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jayne1970
New Member
70 Posts |
 Posted - 16 February 2009 : 20:06:15
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| How can the process differ so greatly from one person to another? I've read so many of these posts now, yet still it seems the whole experience is soley determind by which OR you get. The advise is really helpful, yet with so many contradictions a decision I feel is no closer. Last week we booked court date, but this week thinking of cancelling, and going with DMP which will take us 20 years to repay.......Phoned National Debt line, and they told us to avoid bankruptcy at all costs, yet no real equity in house!!Please help....... |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 February 2009 : 21:50:47
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Hi
the difficult steps are the hardest to take.
I would recommend that you take your own council and review each debt solution and see if it is a workable solution for you, how long it takes, is it affordable, what impact it has on the family etc etc etc, and then you are in a position to decide for yourself rather than have loads of folk tell you what they would do if they were you.
So the solutions are:-
1. Refinance
2. Debt Management Plan
3. IVA
4. Bankruptcy
5. Win lottery
6. evade creditors
7. do nothing
there aren't really any other solutions so understand for yourself how each works and how it effects you. If necessary draw up a pros and cons list and then sleep on it.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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jayne1970
New Member
70 Posts |
Posted - 16 February 2009 : 22:26:41
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Thanks for reply, can't tell you how many lists I've done......certain bankruptcy is only realistic option, but just way too scared of consequences. Will probably opt for DMP, and see how that goes. Then again by tomorrow could have changed my mind again.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 February 2009 : 22:35:04
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If Br is the right solution, AND you have done your homework and have support from the forum I don't understand why you want to spend more time in limbo rather than being debt free and starting again.
In truth I have NEVER had a client who has regretted going Br - the absolute relief at being able to wipe the slate clean and start again is overwhelming.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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jayne1970
New Member
70 Posts |
Posted - 16 February 2009 : 23:54:28
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I think what worries me most is how our past spending would be deemed, although we have limited spending in last 6 months, prior to that it could be considered reckless, certianly seems so in retrospect.......main down fall been my obsession with holidays which I failed to accept we could no longer afford. A lavish expenditure I've seen mentioned as cause for investigation previously. If they did investigate what would they do?
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 February 2009 : 07:49:09
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If they feel that you were extremely reckless - most folks aren't - then perhaps a Bankruptcy Restriction Undertaking.
This is where you agree to maintain some of the restrictions of Br after the discharge for a certain period.
In reality for most folk it has little or no effect, however if you decide to go into law, become a company director etc etc thennthere are challenges.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 17 February 2009 : 08:20:40
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I would advise you to check the equity situation with regards to your home get an up to date valuation - you state little or no equity - but please check even £1,000 equity can result in the OR wanting payment by a third party or risk selling
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 10:21:31
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Thank you for responses. With regard to the equity, in December we had valuation for IVA proposal, and there was approx 7k equity (of course this will be less now), I have been advised as both myself and my husband would be going bancrupt that that would be deemed as £3500 in each bancruptcy. I am aware OR would want payment from 3rd party, and this has been discussed with said 3rd party.
I have no plans to go into law, or become a company director, so ok there.
Other worry is bank account, we've opened a baisc acc with Barclays, though not as basic as I thought as they've sent cheque book which I didn't think we'd get. But if they freeze account what happens to our wages, and DD s?
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coxy
New Member
United Kingdom
63 Posts |
Posted - 17 February 2009 : 10:45:00
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HI Jayne
Know exactly what you are going through we agonised over br for 3 years shall we sharnt we and a lot of people on this forum will know exactly what you mean.
AT the end of the day i have to agree with paul you have to try to make the best decision for you.
Looking back we took pauls option 7 do nothing which just makes things worse at least you are taking positive steps to resolve your situation.
We only went br 2 weeks ago and it was the hardest thing weve ever had to do still feel terrible about it.
Best of luck. |
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 10:48:42
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Thanks for that, helps to hear from someone who's been there. We've already burried our heads for long enough. Think if we didn't have kids would be at court now, but can't bear the thought of the impact it could have on their lives.
Quite fancy option 5 myself........
x
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coxy
New Member
United Kingdom
63 Posts |
Posted - 17 February 2009 : 10:57:03
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| YES option 5 definately the best one on the list still playing lottery but more recently dream about winning just enough to cover what we went br for and have br reversed. |
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 11:05:54
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Take it you'd advise to avoid bankruptcy at all costs then. I guess we do have options as both in full time employment, and some, be it little disposable income for DMP.
I'm just trying to take as many oppinions and experiences into account before taking any drastic steps.
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coxy
New Member
United Kingdom
63 Posts |
Posted - 17 February 2009 : 11:30:33
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Thats just our personal feelings everybodys situation is different,i lost my job if i hadnt we reckon we could have avoided br.
our feelings seem to be of guilt and feeling like criminals at the moment not sure how much of this is down to the or wanting to know everything bar our shoe size.
Then when my sister said you taking easy way out then, i hit the roof at that.
The little disposable income you mention is this after taking creditors payments into account,
after br you wouldnt have these which could leave more for or.
There are a lot of positive experiences on here and you may look back in a year saying it was the best thing you ever did.
I would say take advice from experts and try to find the solution that suits you. |
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 11:42:20
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No sadly the little disposable income is based only on priority outgoings, though still in work, my job is commission based, and earnings drastically reduced over last year. Hence situation coming to a head.
Can't think straight at moment, but I'm sure it will come to me what's for best.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 17 February 2009 : 12:15:29
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I haven't regretted going BR. It's nearly 2 years since I did it, and to be honest it's flown past. I thought that my spending could have been viewed as reckless and I was ready for a BRU, but it never happened.
In my situation it was the best thing I could have done - I was in an IVA I couldn't afford and DMP wasn't an option for me.
I can't advise you which option to choose, but please don't do nothing x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 12:40:26
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Can I ask why DMP wasn't for you? Think we're leaning that way, as although will be paying for ever, there a few if any restrictions on the rest of our lives, and would expect minimal impact.
J x
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How can the process differ so greatly
