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mst
Junior Member
254 Posts |
 Posted - 13 June 2008 : 07:16:55
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I am having grave concerns about applying for Bankruptcy, even though I feel it is the only realistic solution for me. I have been in debt for over 7 years but to this point I have never defaulted on any payment to my creditors. I have now spent my last remaining avenue of credit (a legacy left to me by my last remaining Grandparent) and am very scared about Bankruptcy. I work in the Financial district of London and although the HR dept of my Global company are aware that I am considering Bankruptcy they have advised that it will not affect my future employment. My main concerns are that I may be required to perform a 1 year secondment to a foreign office and I may be forced to decline the offer owing to the fact that my Corporate AMEX card will be re-claimed by the court, not to mention my concerns over the embarrassment of this whole situation and the worry that my work colleagues will find out. Does anybody have any re-assuring advice that will alleviate my fears?
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melanie_giles
Senior Member
1191 Posts |
Posted - 13 June 2008 : 07:48:19
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Hi mst and welcome to the forum
Have you looked into the possibility of proposing either an IVA or a DMP to your creditors? This will only be possible if you have some disposable income to make ongoing contributions towards your creditors, or assets which could be realised and paid to creditors (or both), but it could be worth having a chat with an Insolvency Practitioner to see if this would be possible.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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mst
Junior Member
254 Posts |
Posted - 13 June 2008 : 09:58:48
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Hello Melanie, many thanks for your reply.
I have considered this option but having been in this situation for such a long time I really want to take the option that would mean that I could see a light at the end of the tunnel. I am already preparing letters to send to my creditors with a financial statement explaining why I cannot afford to make the repayments at their current rate, but I see this as only an interim solution and I question whether these creditors will be willing to accept these terms until the debt is paid off.
Bankruptcy seems like the most advantageous option for me right now as I own nothing over £1500, I rent a flat (shared with my sister), I have a good job which I have been in for 11 years (and as mentioned before my employers are unconcered by my considering Bankruptcy), I am under the threat of redundancy but not within the next year so in effect I could be out of my Bankruptcy period when I receive my redundancy package.
Having seen the CAB, spoken to a private debt managment company (Gregory Pennington) and performed extensive research on the internet my head is spinning from possible scenarios. The only constant right now is that every moment of every day is spent worrying about this situation and in the very near future I am going to start defaulting on payments. The last thing I want to do is borrow on my existing debts to cover my day to day living. |
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abd
Junior Member
284 Posts |
Posted - 13 June 2008 : 10:47:15
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Hi mst, Iam afraid I can not advise you about the right option for you,but let me tell you something about being embarrassed if your colleague know about BR.I have been in debt for 3 years due to an overpaid wages and a bad history of gambling.I work in a field full of reasonably well establish, intellectuals ,who would pinch their noses on hearing the word gambling or BR.I lived the last 2 years with similar fears like yours and kept the status qoue. Let me tell you NO GOOD AT ALL. Now Iam bankrupt, and do not care if they know, I feel good about my self as I have no secrets any more .Do not worry about people, everbody goes through difficulties and make mistakes, we need to come out of it and live with up lifted heads, otherwise our life will be a misery and full of shame, inferiority and disgrace.
I hope you will get an advice from the expert as to what option suits you, with best luck.
Abd |
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mst
Junior Member
254 Posts |
Posted - 13 June 2008 : 12:28:51
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Many thanks for your advice abd. I am fortunate in that I have a very good working rleationship with my immediate line Manager who knows of my situation and is very supportive. I take on board what you say about Bankruptcy and the stigma associated with it.
Having seen a CAB debt advisor already is there any other source of impartial advice that I could explain my personal situation to? I was very greatful to the CAB for explaining the options open to me but they basically looked at my situation and then advised that all options were open to me, now most would agree that was a good thing, but all it has meant is now I am more confused than I was in the beginning. One thing is for certain, I cannot afford to repay half of my salary on debt and still pay bills/rent etc. And also most of what I am paying back on loans and credit cards is purely interest and therefore there is no hope of ever being clear from it.
