Tonight with Trevor Mcdonald

youngandreckless

Hi All,

Anyone just seen tonight programme on bankruptcy? Quite interesting and balanced I thought, shows what a scary place this country is heading towards though!

newmum1

wow it was so interesting i never knew it was so easy to become bankrupt!!!!!! I cant believe the guy who spend £40.000 plus on lapdancers and champers, how sad i'd want something to show for it......

RAMBLER

Frighteningly scary - as the deby specialist said she could see it bankrupcy increasing due to bad debt.

youngandreckless

I know what you mean about the young guy. It shows how people buy things to make themselves feel better or fit in. It may just be as simple as he had a ball and was foolish with his money, but it shows how complex debt can be, especially as we live in such a "want it now, have it now" culture. I hope I've caught myself early enough to never have to think about bankruptcy as I can't imagine how stressful and scary it must be to seriously consider it.

tomstickland

I watched it and thought it was pretty well put together.

chimp_choker

tomstickland wrote:

I watched it and thought it was pretty well put together.

Same here, I watched it and the over riding thought for me was the daft bird who forcast the explosion in bancruptcy figures. She was very condesending for my money ( not that i have much )

Of course it is gonig to increase if you know how easy it is you can use the law. Why should rich people be able to use the law and not the young or reckless.

I'm seriously thinking of it myself but as I run a business :: Vested interest link removed - FM :: and own a house and car I would be scuppered.......unless i could put the house, car and business in the wifes name........

Also the money providers need to take their share of the blame. In my case I started in 1986 with a 3k morgage and it's now 97k. Bigger house of course but when we moved the morgage was only 31k. so the "consolodation" is 46k, add to that another 40k of cards......
Although I'm responsible for the debt if the companies said hang on son can you afford this.......I would probably only have 1 card instead of 8......


Debt free date........Are you havin' a larffff

System

I saw this and thought it was sensationalist and condescending.

What really irked me was the desire to make the two featured bankrupts show guilt and remorse for what they'd done and that patronising "told you so" Trustee.

There was a mention that a bankruptcy order would be on your credit file for 6 years but no mention of the lifelong negative impact it could have on you when applying for credit in the future. No mention made of how bankruptcy could bar you from certain professions (eg finance). No mention of difficulties you may have getting a bank a/c - surely worth pointing out?

The programme discussed how easy it is to become bankrupt and touched on how this may have dire future consequences for the economy, but made no mention of the less drastic alternatives to bankruptcy.

Not the best piece of journalism I've ever seen.

postingalwaysposting

To me it showed how people can just think, oh well i will run up debts then declare myself bankrupt. Ok for some people its a last resort after they have tried, scrimpt and saved to pay some off but everone on here is trying to pay off their debts, if only some of us youngster had a different look on our finances.

Biffa

What did you think about the couple that were on?

Entrepreneur_en_faillite

youngandreckless wrote:

I hope I've caught myself early enough to never have to think about bankruptcy as I can't imagine how stressful and scary it must be to seriously consider it.

Take my word for it YAR, it is VERY scary!

I haven't seen the program myself yet, taped it last night so wills ee it tonight when I get home from work.

hobo28

I watched the program too and also found the young guys who showed little remorse quite scary. Especially the one who fuelled a champagne/lapdancing lifestyle and is now racking it up on a credit card again.

It did seem to almost promote bankruptcy as an easy fix which its not.

Although I'm responsible for the debt if the companies said hang on son can you afford this.......I would probably only have 1 card instead of 8......

I don't see why a lender should have to check every other bank to see if you're overstretching yourself. If you lend money off your mum, does she ask your dad/brother/sister etc. to make sure you've not borrowed off them too? In a free society, I believe the onus must be on the individual to ensure they don't overstretch themselves.