| T O P I C R E V I E W |
| jayne1970 |
Posted - 16 February 2009 : 20:06:15
How can the process differ so greatly from one person to another? I've read so many of these posts now, yet still it seems the whole experience is soley determind by which OR you get. The advise is really helpful, yet with so many contradictions a decision I feel is no closer. Last week we booked court date, but this week thinking of cancelling, and going with DMP which will take us 20 years to repay.......Phoned National Debt line, and they told us to avoid bankruptcy at all costs, yet no real equity in house!!Please help....... |
| 15 L A T E S T R E P L I E S (Newest First) |
| jayne1970 |
Posted - 18 February 2009 : 10:11:37
What you say makes sense, but as it stands the house isn't in negative equity, if it were I think the decision to enter into bankruptcy would be far easier. To possibly loose the house for the sake of 7k makes me feel sick. My parents could buy the BI, in fact I know they would, but not really something I relish discussing...........
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| pix1 |
Posted - 17 February 2009 : 21:17:58
I must put the following sentence in capital letters:
DO NOT ENTER INTO A DEBT MANAGEMENT PLAN!
These are not legally binding and you would find that if after, say, 8 years of paying into it you dropped out of it (when your house is in negative equity of 7k or more!) oyu would have only paid off a small amount of your debt and a lot of fees to the administrator of the scheme. You might then be looking at bankruptcy again...8 years down the line!
The thing about bankruptcy is that there are no definite hard and fast outcomes. You have to trust in the process. One thing for sure is that there is peace of mind. Lots of people on this forum will attest to that.
The upside is peace of mind and drawing a line in the sand.
The downside is an IPA, 6 years on the credit record, name in the London Gazette and maybe the local rag, possible problems renting, possible loss of home (!).
If your house is in neg. eq. BR becomes more appetising as you might be able to cheaply buy your beneficial interests.
Would you want the worry of a DMP? For 20 years? |
| jayne1970 |
Posted - 17 February 2009 : 18:38:00
Hi Hanlou
Thanks for your support, glad to hear things are working out for you. As you say as stressful as things seem, we're all fit and healthy, and still strong together, so could be a lot worse......
x
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| hanlou |
Posted - 17 February 2009 : 16:12:14
hi jayne i think the hardest part is deciding which way to go we had no choice but br and went br last month and i have to say i felt more bankrupt,desperate and totally losing the plot in the twelve months running up to bankruptcy and now i feel i have my life again i can smile and mean it a year of tears does no one any good and yes i have lost my home my husband his business but we are still alive and my four children are happy because they see their parents are happy and that is all that matters we live in a lovely rented house which i have made our home, theres food in the cupboards too before br most weeks i struggled for money to get food shopping now i dont and yes i missed my old house sometimes but now realise its just bricks and mortar and the most important things are my family and possessions which make it my home. good luck whichever road you take hanlou |
| jayne1970 |
Posted - 17 February 2009 : 13:02:29
Thanks for all your honesty, we owe a lot too, and as I say will be paying for ever, though intention is to re submitt for IVA after a while (only Norhtern Rock objected before) Don't mind paying for ever as long as it's managable, take full responsibility for the debts we've run up, I've no real bad luck story, more just stupidity in retrospect..... Though certianly not ruling out bankruptcy as an option, thnik I'll be on this forum for a while to come........
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| Jane.l |
Posted - 17 February 2009 : 12:53:54
I would not even have comtemplated a DMP, we owed a lot, about £65,000 at time of bankruptcy but at least £40,000 more now that the house has sold at such a loss. We would have been paying for years with no guarantee of interest stopping or being chased. I could not live like that, it to be a drastic, clean start and that is what bankruptcy has done. I don't regret it for a moment. This is the first time since I was 18 that I have no debt at all and its great! |
| Skippy |
Posted - 17 February 2009 : 12:45:08
A DMP wouldn't have been realistic due to the amount I owed - £65k. At the moment I'm paying £186 into my IPA, and using those figures it would have taken me 29 years to repay, presuming interest was frozen.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| jayne1970 |
Posted - 17 February 2009 : 12:40:26
Can I ask why DMP wasn't for you? Think we're leaning that way, as although will be paying for ever, there a few if any restrictions on the rest of our lives, and would expect minimal impact.
J x
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| Skippy |
Posted - 17 February 2009 : 12:15:29
I haven't regretted going BR. It's nearly 2 years since I did it, and to be honest it's flown past. I thought that my spending could have been viewed as reckless and I was ready for a BRU, but it never happened.
In my situation it was the best thing I could have done - I was in an IVA I couldn't afford and DMP wasn't an option for me.
I can't advise you which option to choose, but please don't do nothing x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| jayne1970 |
Posted - 17 February 2009 : 11:42:20
No sadly the little disposable income is based only on priority outgoings, though still in work, my job is commission based, and earnings drastically reduced over last year. Hence situation coming to a head.
Can't think straight at moment, but I'm sure it will come to me what's for best.
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| coxy |
Posted - 17 February 2009 : 11:30:33
Thats just our personal feelings everybodys situation is different,i lost my job if i hadnt we reckon we could have avoided br.
our feelings seem to be of guilt and feeling like criminals at the moment not sure how much of this is down to the or wanting to know everything bar our shoe size.
Then when my sister said you taking easy way out then, i hit the roof at that.
The little disposable income you mention is this after taking creditors payments into account,
after br you wouldnt have these which could leave more for or.
There are a lot of positive experiences on here and you may look back in a year saying it was the best thing you ever did.
I would say take advice from experts and try to find the solution that suits you. |
| jayne1970 |
Posted - 17 February 2009 : 11:05:54
Take it you'd advise to avoid bankruptcy at all costs then. I guess we do have options as both in full time employment, and some, be it little disposable income for DMP.
I'm just trying to take as many oppinions and experiences into account before taking any drastic steps.
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| coxy |
Posted - 17 February 2009 : 10:57:03
YES option 5 definately the best one on the list still playing lottery but more recently dream about winning just enough to cover what we went br for and have br reversed. |
| jayne1970 |
Posted - 17 February 2009 : 10:48:42
Thanks for that, helps to hear from someone who's been there. We've already burried our heads for long enough. Think if we didn't have kids would be at court now, but can't bear the thought of the impact it could have on their lives.
Quite fancy option 5 myself........
x
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| coxy |
Posted - 17 February 2009 : 10:45:00
HI Jayne
Know exactly what you are going through we agonised over br for 3 years shall we sharnt we and a lot of people on this forum will know exactly what you mean.
AT the end of the day i have to agree with paul you have to try to make the best decision for you.
Looking back we took pauls option 7 do nothing which just makes things worse at least you are taking positive steps to resolve your situation.
We only went br 2 weeks ago and it was the hardest thing weve ever had to do still feel terrible about it.
Best of luck. |
