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 bankruptcy postbag for july
 The thought of living like this is unbearable
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Junior Member

182 Posts

Posted - 11 July 2008 :  22:07:14  Show Profile  Reply with Quote
I'm condsidering a pursuing bankruptcy. I have two loans over 5 years. However, I'm stuck in a job which pays but is making me depressed and stressed. The only way I can afford to pay off my loans is to continue working at the level I am to earn the salary. Also, I have to house share with a friend to allow me to afford to pay off the basic amount of my loans every month. The thought of living like this for the next couple of years is unbearable. I want to wipe the slate clean and change my career. Money isn't important to me but the quality of life is. My debts total £27,500 (approx) through 2 Lenders so an IVA is out of the question. I look forward to receiving your advice.

Senior Member

1191 Posts

Posted - 11 July 2008 :  22:10:53  Show Profile  Visit melanie_giles's Homepage  Reply with Quote
Hi jacqstar and welco,e to the forum

It definately sounds as if bankruptcy is the right way forward for you to making a fresh start, and no-one should have to live a constantly unhappy existence just to pay off a couple of loans. Have you tried to restructure the payments of the loans to a more affordable level? It might be worth trying that first, and if this does not work then bankrutpcy may be the only solution for you.

The very best of luck to you.

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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Junior Member

182 Posts

Posted - 12 July 2008 :  12:34:16  Show Profile  Reply with Quote
Thank you Melanie for your advice.
Does seem the only answer for me and I have contacted my bank in the last two months to reconsolidate my former debts to a better arrangement through them. But realistically, unless I struggle to pay off the main loan quicker, it will mean another 5 years of a miserable existence.

The other loan I have is for my car - I guess this will be taken back once I've declared bankruptcy?

Also do I need to hand in my notice officially at work and then start bankruptcy proceedings or can I start them whilst I'm working? Seemingly whilst Im earning I can still pay for my debts so should I wait to receive nasty letters from Lenders when I can pay and then submit an application for bankruptcy? Not sure how to go about it all so again, would be really grateful for your advice. Many thanks,
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Junior Member

United Kingdom
235 Posts

Posted - 12 July 2008 :  16:24:01  Show Profile  Reply with Quote
Hi Jacqstar. There is no need to stop working for BR. You would find it helpful to spend an hour or two reading some of the previous threads/ posts. I'm certain you will find them enlightening. This helped my come down from level one panic stations! The experts and posters on here know their stuff so feel free to ask questions. It may be that your loathing of your current job is because you're stuck in the debt rut and your job actually seems to help perpetuate the pressure and stress on you. I have felt a little better since reaching the decision to go BR. I know the stress has been making me ill.

Not the best time to be self employed!
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Senior Member

1191 Posts

Posted - 13 July 2008 :  23:40:42  Show Profile  Visit melanie_giles's Homepage  Reply with Quote
Yes - no need to not petition whilst you are working, and I would definately take some professional advice about your situation to set your mind at rest.

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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Junior Member

United Kingdom
325 Posts

Posted - 14 July 2008 :  11:38:31  Show Profile  Visit JulianDonnelly's Homepage  Reply with Quote
Hi Porcorosso,

Many thanks for your continued support!


Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
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Junior Member

182 Posts

Posted - 15 July 2008 :  10:20:51  Show Profile  Reply with Quote
Thanks All for the advice and thanks to you Porcorosso.
I have handed in my notice as the career path I have had over the last 19 years has taken its toll. I want to step out and do something different (albeit lesser paid) and just wipe the slate clean.

Going BR will allow me to make choices in my career which I have not been able to do for so long. Things have been tight financially for years and my aim is to start afresh.

Will no doubt have many more questions to ask tho!
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