19 yrs on do i still have to say i have been a bankrupt

fatou256

already to confornt your debt, ther Ofiicial Receiver it is difficult enough, trust me it is not a nice experience broken heart !

however i do undestand that soem people had bring unto themsleve through lazyness etc...
but what about unscrupoulous creditor ? what about creditor giving you a loan when they fully well known that you wilL not be able to repay it back ( ie: managed loan from HSBC in my expereince ). What about DCA who are continuously ignoring the right of the debtor andmaking their life hell ! and those subprime creditor such as providnet who give an interest rate of 242 % APR nothing is gettign down about that either !

there alwasy be another side of the story living with BR is far from being easy as u can loose a great deal.

justme123_3

I dont think any changes to the law would be unfair to the people who can afford to pay their debts back the reason we have bk is for those who cannot afford to pay and in no way should it be a life sentence if it wasnt for the greedy banks lending to those who could not afford to pay back ie 6 times income for house purchase 100% morgage ect ect constant mail to get credit cards regardless of ability to pay well hell slap it into them as my old ma used to say bk for some is a lifeline and I for one Salute it Mom 123 sorry you had such rudw comments

Jo x

Richard_S

Broken_hearted wrote: »

Changes in the law would be unfair on those who do pay the debt back, what would the point be if BR has no consequences. The country is in a bad enough mess without being pushed over the edge.

The same inequalities apply to you Broken hearted,

You've chosen to repay your debts, because you can, and you have too much to lose by declaring bankruptcy.

As noble as that is, and I mean that sincerely, you'll be sufering for a long time after the last penny has been repaid; where is the justice in that?

The question about bankruptcy is usually accompanied by "or made an arrangement with creditors" which is exactly what an IVA or DMP is.

It's a harsh world.

Richard

ts_aly2000

I've been declared bankrupt numerous times. So the answer is yes.

It was while playing Monopoly and trying to build up my hotel empire.

blind-as-a-bat_2

Broken_hearted wrote: »

Its also true of those paying their debts back, most people at some point in their life have been to hell and back, some are still there.

Its not that bad at least its warm;)

Idiophreak

Richard_S wrote: »

The concept of bankruptcy is to address a person's, firm's or company's insolvency at a particular point in time, i.e. the date of the Bankruptcy Order, and to realise assets, and assess future income, and then distribute what is available to creditors.

So in the OPs case, they went BR, then ended up paying everyone they owed money too - so how exactly is that different to just paying them off under a DMP etc? It was always my understanding that the point of BR was that it allowed some of the debt to be wiped at some point...is that not the case?

(And it is ignorance, yes...but when you can't ask questions without being a member, you can't expect the fog of ignorance to lift that fast..)

skylight

Idiophreak wrote: »

So in the OPs case, they went BR, then ended up paying everyone they owed money too -

I think that you are misreading into the post. She did not mention paying it back in monetary terms at all. You "pay" a lot more than just money when you go BR.

Dignity, self respect. Those sorts of things. It takes a long time to re-gain these.

blind-as-a-bat_2

Idiophreak wrote: »

So in the OPs case, they went BR, then ended up paying everyone they owed money too - so how exactly is that different to just paying them off under a DMP etc? It was always my understanding that the point of BR was that it allowed some of the debt to be wiped at some point...is that not the case?

(And it is ignorance, yes...but when you can't ask questions without being a member, you can't expect the fog of ignorance to lift that fast..)

It depends on cercumstance

You can be made BR for £750 the OR then adds about £1500 in cost and say another £1500 to cover the potitioning parties costs

now if you end up with an IPA for just over a £100 for 36 then by the end of all that all is paid back near as dam it but if yor 1p short, no anullment is possible and im not sure if and what it costs for an annulment which would also have to be added

Broken_hearted

blind-as-a-bat wrote: »

Its not that bad at least its warm;)

Saves the heating bill

blind-as-a-bat_2

Broken_hearted wrote: »

Saves the heating bill

And lighting, all that natural flame light for free, you see theres a positive side to everything:D