Well, quite a lot has happened since I last posted.  My IVA has failed and I am now bankrupt.  I’ll try and recount everything as best I can! 

I spoke to my case manager at Accuma and told her that I was really struggling to make the payments and I sent in a amended income and expenditure form.  After going through my expenses with a fine tooth comb I worked out I would need another £100 to manage for the next five years.  After sending it in, I got a phone call from my IP who was very helpful and honest with me - he advised me there wasn’t a lot he could do as my creditors wouldn’t consider any variations within the first 24 months, and my payments could not fall below the agreed 27p in the pound.  This only left one realistic option - bankruptcy.

To be honest, I had already resigned myself to the fact that I would end up bankrupt but when it was actually confirmed that it was going to be my course of action it was scary!  I have no assets apart from my car, so it should be fairly straightforward - fingers crossed!

Anyway, I went to court yesterday, and I am now ‘a bankrupt’.  I was originally going to do it in May, but decided that sooner rather than later was better!  My partner was roped in for moral support, and yesterday morning we set off for my local county court.  Unfortunately they don’t give appointments, it’s done on a first come first served basis and they can only see 4 people per day.  After an arguement in the car on the way there (we got lost and I’m no good at map reading at the best of times!) we arrived an hour early so had to wait in the car until the doors opened.  There was only me and another man, who was obviously more determined to bee seen than I was as he barged past me!  He was bigger than me, and I was feeling a little subdued, so for once I kept quiet!

We were eventually called through to the office, where a very nice lady went through my petition and SOA, and then told me that as I only had 2 copies it would cost me £7 for another copy!  No way was I going home without being seen, so I handed over my £475 fees plus another £7 for the copying - the car park cost over £6 as well, so it was an expensive day all round!

After handing over the money, we then had to wait to be called to see the judge - I was shaking by the time I went in!  He was a very nice man and asked me did I understand the seriousness of what I was doing - at that point his mobile phone rang!  After switching that off he told me about income payment orders and bankruptcy restriction orders, signed the petition and sent me on my way.  So from 10.15am yesterday I was bankrupt!

I was then given a letter from the OR’s office advising me that unless I had a business, any hazardous assets(!) or was planning to move house I could wait for them to contact me in about 7 days time, but if I haven’t heard from them by then to give them a call.  I actually spoke to them this morning as I was concerned about my bank account - I was told by Lloyds TSB that I could keep the account but I wanted to check with the OR.  They were happy for me to keep the account as well, but did say that Lloyds head office might over rule the branch.  To be on the safe side I rang the Co-op to open a basic Cash Minder account.  It looks as though that has been approved, but if I haven’t heard anything by Wednesday call them.  I was also told that I can keep my mobile phone contract as I don’t owe Vodafone any money, but I will obviously have to wait and see about my car.  I am a bit worried that they won’t let me keep a car of any sort, but I’ll have to cross that bridge when I come to it.  I do need it to get too and from work, and my mum is elderly and on her own, so I hope they’ll take that into account.

So far, everyone I have dealt with has been so nice.  No one has made me feel bad, or that I have done something wrong.  When I left court yesterday I had a feeling of euphoria that I had actually done something about my situation.  By yesterday afternoon that feeling had gone and I felt like a failure, and that I have let everyone down.  By yesterday evening I felt sick, had a thumping headache and an upset stomach!  Today I feel positive, and on the road to a better future.

I just want to say to anyone who is going down the BR route, please don’t feel a failure.  The people you deal with are kind and sympathetic.  Yes, you will go through a rollercoaster of emotion, but you will be ok in the end.

I will post again when I have more news about the OR.