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Skippy
forum expert
United Kingdom
3290 Posts |
 Posted - 17 February 2009 : 12:45:08
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A DMP wouldn't have been realistic due to the amount I owed - £65k. At the moment I'm paying £186 into my IPA, and using those figures it would have taken me 29 years to repay, presuming interest was frozen.
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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Jane.l
Average Member
511 Posts |
Posted - 17 February 2009 : 12:53:54
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| I would not even have comtemplated a DMP, we owed a lot, about £65,000 at time of bankruptcy but at least £40,000 more now that the house has sold at such a loss. We would have been paying for years with no guarantee of interest stopping or being chased. I could not live like that, it to be a drastic, clean start and that is what bankruptcy has done. I don't regret it for a moment. This is the first time since I was 18 that I have no debt at all and its great! |
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 13:02:29
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Thanks for all your honesty, we owe a lot too, and as I say will be paying for ever, though intention is to re submitt for IVA after a while (only Norhtern Rock objected before) Don't mind paying for ever as long as it's managable, take full responsibility for the debts we've run up, I've no real bad luck story, more just stupidity in retrospect..... Though certianly not ruling out bankruptcy as an option, thnik I'll be on this forum for a while to come........
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hanlou
New Member
United Kingdom
56 Posts |
Posted - 17 February 2009 : 16:12:14
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| hi jayne i think the hardest part is deciding which way to go we had no choice but br and went br last month and i have to say i felt more bankrupt,desperate and totally losing the plot in the twelve months running up to bankruptcy and now i feel i have my life again i can smile and mean it a year of tears does no one any good and yes i have lost my home my husband his business but we are still alive and my four children are happy because they see their parents are happy and that is all that matters we live in a lovely rented house which i have made our home, theres food in the cupboards too before br most weeks i struggled for money to get food shopping now i dont and yes i missed my old house sometimes but now realise its just bricks and mortar and the most important things are my family and possessions which make it my home. good luck whichever road you take hanlou |
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jayne1970
New Member
70 Posts |
Posted - 17 February 2009 : 18:38:00
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Hi Hanlou
Thanks for your support, glad to hear things are working out for you. As you say as stressful as things seem, we're all fit and healthy, and still strong together, so could be a lot worse......
x
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pix1
Average Member
689 Posts |
Posted - 17 February 2009 : 21:17:58
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I must put the following sentence in capital letters:
DO NOT ENTER INTO A DEBT MANAGEMENT PLAN!
These are not legally binding and you would find that if after, say, 8 years of paying into it you dropped out of it (when your house is in negative equity of 7k or more!) oyu would have only paid off a small amount of your debt and a lot of fees to the administrator of the scheme. You might then be looking at bankruptcy again...8 years down the line!
The thing about bankruptcy is that there are no definite hard and fast outcomes. You have to trust in the process. One thing for sure is that there is peace of mind. Lots of people on this forum will attest to that.
The upside is peace of mind and drawing a line in the sand.
The downside is an IPA, 6 years on the credit record, name in the London Gazette and maybe the local rag, possible problems renting, possible loss of home (!).
If your house is in neg. eq. BR becomes more appetising as you might be able to cheaply buy your beneficial interests.
Would you want the worry of a DMP? For 20 years? |
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jayne1970
New Member
70 Posts |
Posted - 18 February 2009 : 10:11:37
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What you say makes sense, but as it stands the house isn't in negative equity, if it were I think the decision to enter into bankruptcy would be far easier. To possibly loose the house for the sake of 7k makes me feel sick. My parents could buy the BI, in fact I know they would, but not really something I relish discussing...........
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How can the process differ so greatly
