I just don't know what to do.

[Adam Davies]

Hi Douglass
Bankruptcy will draw a line under your debts but you will probably get a BRO,but this will have little effect on you.You will probably have to pay 70% of your disposible income for three years to the OR.There will also be a small advert in the local paper.
An IVA is possible even with NR,and you will pay 100% of your disposible income for five years,no one will know unless they log onto the insolvency register online.
A DMP is another option but interest and charges may continue on your debts and there is no definate end date,however your creditors will normally receive more back via this option.
Have a chat with several companies etc
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[douglass]

Thanks Andy. If I chose the BR option, I feel that at least I could bring everything to a close, and start to move on, if that makes sense? Just such a difficult decision to make. D.

[ray_a]

Hi Douglass

Sorry to hear this!

Whilst considering do come back and talk as we know the feeling and we have wealth (sorry about the pun!) of experience even though not much money!

Good Luck

[Lisa2009]

Good luck with whatever route you decide to take douglass and remember all the people on this forum will be here to offer help and advice along the way

[douglass]

Everyone has been great - thank you all. I still would like to speak with an IP as have not ruled anything out, and would like to repay my debts, albeit at a reduced rate. How do you find a good IP? D.

[Lisa2009]

Melanie comes very highly recomended on this forum

[mikebdomain]

I would second that

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LEYBRIDGE LIMITED
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Specialising in adverse credit.

see feedback and testimonials at:
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Please read our Initial Disclosure Document(IDD):
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[BrassicLintus]

Hi Douglass, all I can add is that I went BR 2 weeks ago and it's a relatively painless experience! I had around £60k debt and towards the end I was doing the same as you, I was paying cards with cards, then tranferring balances so I could use the cards again! Finally all my cards were maxed out and my wages wouldn't even cover the minimum payments let alone allow me to eat! So my advice would be to get it sorted asap. You've made the hardest step in acknowledging your problem. Arm yourself with all your options and decide what feels right for you. If you're thinking about an IVA phone around a few companies, and find an IP who you feel comfortable with, after all they're going to play a big part in your life for the next 5 years! I spoke to Melanie, and I found both her and her staff wonderful. If I'd have acted sooner I could have reduced my debt by about 10K and perhaps I could have entered into an IVA. So any questions you have, just ask, we're all in the same boat here!

[douglass]

Thanks Brassic. I am just so scared, never been in court. I have been on the insolvency service website - they say you can fill your forms in online, then just go to the court, pay your money, and then see a judge. Sounds too easy? Then you get interviewed by the OR, who decides whether you have to pay an Income Order, and whether you get a BRO. Is my understanding of this correct? Sorry if I appear dumb, but this is my first experience of IVA / BR! D.

[BrassicLintus]

You're certainly not dumb douglass! I was the same as you, I didn't have a clue about IVA's or BR but that's why this site is so great! And you really have no need to be scared. You can download the forms from the insolvency website, you can fill them in as and when you get the information they ask for and save them. Once completed print off a copy. Phone your local court and see if you have to make an appointment (some courts are just first come first serve). Once you've got your appointment, you just need to turn up with your money (£485), you see the clerk who goes over your papers (best take a few copies with you because some people have needed more than 1 copy and have been charged £7 a copy!), you swear an oath. Then in some courts to have to see the judge which I understand is just to confirm that you have explored every option before deciding on BR, in most courts these days it appears that you don't even have to see the judge - I didn't. And yes - that's it! It is really easy, the people in the court were very kind and considerate and non-judgemental. I had my OR interview yesterday, 2 weeks after my court date, over the phone (some places it's a face to face meeting - others have their OR interview on the same day). I had about 10 cards and 3 loans and he just seemed interested in what i'd used the loans for and why I was now struggling to pay it all back. Just be honest with him - I couldn't remember what I'd spent most of the money on! All in all I was on the phone for around 40 minutes, if you have no car or house to deal with then your interview will be even shorter. He told me a firm of solicitors will be in contact regarding my Income Order. When you fill the forms in for Income and Expenditure make sure you put absolutely everything down and don't be realistic! Have a look at my post regarding what he allowed me. He upped some figures and reduced another. But that's basically it. If you do get an IPO then its for 3 years. If you're worried about whether they will deem you to have "wasted" a lot of money or taken out credit knowing you couldn't pay it back, then I believe all that happens is your BR will last a little longer. But basically that's it my friend! So try not to stress, start gathering all your paperwork together and then sit down and decide which option would be best for you - IVA or BR. Keep posting to let us know how you're doing.

[iva.com]

Hi Douglass,

If you are looking to find an IP you might find www.IVA.com useful. We maintain a list of IVA firms and IPs. We also publish client reviews of their services.

You can now also apply for an IVA firm to represent you through our site.

Good luck finding the right solution for you. Please let us know how you get on.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[BrassicLintus]

Sorry Douglass that should read DO be realistic when completing your Income and Expenditure form!!!! Oh and also keep a copy of your forms so when you have the OR interview you have a copy in front of you to refer to or add anything you have missed. Good luck!

[MelanieGiles]

Hi Douglas

Sorry for the delay in my reply - it has been the day from hell my side of the desk as I have been chasing delinquent bankrupts for most of the day. The joys of being an insolvency practitioner!!!

You do have to stop beating yourself up about your debts, and feeling guilty and silly. There were reasons for your spending, and whilst in hindsight you would probably have done things differently, we are here and now and have to find you a solution.

The bankruptcy advice you have been given in second to none by the other forum posters. Brassic is going to get a job offer from me before long as I think she knows more about bankruptcy than I do now!!! On balance it could be your better option financially - but you also have to consider the emotive and moral aspects if you feel you ought to repay your creditors something.

I would suggest a consultation with an insolvency practitioner, so you can have a two-way question and answer session, and this will make you feel a little more in control. There are a few firms who post on this site - or use iva.com where all practioners are listed and you can choose one you feel would be helfpul.

Advice does not cost anything, but peace of mind is priceless!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[lily]

Douglas

I can so understand why you feel so scared and out of your depth, I was sick to my stomach at the thought of BR. I had thought that OR's come into your house and take everything, that was until I joined this forum. Its a daunting and scary time in your life, however, there is a new life waiting for you on the other side.

Dont feel bad for not knowing and finding the whole thing overwhelming, it is. You will feel better time goes on.

Good luck

lily

[Skippy]

Hi Douglas, as the others have said you need to stop beating yourself up about your debts. What's done is done, and you have taken the first step by acknowledging your debts.

I went BR in March (I can't believe it's nearly 6 months!) and to be honest, I wish I'd done it sooner. Because I was scared of BR I entered into an unrealistic IVA which failed after 4 months. When I went to court I was treated with dignity by the clerk, and although I was nervous even the judge was nice! I spoke to the OR's examiner the following day and then had a telephone interview about 10 days later. Despite being sick before hand it was nowhere near as bad as I expected and the interview only last 20 minutes. I have posted my experiences in my blog.

If you have any questions please post and we will try and help you. When it comes down to it only you can make the decision, but we will help you all we can.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/