My road to BR and BEYOND thread!!

Summer1969

Hi everyone

Scarlett has told me how lovely and helpful everyone is in here so I am taking her at her word. I have posted in the DMP Board so thought I would ask in here as well.

Me and OH had LBM a couple of weeks ago, £63k in debt. 6 debts in my name and 3 in OH's though they are joint debts. I have not worked for 20 months due to depression, I was signed off with stress, then mum died, and I just got worse.. I have not been claiming anything though, stupid I know, but I thought I could get myself better and every month, thought I would be working but its not happened and I have lost all my confidence and with the financial situation as well, well I am having anxiety attacks and am taking Nytol every night at the mo. Am seeing the doctor next week to tell her everything and see what she suggests.

I rang the CCCS a couple of weeks ago and they suggested a DMP, which surprised me due to the size of the debt. They want us to pay £237 a month spread between the creditors (we are paying £1600 off at the mo). We went to CAB on Wed and they thought the same as me about a DMP being for smaller debts and said we probably wouldn't be accepted for an IVA as they like you to have a property (ours is on the market and we are going into rented - we will have some equity and will throw that at the debt as well) so she suggested bankruptcy. We are seeing a debt specialist in 2 weeks to go through the options.

We have already opened a bank account not linked to any creditors as the CCCS suggested we do that, but we have not cancelled anything yet or written off to any creditors or signed anything.

OH's salary pays the mortgage, the bills and the debts but we live off credit card every month and we only have £1000 left on it and obviously we won't be applying for another one. So now I am really panicking, we don't have much time to make a decision but I don't want to make the wrong one. The thought of waiting another 2 weeks to see someone has me stressing out even more. A DMP is less harsh but it would take forever to pay it off and it worries me that they can still take you to Court and unfreeze the interest and Bankruptcy scares me, I know it will be on our credit report for about 6 years but we don't mind not having credit (relieved quite frankly), am also scared going to Court, can we go bankrupt together or is it separate, don't want to go there on my own, but I am sure my depression is not helping me clear my thoughts.

I don't know which way to turn, I am having panic attacks and am crying a lot, just want to make the right decision so we can have some light at the end of the tunnel. I feel so guilty for not contributing financially but am trying to sort all this while OH is at work so he doesn't have the worry when he comes home, he has been such a support. I have lots of things planned, as in Ebaying, click back sites, surveys etc...to bring some cash in but we need to decide which course of action to take, and quick. Should we go on DMP straightaway, just to get our heads above water then think about BR?

Any advice?

ClaireLR

Hi Summer

You sound in exactly the same state as I was before I declared BR.

To cut a long story short, it doesn't sound like you've quite made your mind up so I would go for the DMP at the moment. You can always change your mind later and declare bankruptcy but if you do that first then obviously it cannot be reversed.

One thing I will say though is there are a lot of people here that were advised to go BR and hung on for another 12 months putting themselves through untold stress, so if that's what you've been advised to do then don't wait!

How much equity do you have in your house? That might make a difference but I don't know much about property so might be worth waiting for someone with more knowledge to come along and advise

Best of luck to you

Summer1969

ClaireLR wrote: »

Hi Summer

You sound in exactly the same state as I was before I declared BR.

To cut a long story short, it doesn't sound like you've quite made your mind up so I would go for the DMP at the moment. You can always change your mind later and declare bankruptcy but if you do that first then obviously it cannot be reversed.

One thing I will say though is there are a lot of people here that were advised to go BR and hung on for another 12 months putting themselves through untold stress, so if that's what you've been advised to do then don't wait!

How much equity do you have in your house? That might make a difference but I don't know much about property so might be worth waiting for someone with more knowledge to come along and advise

Best of luck to you

Thank you so much for replying. I just wish I hadn't been given 2 conflicting bits of advice, thats why I am confused. Going on a DMP straightaway would give us breathing space, but I just think the amount of debt we have, its not a long-term solution and I don't want the worry of creditors still chasing us and unfreezing interest. Just wish this appointment with the Debt Specialist at the CAB, who suggested BR, could be sooner than 2 weeks!

