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Jez
Starting Member
United Kingdom
49 Posts |
 Posted - 05 December 2008 : 17:19:15
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Hi All,
I have been reading the forum for a few weeks! I have what seems like millions of questions, but I should probably introduce myself first, especially as the details to follow will have a bearing on the questions that I will be asking.
My name is Jez, I'm in Bristol, I'm an IT Contractor operating through my own limited company which I've been doing since 1998, my current contract expires at the end of May 2009. My wife has the harder job as a Housewife and Mother! We have 3 kids (13,11, & 10).
My OH and I are in debt to the tune of just over £100k: £9k secured, the rest is unsecured (8 credit cards, 1 loan, 2 overdrafts).
We have a mortgage of £227k and the house is worth slightly less than that, I think.
We have got ourselves into this position through a mixture of the last 3 years being difficult because of industry circumstances and using credit to survive, and remaining optimistic that the contract market would pick up and we'd be fine.... Then the credit crunch hit and we finally had to take our head our of the sand and realise how bad things had got.
My wife has recently been diagnosed with osteoarthritis of the hip (after 2 years of pain) and would like to return home to Ireland so that she is near her family.
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 December 2008 : 17:33:36
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Hi Jez & Welcome to our forum
Yours is one story that we hear a lot of and your def not alone.
Have you thought about any other plans like a DMP or IVA.
Jo
x
17 Weeks down 
35 to go 
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Jez
Starting Member
United Kingdom
49 Posts |
Posted - 05 December 2008 : 18:27:53
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Hi Jo and thanks for the welcome.
We have considered the DMP and IVA routes, but they are not really a viable option because of the inconsistent nature of contracting. Besides which, our outgoings wouldn't leave anything for the creditors. Up until this month we have been borrowing more so that we could meet the minimum payments imposed by our creditors.
Jez |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 December 2008 : 19:27:45
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Hi Jez
It certainly sounds like BR is your only option left open to you.
Have u taken any other advice abour the bankruptcy route as we have a free helpline which is excellent, they can give you an idea of what you should be doing and how to go about it.
That number is 0800 078 9367.
Jo
x
17 Weeks down
35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Jez
Starting Member
United Kingdom
49 Posts |
Posted - 05 December 2008 : 19:38:43
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Hi Jo,
I haven't taken any professional advice yet; I was planning on speaking to the CAB.
I know that I have to have had professional advice by the time the Judge asks me at the bankruptcy hearing... would the Bankruptcy Help.org helpline count as professional advice? I hope I'm not belittling anyone asking that.
Jez |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 December 2008 : 19:58:34
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Hi Jez
No its ok, by all means speak to CAB but they are not as knowledgeable as our guys and im not on commision here, i tried the CAB and for me i found them as useful as a chocy fireguard.
Give our helpline a call 0800 078 9367 or you could try Brett England of EJ&S or Paul at Reviva, all experts as listed you never know they may be able to guide you better as they are experts in this field and i found them more helpful when i needed advice on the bankruptcy route.
LOL
Jo
x
17 Weeks down
35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Jez
Starting Member
United Kingdom
49 Posts |
Posted - 05 December 2008 : 20:14:14
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Thanks Jo,
I will definately call the help line, just not yet, I'm not sure I'm at the point where I am comfortable talking directly with anyone yet.
Jez |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 05 December 2008 : 20:32:27
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Hey Thats ok thats what we are all here for.
You dont have to tell us anything ou dont want us to know, we will help when you need it and just be there.
All i will say is that we all know what your going through, its good to have someone to share it with, even if you dont feel like talking.
Do keep posting though.
Jo
x
17 Weeks down
35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Trolly-Dolly
Average Member
591 Posts |
Posted - 05 December 2008 : 22:29:00
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I absolutely second what Jo has said. Please continue to post and ask questions, you will get heaps of answers.
I really feel that BR would be your best option just by the little that you have told us. Your wife and her health are what matters now and if being with her family is what you and your children want too, then BR will give you the chance to start afresh. Good luck Jez x
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Jez
Starting Member
United Kingdom
49 Posts |
Posted - 05 December 2008 : 22:46:49
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Hi Trolly-Dolly,
Thanks for the support! I will definately continue to post questions, and hopefully be able to provide answers to some questions too (eventually!).
I am feeling much happier now than I was this morning... This is a fantastic forum!
Jez
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 December 2008 : 08:00:57
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Hi Jez
Thats what we like to hear, that your finding the forum good and its already starting to ease your worries etc.
You know where we are if you need anymore advice or just a general chat :-)
Jo
x
17 Weeks down
35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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suzybabyuk
Starting Member
United Kingdom
14 Posts |
Posted - 06 December 2008 : 14:21:58
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quote:
Originally posted by Jez
Thanks Jo,
I will definately call the help line, just not yet, I'm not sure I'm at the point where I am comfortable talking directly with anyone yet.
Jez
Hi Jez
i understand very well what you mean, I was BR yesterday but I first started by months of reading these forums, then DARING to actually register and post.....it feels a bit like not wanting to admit to yourself that you're in a situation. It's all a process and I have found this and other forums an absolute godsend!
Thank you all!
Sue
(see, I can even put my real name now  ) |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 December 2008 : 14:40:18
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Hey Sue
Nice to know your name now and also thanks for adding in your kind words.
We are all here to be that shoulder of support and that friend when you feel you have no one to turn too.
I am glad that you have found our forum so helpfull.
Good luck with your new Debt free life.
LOL
Jo
x
17 Weeks down
35 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Introduction before the flood of q's
