they can help!

joeblack066

I think you should post on the bancruptcy board, the guys there will help. I knoa a guy who has gone bancrupt and he hsn't had any of the problems that your relative described. Chin up!

In_Search_Of_Me

Have put a linky to here for the bankrupcy boards to see if they can help! Hang hang in there. Give your daughter a big hug and pop back in a bit!

buxtonrabbitgreen

My sis went bankrupt and she says it is the best thing she ever did. The court took her car but it was on hp anyway and she couldn't afford the payments. She was discharged after 6 months, and now has a basic bank account and no stress from debts. It is also good that now the only credit she can get is social fund loans so hopefully won't get in that state again.

lookingforhelp_2

Hi
I too have heard horror stories! But don't think any are true.The other people on here know more than me i'm sure there'll be along shortly. I just wanted to wish you luck with your future,i'm sure it will be brighter
Sarah x

Seaxwyn

Don't feel a failure, there are plenty of us who have been just as stupid as you have but we're all dealing with it now, like you are. Lots of people here have been through bankruptcy and can tell you how it works. Don't panic - things will get better from this moment on.

poorandindenial

Hi uwc

Please don't feel like a failure, things are going badly but this is just stuff that happens, in time you will look back and feel completely different about all this.

Also please don't listen to ill informed relatives, instead go onto the bankruptcy board and chat to people who are in similar positions to you (or have been through it). They can tell you exactly what does and does not happen when you go through the process of BR now.

If you feel like you need some help with your mental health (and valium may not be the answer - there are loads of options out there) then go back to yor Dr or try to see a different GP if you don't think yours can help you.

Good luck with everything and please do go and chat with the good people on the BR board - they know what they are talking about and will be able to reassure you or at least confirm what you can expect.

kpp2002

uselesswithcash wrote: »

Hi all

Was on a few days ago and had made the decision to go bankrupt as IVA situation unmanageble. Thanks for the advice whcih pointed me to national debtline. I have now filled in my forms and firends have clubbed together with the fees, but have now had the wind put up me by a relative who says my house will be stripped by bailiffs etc and they will haunt me forever. I rent, and drive a £300 car from ebay which they can have if they really want it, and with current iva agreement have -£89.00 a month to live on and am already on the insolvency register. Just looking for guidance/reassurance really. Never felt so alone with this. Yup, the kids have nintendo ds lites which were bought by the ex, but other than that have no real assets. No I declare this sort of stuff. My daughter has overheard my phone calls and is now crying. And my GP still won't give me any valium!!!! I owe £32K (how??) and accept I have been an idiot/overly optimistic financially, but have no big purchases to account for it; just food & petrol costs and the usual. I feel like a crap failure.

Im currently a discharged bankrupt, when you are declared bankruty your debts cease to exist to all intents and purposes. the Baliffs will not visit you dont need to worry about that at all. the Official receiver will have no interest in your car if its worth £300, and the kids nintendos are safe !

Im sorry you are in such an awful position, but i hope i can reassure you that bankruptcy will not result in any of the awful stuff you mention above.

good luck with it

nearlyrich

I have moved this to the Bankrupcy Board where you will get expert advice, stop panicking you are in the right place x

blind-as-a-bat_2

uselesswithcash wrote: »

Hi all

Was on a few days ago and had made the decision to go bankrupt as IVA situation unmanageble. Thanks for the advice whcih pointed me to national debtline. I have now filled in my forms and firends have clubbed together with the fees, but have now had the wind put up me by a relative who says my house will be stripped by bailiffs etc and they will haunt me forever. I rent, and drive a £300 car from ebay which they can have if they really want it, and with current iva agreement have -£89.00 a month to live on and am already on the insolvency register. Just looking for guidance/reassurance really. Never felt so alone with this. Yup, the kids have nintendo ds lites which were bought by the ex, but other than that have no real assets. No I declare this sort of stuff. My daughter has overheard my phone calls and is now crying. And my GP still won't give me any valium!!!! I owe £32K (how??) and accept I have been an idiot/overly optimistic financially, but have no big purchases to account for it; just food & petrol costs and the usual. I feel like a crap failure.

Take a deep breath and relax your friend has no idea what there talking about

I went BR last year for 38k and like you had virtually nothing of value to show for it.

No one comes to your house at all let alone to take anything unless you have assetts of great value ie £1000 or above, they just arnt intrested in anything of lower value as the second hand value isnt worth there while trying to recover them so relax you wont get your house stripped of everthing.

And as i have said most people that end up in the situation ended up not having anything to show for the debt you now have so thats normall too