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hammy0107
Junior Member
399 Posts |
 Posted - 08 September 2009 : 11:47:37
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Some of you may remember me some of you won't. I went BR in June 2008 with debts in the region of £100k. I had spent the previous 3 years paying into a debt management programme which was getting me nowhere other than keeping a few creditors off my back. Anyway upon going BR i was terrified of losing my home as it was a fine line between the OR having an interest in it or not. As it turned out after months of worrying and four different valuations i got the news i was after, my home was not at risk. I was lucky enough not to receive an IPA despite the OR originally asking for £150 a month (i had the b*lls to question his decision and boy am i glad i did). I was terrified of somebody seeing the announcement in the paper and do you know what nobody has ever mentioned seeing it. I was discharged from BR in December 2008 (yes only 6 months) so i have officially been discharged for almost 9 months. I now have no debt, other than my mortgage, i pay for everything with cash and have never been better off or happier.
I suppose what i am really trying to say is that going BR is just the start of a new life for you. You are probably worrying over loads of things now that won't even happen. BR is not an easy decision to make but i guarantee you will feel a lot better once the decision has been made. BR was the best thing to happen to me in many a year and who is to say it won't be for you. Good luck to you all, keep your chin up and be proud you are sorting your life out. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 September 2009 : 11:57:29
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Hi Hammy, yes I remember you! I'm glad things have worked out for you and thanks for such a positive post.
Good luck for the future 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/
26 IPA payments made, 10 to go - on the home straight! |
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veale_kelly24
Starting Member
20 Posts |
Posted - 08 September 2009 : 12:46:54
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thank you so much for your post, im about to go bankrupt and hearing someone coming out of it at the other end happier makes me feel so much better.
thank you |
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totally lost
Junior Member
116 Posts |
Posted - 08 September 2009 : 15:19:41
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Hi there and congratulations with a debt free future!
Just curious about your sentence 'fine line between the OR having an interest in your house..? May I ask why??
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charlie44
Junior Member
231 Posts |
Posted - 08 September 2009 : 15:49:32
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| I am in the process of deciding to opt for BR, and to be honest posts like yours make feel a hell of a lot better. My stomach at the moment is so knotted up you would not believe it, so thanks for posting your experiences it is really appreciated. |
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hammy0107
Junior Member
399 Posts |
Posted - 08 September 2009 : 19:31:52
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Totally Lost,
Initiallly the OR was adamant there was equity in my home and would not take early redemption penalty into the equation. In total the OR suggested there was £8k equity, i insisted that there was more like £4k and that this was reducing by the week due to the failing economy. I actually wrote to the OR and offered £2k for my wife o purchase the BI. I didn't hear back from my offer so i got another valuation which showed negative equity (after early redemption penalty), i sent this to the OR withdrawing the earlier offer and the OR agreed with me that there was no point in pursuing the property. I purchased the BI for £1 + costs.
To everyone else who has responded, you are very welcome. I know how bad it all looks to you but again i must stress it is nowhere as bad as you think it will be.
Good luck everyone. |
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An update on me...
