Finances are personal for everyone.
For years I was secretive about my spending and it lead me down a path of debt, insecurity and then because I took on too much debt when I was forced to sell my house quickly through domestic violence I ended up going bankrupt.
Financial Past
My financial past has been a dark cloud with so many aspects of my life since. Ollie and I have been unable to look at buying a house because my previous bankruptcy left me with poor credit.
Going bankrupt is not an easy fix for anyone and it’s taken me a decade to get out of the financial bind I have been in. Hence why it is very important to take advice legal advice before taking any action from companies like Stone Rose Law. Make sure you do your legal homework before taking any steps with your finances.
Bankruptcy
This year marks 10 years since I ended up being declared bankrupt. And I have been looking at how that affected our choices over the years.
Effects of Bankruptcy
If you think your life after bankruptcy is going to be easier think again.
I found that even the most basic of things are affected. Even having a basic account to have my wages put into was a nightmare. Most banks do a credit check prior to the acceptance and that big old bankruptcy is going to kick you in the teeth.
I found only one High Street bank that would accept me and that was with a bank account but minus any kind of overdraft. Having no overdraft meant a brand new way of budgeting as there were no backup funds waiting in the wings.
Simple things throughout the years have also affected how we have lived. A mobile phone contract was something that took time to able to get. And even a TV subscription provider was out of the picture for many many years!
Other Options To Bankruptcy
For people in England there are many other options for taking on Bankruptcy. This article on about debt relief from creditcards.com has some great examples of things that can be put into place to help you avoid bankruptcy.
If you are living n Scotland however there is also the option of taking on a Trust Deed which helps to write off up to 70% of unsecured debts. For more information on how a trust deed works you can find it online.
Financially Turning A Corner
After years of being finically restricted. I have worked so hard at improving my credit score and finally, I have a great score. With that now in place, we are now able to buy our own house instead of paying rent.
Embarking on the homeowner journey has been so scary after all this time. But obviously, we are thrilled. There were times in the last decade I was unsure if I would ever be a homeowner again. But we have taken great steps to not sabotage financial freedom by being proactive.
However, we are currently awaiting our mortgage offer in principle and the surveyor from the mortgage firm is due out next week.
It has been the longest and hardest slog. For those that think bankruptcy is easy. Think again. It really has to be the very last option when everything else fails.
So for us here’s to new starts and finally getting free. And not having the constant reminder of an emotionally turbulent time both emotionally and financially.
*Collaborative post*
Leave a Reply