After fees, there should be, but obviously it depends on what we get, about £8k equity left, so we will throw that at the debt then going into rented.

Gettinghelp

hi,
Just wanted to give you some words of encouragement! i am all new to this and was declared b/r yesterday, although my situation is very different from yours the court experience will be the same!

Do not worry about the court (i know easier said then done) i was very very worried and stressed about this. It was the most painless part of the process the worst part for me was, amiting i needed the help and seeking advice. Also opening all of my letters that i had ignored for months and writing down exactly what i owe and to whom!!

I found this forum the so helpful and after reading many other BR tales it really helped knowing just what will happen at the court.

I am sure someone with more expert advice will be here soon to aid you with your situation.

big hugs
x

dalip

Why not ring NDL to get a second opinion. Won't hurt but might give you more confidence to make a decision that you are happy with.D

Scarlett.1974

Hi Summer :wave:

Glad to see you listened to me!

I can't add much more to what I said in my PM, but have a look at the insolvency site for more information on BR and all it involves: www.insolvency.gov.uk Knowledge is power as they say

It does sounds like your head is a bit 'all over the place' at the moment, so this 2 week wait to see the Debt Specialist at the CAB might not be such a bad thing. It will give you a chance to read as much information as you can about BR and ask away on here for any questions that you have

It IS a massive thing, there's no denying that and it's certainly not something to be rushed into. But it can also be a lifeline, a fresh start, a new life

ClaireLR

Summer1969 wrote: »

Thank you so much for replying. I just wish I hadn't been given 2 conflicting bits of advice, thats why I am confused. Going on a DMP straightaway would give us breathing space, but I just think the amount of debt we have, its not a long-term solution and I don't want the worry of creditors still chasing us and unfreezing interest. Just wish this appointment with the Debt Specialist at the CAB, who suggested BR, could be sooner than 2 weeks!

After fees, there should be, but obviously it depends on what we get, about £8k equity left, so we will throw that at the debt then going into rented.

This was the thing with me, I could have paid off my debt but I would have been 47 by the time I managed that (unless I'd have won the lottery of course), I did start a DMP with Payplan and it lasted about a year, now looking back in all honesty I wish I'd done the BR thing straight away as I'd have now been discharged for well over a year.

Is there anything specific about BR that worries you? It's really not as bad as you think, fear of the unknown more than anything. As you're selling your house you don't have anything to lose.

Richard_S

ClaireLR wrote: »

This was the thing with me, I could have paid off my debt but I would have been 47 by the time I managed that.

Hey Claire,

You make 47 sound like some crusty old age just before senility':eek: :eek: I think of people that age as still being youthful.:rolleyes: :rolleyes:

Richard

Summer1969

dalip wrote: »

Why not ring NDL to get a second opinion. Won't hurt but might give you more confidence to make a decision that you are happy with.D

Thank you. I have just rang them. They said looking at the size of our debts and that we have no assets, BR looks more favourable, but they want me to think carefully about it and suggest maybe going onto a DMP for a couple of months or so to get some breathing space and then maybe have another think about BR?

Summer1969

ClaireLR wrote: »

Is there anything specific about BR that worries you? It's really not as bad as you think, fear of the unknown more than anything. As you're selling your house you don't have anything to lose.

As just posted, I have just rang the NDL. I would rather do just the one thing, than start a DMP than do BR, but they suggest doing the DMP for a short while as my head is all over the place, then re-visit BR? Bit worried about this BR restriction order thingy? Any fraudulent activity? What does that mean??

Oh I don't know! I need a ciggie.

ClaireLR

Richard_S wrote: »

Hey Claire,

You make 47 sound like some crusty old age just before senility':eek: :eek: I think of people that age as still being youthful.:rolleyes: :rolleyes:

Richard

Sorry Richard

and all the other youthful nubile 47 year olds lurking