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donememoney
Junior Member
United Kingdom
195 Posts |
 Posted - 04 August 2008 : 16:52:55
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Greetings all: I find myself in a strange situation and wonder if anyone else has had it this easy!!
I went BR in April 08 I decided to do it, went to the Court was seen straight aways and bingo! Over £120K of personal debt gone!. 2Hrs later I get an OR call and a week later a telephone interview. 4 weeks later I have a signed IPA reducing my monthly outgoings from £1900 to under £300. Initially my BI was £7K but because of the house market, we went into neg equity 6 weeks ago and my wife has just paid £1 + legal cost of £250. I have now been told I have a zero tax code which will increase my income substancially. I have had no other communication with the OR or people handling my monthly payments.
The Nationwide opened me a basic account on the spot and are great. The OR has allowed my SKY & Broadband subscriptionsand even ADDED items I could claim for. Our standard of living has INCREASED since me declaring BR. It is as if, provided I pay the IPA, they simply do not want to know.
Qestion: Is it always this easy and what could be lurking in the future up to my automatic discharge? I understand I should advise of any changes to my income.
My advice to anyone sick with worry is DO IT! Stop the financial vampires in their tracks As soon as they have a court reference they simply go away!
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darren_b
Junior Member
213 Posts |
Posted - 04 August 2008 : 17:19:47
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Its reading posts like that that make this the best site on the web.... this site has been great!
As I understand it, you will be asked to set up a DD for your income tax? |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 04 August 2008 : 23:41:42
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Yes, for heavens sake dont squander it! The OR needs it to pay your creditors. However some people have reported the ORs not collecting it. But thats a blatant mistake.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 August 2008 : 07:27:30
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Hi i agree with DM it was done for a reason the zero tax code use the following and that will help you to work out what you should be putting aside to pay them
http://www.listentotaxman.com/index.php?
I would work out your tax and save it dont spend it oor you could end up in default and back in debt again.
Take care
JO
"Lifes too short, Grab it while you can, Make each day count and live life to the full. Dont Worry- Be Happy!"
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antp
Junior Member
United Kingdom
216 Posts |
Posted - 05 August 2008 : 22:58:26
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its all very well being blase about it, 120k is likely to end up with a BRO if it's anything to do with gambling or extravegance. bankruptcy is a last option - at least it was for me - and it took 6 long months of worry and indecision for me to get where i am. in that 6 months i still paid every monthly payment, albeit for nothing in the end.
is it too easy? well perhaps, but for the vast majority of people considering bankruptcy it still is a major life changing decision, perhaps ranking higher (in stress) than divorce or the death of a family member. |
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donememoney
Junior Member
United Kingdom
195 Posts |
Posted - 06 August 2008 : 10:24:51
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Antp
You say I am blase about my situation THIS IS NOT THE CASE! I am being 100% facual.
My bankruptcy was caused by an alcoholic first wife who bled both accounts dry to the tune of £120K and putting at least a bottle of vodka a day down her neck and even on her cornflakes!
In I had 8 years of struggle trying to sort out my finances and fell for all the alledged "help" my creditors were offering. In reality they just wanted to keep their hooks in me. Because of interest, charges, fees etc, out of the nearly £80k I paid them, I only reduced my debt by just over £20k.
You yourself talk about stress and indecision. I got so bad I developed high blood pressure and was taking huge doses of Atenolol. also a DVT! My point is that these "financial vampires" will bleed you dry and dont give a toss about you.
Bankruptcy is an important decision but once done stress levels etc simply disappear (read other posts on this forum to confirm this) Most people are strees PRIOR TO BANKRUPTCY, read how many say it was the best thing they ever did.
I have had it tough but only before taking the best decision I have ever made in my life!
ps: My blood pressure is now normal ~ no more Atenolol |
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antp
Junior Member
United Kingdom
216 Posts |
Posted - 06 August 2008 : 13:26:27
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Hello donememoney,
it wasn't really an accusation, it was more of point of view, i was responding to the relative ease of becoming BR, to most people it is a stress, as it was for me, your situation sounds as stressful as any other but until you wrote about it who was to know? many many people - and i know some - deliberately run up debts then go bankrupt, without a though about it. that is blase.
bankruptcy is there as a safety net, to get the creditors off your case, i agree with you that most of them (creditors and some debt management companies) are nothing more than leeches.
i too have had little contact with the OR, the truth is (perhaps), as long as it's a straightforward case i think they have their work cutout chasing bigger fish.
one thing i will say, and i agree with you, it was the best thing for me and the stress has certainly eased. |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 06 August 2008 : 13:36:02
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Thanks for raising this. My stress levels are sky high, but when its all over will I beat myself up about it being too easy?
I'm hoping ours will be straightforward. Just over £24,000 of joint debts, but all within 2 years regretabley. I'll let you know how I feel in a month, but two very good, valid points.
And that poor first wife. Please tell me she got help and is now okay.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 06 August 2008 : 19:00:01
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quote:
Originally posted by drowning-mummy
Thanks for raising this. My stress levels are sky high, but when its all over will I beat myself up about it being too easy?
I'm hoping ours will be straightforward. Just over £24,000 of joint debts, but all within 2 years regretabley. I'll let you know how I feel in a month, but two very good, valid points.
And that poor first wife. Please tell me she got help and is now okay.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/
Just one point i handed in my papers yesterday at the court all was fine my debt is now in the region of450k.
i feel gutted as this money is all debt related to my business and all the people that were shareholders have all gone and i lost 275k.
i have 11 personal guarantees for vehicles 40k+, secured loans of 68K supplier guarantees of nearly 200k, office guarantees of ???????,
Let me say that out of 5 directors i have chosen the bankruptcy route as i know the damage these creditors will do all the other directors are in denial.
I have said before my wife is my rock and my children are bending over backwards to help but i do agree this is the most stressful situation i have been in.
2 tips be very wary of going into business with friends and the next one do not hover if you are honest and no way out seek bankruotcy as it will save a lot of stress my company has gone and three weeks on i am bankrupt, speak to the experts as they can determine i just hope people sort out sooner than later and i have done it to stop my family having the continuous calls etc as i knew i could never go into a payment plan, look at what you honestly can afford and be honest.
Off my soapbox and have a good (hopefully) phone call free evening
Regards
John
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 28 August 2008 : 12:15:46
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Thank you all for sharing your experiences.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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Strange situation
