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| debtrider |
Posted - 27 October 2009 : 21:07:15
I went bankrupt on 20th October 2008 and have just been discharged on 20th October 2009. I had been in debt for more than 25 years and my debts were growing all the time. I only wish I had gone bankrupt years ago but I was always frightened at what might happen and too nervous to tell anyone.
My debts built up by getting more credit cards over the years and the banks increasing my credit limits by thousands of pounds. I was very vulnerable at the time and needed money to pay off my debts and I was robbing peter to pay Paul. I do not know how I kept my debt situation to myself for all those years.
I did not lead a luxury life style I was just paying off my debts with more credit, which the majority of the time was handed to me on a plate. This was by either rising my credit limit and sending me cheques to fill in.
I saw on the news today that the government want the banks to crack down on easy lending on credit cards, which is not before time as far as I am concerned. I wonder how many more people are in such a mess with the banks just throwing money at us over the years.
I suppose you could say that we don’t have to spend the money offered by the banks, which is true. I started off by borrowing a small amount when I was about 21 and then a bit more and more, not realising at the time of the interest going on top and how long it would take me to pay off these amounts. I was always paying the minimum payment and honestly thought that one day it would be paid off. In the end the banks were giving me more credit and I was in such a mess I was just paying my debts by drawing money from credit cards.
I realised that the debt would never be paid off and the minimum payments I was paying was just a joke. I was in considerable debt at the end and had to do
something about it no matter what the consequences might be; I had to rid myself of all this debt.
I was a bit naive in thinking I could get an IVA and I was reading the IVA website for some months and saw an interview with Paul Johns of Reviva UK.
I then made the decision to call Paul Johns of Reviva UK and he immediately put my mind at ease. He was the first person I ever told about my debt problem and I’m glad I did. I cannot thank him enough for all the help he as given me over the past 17 months and he is still doing it now. I would advise anyone with a serious debt problem and considering bankruptcy to phone Reviva UK for advice. They are not judgment mental no matter how much debt you are in, and will put your mind at rest and give you sound advice.
I would also like to thank everyone on this forum who has given me advice over the last 17 months and I hope I have helped others in offering advice. My questions have always been answered if not be an expert but by others in the same situation. This forum is a godsend for anyone who is thinking of or going bankrupt. So keep up the good work.
I may return to this forum on occasions to offer what advice I can give, as I feel I have something to offer having experienced bankruptcy.So after nearly 30 years I am debt free and I can start a new life spending my own money instead of someone else’s.
I was self-employed when I went bankrupt and I am still doing it now, after I was allowed to keep my car. Only a few weeks ago the OR agreed a settlement figure for me to buy the beneficial interest in my house, which was great news.
As I am writing this I cringe a little when I think of the terrible mess I got myself into and living with it for so long, and now it’s all over and it’s a fantastic relief.
I would strongly advise anyone who is in debt and cannot pay it back to do something about it straight way. Don’t let it go on as long as I did, and certainly do not go out and borrow more in the hope that the debt will go away.
You will be surprised how relieved you will feel when you start sorting out your debt problem. It will remove all that stress and anxiety when you can see some light at the end of that debt tunnel.
Once again thank you everyone.
Debtrider
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| 7 L A T E S T R E P L I E S (Newest First) |
| leakie |
Posted - 28 October 2009 : 18:50:38
Hi Guy's
Good Luck to you both, when you go to court,
Nothing to worry about, you will realise that after.
All the best
Leakie |
| charlie44 |
Posted - 28 October 2009 : 13:20:59
Debtrider, thanks for such a good post, congratualions on your discharge and good luck for the future, please keep us posted on how your life is post BR.
LTP, good luck for the 5th, hope everything goes well, we still have amonth before our court date. |
| lost_the_plot |
Posted - 28 October 2009 : 09:38:22
Hi Debtrider,
Reading your story is like a mirror image of my own.
I've been in debt 20+ years and have been doing exactly the same as you. After 2 redundancies this year and admitting our situation was hopeless, my wife and I have decided to go BR.
The court dates been booked for the 5th November.
Maybe there will be fireworks!!
Anyway, best of luck for the future. |
| leakie |
Posted - 28 October 2009 : 05:39:59
Hi Debtrider
Well done and good luck for the future,
Just reading your post, that could have been me looking in the mirror,
All the best
Leakie |
| In 2 Deep |
Posted - 27 October 2009 : 21:33:12
Well done Debtrider, a very informative post that will hopefully inspire others to take there heads out of the sand, and deal with there debt problems.
Treat EVERY Penny as a prisoner. |
| Housing |
Posted - 27 October 2009 : 21:24:54
Good luck for the future
Richard
"There are no problems - only solutions..." |
| Skippy |
Posted - 27 October 2009 : 21:21:17
That's an excellent post Debtrider, and I'm so pleased that things have worked out for you.
Please post when you can as your experiences will help other people starting out.
Good luck for the future 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/
27 IPA payments made, 9 to go - in single figures! |
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