I apologise to all of the experienced forum posters who have probably heard this tale over and over but I really am feeling in a desperate situation. |
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abd
Junior Member
284 Posts |
Posted - 13 June 2008 : 14:04:58
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Hi mst, no problem, i have got no extensive experience about insolvency, but when I was as you said confused,I did my net search, as an example
myvesta can give you some advice, they have a free online chat and phone advice.there is also FAQ videos you can watch.Put as much questions as you could online and sure you will get the picture.
And of course this forum I found the most valuable
and will give you access to the experts in different aspects of insolvency.Do not worry soon you will get out of your confusion and see the light ,we were all there and I know it does look like the end of the world,but hey that is the beginning. good luck
Abd |
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mst
Junior Member
254 Posts |
Posted - 13 June 2008 : 14:17:03
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Hello again adb,
One question I do have is how did your gambling effect the BR process? I have not gambled for a while but ultimately the initial reason for my debts was obtained partly through gambling, so although the forms state "have you gambled in the last 2 years" the section which refers to your debts asks the reasons for the debt. Is it adequete to put that since you gave up gambling over 2 years ago that initially the debts occured through gambling but you have simply been unable to pay them off? |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 13 June 2008 : 14:39:27
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Hi mst - you can answer the question honestly that you haven't gambled in the last two years. You will then need to be frank with the OR - you're not the first and won't be the last person whose debts have been added to by gambling.
The OR may want to know how much/when and to see how much of your total debt is down to gambling.
There is the bankruptcy helpline number at the top of this page if you want to talk to someone - or each of the BR assist experts has their weblink in the "experts" link to the left!
Regards
Vicki x |
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abd
Junior Member
284 Posts |
Posted - 13 June 2008 : 15:34:36
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HI mst,Vicki has got a good point here as this is exactly what happened with me, my answer to Q how much i have lost during the last 2 yrs was none, but in the section about the reason for my BR i had to include gambling 2 years ago. The OR asked me during my interview how much and when I ganbled ,he even asked me about where I gambled.I thought I will never survive the embarrassment and the situation when I had to talk about such a thing, but
believe honesty,honesty and honesty is best way out.
abd |
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mst
Junior Member
254 Posts |
Posted - 13 June 2008 : 16:18:54
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Many thanks for all your answers. So if I am completely honest and I tell the OR that roughly 50% of what I owe was through gambling from over 2 years ago and although I have not bet since my debts have not reduced because of increases in interest, over-spending etc what is likely to happen to me?
What concerns me is that whilst I totally agree that honesty is the best way and I have always been honest, I have spent the last 2-3 years attempting to pay off my debts and have just been unable to. If I were to only now admit this, not only have I been paying basically just interest for 2-3 years but I will continue to keep paying this indefinitely. |
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debtfreesusie67
Junior Member
256 Posts |
Posted - 13 June 2008 : 17:00:47
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Hi mst welcome to the forum Like abd I can't give you advise about whats right and wrong for you but I can say that I went BR on May 21st and it feels like I have been give a second chance of life again. The stress of not being able to make my repayments has gone as has the worry of phone calls and letters. I was very lucky to have the backing of my 2 best friends, dad and brother. I also had help and advice from Paul from Reviva.
Sue
The only way is up
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 13 June 2008 : 19:51:16
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Hi Mst,
It would apprear that you have done everything in your power to resolve your situation, so do not worry about BR. You have done nothing the OR hasn't seen many times before you, and will see many more times well after you've been discharged.
As Vicki says, if you want to talk to someone, you can always call the helpline where one of my colleagues would be happy to discuss your situation.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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mst
Junior Member
254 Posts |
Posted - 13 June 2008 : 20:19:24
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Many thanks Julian.
I think having read numerous forums, researching on the internet and speaking to the CAB my mind is more or less made up to seek the BR route. I have a car that is worth around £1500, rent a property with my sister and do not own any other assets so I do not see how any other arrangement would help. Although gambling has contributed to my debts in the past it's better to be honest about this and just see what can be done because things cannot continue as they are.
I will put a phone call into the bankruptcy helpline and hopefully this will confirm what I already think is the best course of action for me. I am grateful to everyone on here for taking the time to answer my posts. I will continue to provide posts on my progress as this may well help others in the same situation.
A big pat on the back from mst. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 13 June 2008 : 20:21:29
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Hi Mst,
From the information you have provided, BR certainly seems appropriate. I'm sure one of my colleagues will be able to confirm this and put your mind at rest.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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having grave concerns about applying for BR
