A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[youngbankrupt]

Hello,

I am 21 years old and live at home with my parents.I started to get credit at the age of 18 as its being put in your face so i was getting credit left right and centre thinking that i could make the monthly payments which i could for a little while.I think it was Febuary last year when i turned to a company called 'Gregory Pennington' who put me on a debt management plan which really did help and i started to pay of my debt until around December last year when i lost my job etc.I could not keep up the payments and started to get many lovely letters through the door from the collection companies.April this year it was the last resort and really didnt want to do it but declared myself bankrupt with the help of my dad who paid for it for me.

I toke my paperwork into the court where a lady read through to make sure there was no mistakes etc and i paid the fee then she told me to sit down.Approx 10 minutes later she said to me that the judge would see me now (I was surprised how quick the process is) so i went up the stairs and the judge called me in.The room was just like a conference room and the judge was sat in casual clothes she accross really friendly and put my mind at ease.She had a laugh with me and had a chat then she said at such and such time/date i declare you bankrupt and i said to her is that it ? and she replied yes.I left the room and walked down the stairs with the feeling as if i have no weights on my shoulder and feel really refreshed.I went back to see the clerk where i had to wait in a room for a phone call from the OR who arranged a telephone interview with me.I left the court feeling so different and happy.

I have recently had my telephone interview which went ok and she was really friendly.I am currently unemployed so i dont have an income payment order and if i start earning enough to pay into one then they will take a percentage but she said its nothing to worry about as it will probably not even happen.I get to keep my which made me even more happier and i live with my parents so i dont own anything else.She thinks i will be discharged from bankruptcy early so i cant wait to start fresh.I have a bank account with a company called Think Banking which i pay £12.50 a month for and they manage my money for me so if i have bills or anything to pay they keep the money to one side and i cant touch it so the rest of the money gets transfered to my card which is mine so i always know where i am and you cant beat a bank account where you dont get bank charges.

Bankruptcy is the best thing i done i think to clear my debt and to concentrate on the future with hopefully an improved credit rating so i can get on with my life as normal with no credit

[nick4u1]

Hi Mate,

Im 22 and was declared BR on the 15th of this month. I know how you feel when you say about getting seduced by all these credit card companies, I did the same thing when I was 18, took out credit and kept up payments for nearly 4 years! It got to a point where I was in and out of work and constantly re-financing but begun to struggle with payments. I decided enough is enough and filled out the forms and paid my fees and set up an account with co-op 25 miles away! I am waiting for this interview with the official reciever so I can argue why I need my car as im self employed.

Hopefully with us being so young we have the opportunity to bounce back properly in life and learn from our epic mistakes, it can only make us better and more organized as people but damn it feels good to not have to worry about an ever increasing and unmanageable debt doesnt it!

Anyway, welcome to the club, membership is doing well this year...

[youngbankrupt]

You should be ok with the interview,i was so releived to be able to keep my car.Just be open and honest with them

[nick4u1]

Hey mate,

what was your car worth just out of interest...i paid 1500 for mine but its probably worth 2k, should I say I paid 1500 for it in the hope hell think its worth less by now?

Cheers

[youngbankrupt]

I done research via this website first before i went bankrupt.I valued my car on the paperwork for £1000 or £1500 i think,the OR said to me they wouldnt of touched it anyway.

To be honest life is normal like before as i still have my car and that just a black cross against my name which i regret big time but i have defo learnt my lesson now and i will keep on top of my finances.I would suggest the bank account that im with to anyone as its completely different than the co op one and probably much better,the only thing is there is a small fee but its worth it, have a look at there website http://www.thinkbanking.co.uk they sort your money out for you and you cant get bank charges for failed direct debits etc,just have a look for yourself and you will see what i mean.

[youngbankrupt]

I have had a few letters through my door recently from debt collection but passed them to my OR and its gone quiet

Its so nice not having to worry about the debt anymore especially with me being unemployed

[nick4u1]

Yeah its all gone pretty quiet my side actually. Yes it is nice knowing you have written off your debt, now I can focus on building up a bank balance. The problem I have is that im looking for more work and thats hard enough, there arent any decent jobs around.

But I always look back and think - no debt - and this always provides me instant relief.

You looking for a job, did you lose your last one?

[youngbankrupt]

Na i was unemployed but it is proper hard due to the amount of people being out of work.

For example they reckon a subway job ad in the window last year would get about 5 applications if there lucky but this year within a week they 526 applications