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stubie
Starting Member
United Kingdom
14 Posts |
 Posted - 26 June 2012 : 23:54:17
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Following today's first OR meeting I realise I've been sold down the river. I was under the impression, as some of you prospective bankrupts may be, that you were allowed to live normally. My definition of that is lottery tickets, birthday, Xmas gifts to your family, cigarettes, alcohol (within reason!), hobbies, entertainment etc. Apparently not. Essentials means basic essentials ie none of the above. Time to quit smoking, drinking and contacting the family!
Regards
Stuart |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 June 2012 : 06:41:29
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I'm afraid that you do have to tighten your belt somewhat - you can't expect to have your debts written off and then go back to your old way of life.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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debtinfo
forum expert
2826 Posts |
Posted - 27 June 2012 : 06:42:18
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| I think if you had done any serious investigating you would have known what you could or could not have. The Insolvency act defines the lifestyle as reasonable. Now everyone has a different definition of what reasonable is so there needs to be a common standard which has tested over the years in court and does not include those things that you want |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 27 June 2012 : 08:46:46
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Did you take advice before you went BR?
As the others have said you are expected to make cutbacks when you go BR - it's not fair not to make sacrifices when, in a lot of cases, a large amount of debt has been written off.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2030
Starting Member
3 Posts |
Posted - 27 June 2012 : 09:07:46
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I agree with Niobe, debtinfo and Tracey,
I took plenty of advice, and researched my predicament to the best of my ability before filing for BR.
I think its naive to think you could carry on as normal without making any sacrifices at all.
I have switched to a water meter, and now treat it like its liquid gold!
I have lost weight as I walk far more, trying to conserve fuel on those short runs (up to a couple of miles).
Shop every couple of days to try and get what bargains I can, rather than shop monthly or weekly.
I could go I certainly don't condone people sitting at home doing nothing, but I can understand your particular frustration.
year 2029 |
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stubie
Starting Member
United Kingdom
14 Posts |
Posted - 27 June 2012 : 09:32:50
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You're all right of course. Problem is I thought I had done my investigation. A lot of advice centred around what was normal expenditure and included items that the OR has now disallowed. Anyway, I've taken my first step to getting back to work and it'll all turn out OK in the end.
Regards
Stuart |
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year 2029
Average Member
590 Posts |
Posted - 27 June 2012 : 11:54:49
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It does get easier as time goes on.
I've impressed myself, and some others on how I've saved money.
Glad to hear work could be around the corner.
Keep your chin up!
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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xmas baby
Average Member
537 Posts |
Posted - 27 June 2012 : 12:55:23
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I for one, don't think the living expenses allowed are uneccesarily unreasonable, however I do think your mention of lottery tickets, alcohol, etc is a little unreasonable. The whole point of the bankruptcy process is surely to help those of us who have found ourselves ourselves in financial difficulties to get back on our feet and if this ultimately means having to reliquish some of those 'luxuries' you mention, then this is far better than remaining swamped in debt surely? If you are lucky enough not to be given an IPA, then I don't think the restrictions imposed for 1 year regarding living expense are harsh in the slightest and it may even go towards changing the way you think about your finances and how you spend your disposable income in the future. I for one, have certainly learned the value of keeping to budgets and I am far happier now after going through the bankruptcy process and appreciate the little things far more than I did previously.
I'm sure you'll survive the short period of time intact.
xmas baby |
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year 2029
Average Member
590 Posts |
Posted - 27 June 2012 : 13:43:58
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I totally agree with you Xmas baby.
Like I said, I treat water like liquid gold, and go hunting nearly everyday for food bargains.
I used to be on what Id call 'good' money, and I'm now surviving on a small fraction of that money.
And like you, I am far happier than in a very long time.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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xmas baby
Average Member
537 Posts |
Posted - 27 June 2012 : 13:53:49
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the way around buying items like lottery tickets, birthday presents, etc is to put a little of your household allowance back each week/month and use this money for such items. That's what I did. Okay, people won't get lavish presents, but it is thought that counts and not the value of the gift surely? I also think that should you win the lottery while you are bankrupt, then surely this would have to be handed over to the OR? If that's the case, then there is no point in gambling until your bankruptcy term is completed. One problem solved.
xmas baby |
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year 2029
Average Member
590 Posts |
Posted - 27 June 2012 : 14:00:06
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Any lottery win during bankruptcy should go in to your estate.
Potentially, you could win so much, as to have your bankruptcy cancelled.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 June 2012 : 16:30:40
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Another way of helping out with things like Christmas and birthday presents is to do online surveys - you can earn vouchers which can be used as presents - it's what I do.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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stubie
Starting Member
United Kingdom
14 Posts |
Posted - 27 June 2012 : 21:15:21
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I agree with the sentiment. I am happier in many ways. My life hasn't changed much since losing my £4M business except I don't have a Ferrari, Porschye and Lotus or a 200-year old farmhouse anymore nor my £700K capital I sweated hard for all my life. I do knw the value of money now and I have less stress. I simply didn't bargain on losing any of my benefits simply because £150 of my income comes from a private pension. That's really what peeves me. IF I didn't have a pp, the government would make up the shortfall in pension credit (an entitlement, not a benefit, I have paid millions in tax since I started in business at 16), and then the OR couldn't touch it. So, by saving the government £150pm, I'm penalised. Other than that, I'm happy!
Regards
Stuart |
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xmas baby
Average Member
537 Posts |
Posted - 28 June 2012 : 09:31:57
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I know how you feel Stubie, particularly about pensions. I have come to the realisation that they are a con and that is why the government keep pushing for people to get private pensions. those who have pensions, however meagre the payout will not qualify for government benefits while those who have no pension will. It really doesn't pay to work all your life and put something away for your retirement only to get screwed over at the end of the day. It is so unfair to all those people who work really hard all of their life and just want to retire without having to worry about spending money on heating or food. It's wrong.
Sorry I know its not bankruptcy orientated, but I just needed a rant.
xmas baby |
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stubie
Starting Member
United Kingdom
14 Posts |
Posted - 28 June 2012 : 09:48:46
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You're right, pensions haven't performed well and that's sad for people who have worked all their lives looking to that pension for their future. In my case, it was a token pension, I was never happy paying into a pension during my working life. Then, when my business failed, I was glad I had it, now I'm not of course because I have to give it away but at least that's only for a limited period.
Regards
Stuart |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 June 2012 : 11:30:02
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We dropped £30 a week when hubby went onto state pension rather than incapacity (which he was on) and his tax code dropped dramatically for his occupational pension. It has left us struggling but we do manage somehow.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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The OR expects you to live on essentials only
