Bankruptcy... Is it to easy?

Francesanne

louiser123 wrote: »

yes agreed you may be free to get as much as you like, getting though is a differnet issue, it is nie on possible to obtain a credit card, loan or any other credit like contract phone with br on your credit file.

Would have thought that was a good thing, considering that's what probably caused the problems first time around.

notfes53

I've had to declare BR and had been trying to avoid it for years, I do not condone those that abuse the system and that's why I was completely honest in my submissions to the Official Receiver. The OR does publish the names of bankrupts in their local newspaper so there is at least the potential for anyone who is interested to find out and report any wrongdoing to the OR. I'm frankly appalled that I might be lumped in with those that deliberately set out to fleece the system.

If these people are able to make a career of it then the system obviously needs tightening up. However that doesn't mean that everyone going BR is doing anything illegal.

The period just leading up to a declaration of BR, and just after it, is very confusing knowing how to find funds for the court fee (£495), and also what you can and cannot spend money on. If you are maxed out on CCs and loans then there is a real difficulty finding that £495!!

All financial institutions set their interest rates to take account of defaulting customers. I had been paying astronomical interst rates for years, and will have paid more in interest that I ever borrowed in the first place. Under these cisrcumstances I did not feel that there was a specific victim - and nor did I feel a victim myself, although I did feel very stupid.

Much of what I had in our home was paid for out of income, and not all was acquired via credit. I have sold homes twice to use the equity to pay off creditors to try to avoid BR at all. I had a redundancy and was out of work (apart from casual jobs as a waiter) as well as trying to maintain a stable home during my children's GCSEs, than I got cancer and was off work for 6 months on chemotherapy.

I hope that I don't qualify as a numptie or as SCUM

Darth_Marty

"I hope that I don't qualify as a numptie or as SCUM"

Definitely not, in my opinion there are far too many harsh idiots on here that should remember life is for living, people make mistakes and if you are alive then life goes on and everyone should try their best to enjoy it. You know more than most that it can be too short lived so now that you are (hopefully) back to a healthy status go and have fun and enjoy yourself.
Just not on credit!

Paulgonnabedebtfree

notfes53 wrote: »

I've had to declare BR and had been trying to avoid it for years, I do not condone those that abuse the system and that's why I was completely honest in my submissions to the Official Receiver. The OR does publish the names of bankrupts in their local newspaper so there is at least the potential for anyone who is interested to find out and report any wrongdoing to the OR. I'm frankly appalled that I might be lumped in with those that deliberately set out to fleece the system.

If these people are able to make a career of it then the system obviously needs tightening up. However that doesn't mean that everyone going BR is doing anything illegal.

The period just leading up to a declaration of BR, and just after it, is very confusing knowing how to find funds for the court fee (£495), and also what you can and cannot spend money on. If you are maxed out on CCs and loans then there is a real difficulty finding that £495!!

All financial institutions set their interest rates to take account of defaulting customers. I had been paying astronomical interst rates for years, and will have paid more in interest that I ever borrowed in the first place. Under these cisrcumstances I did not feel that there was a specific victim - and nor did I feel a victim myself, although I did feel very stupid.

Much of what I had in our home was paid for out of income, and not all was acquired via credit. I have sold homes twice to use the equity to pay off creditors to try to avoid BR at all. I had a redundancy and was out of work (apart from casual jobs as a waiter) as well as trying to maintain a stable home during my children's GCSEs, than I got cancer and was off work for 6 months on chemotherapy.

I hope that I don't qualify as a numptie or as SCUM

I've been staving it off for years as well and still hope to avoid it completely. All I need is a reasonable run of nothing largish going wrong. I can empathise with you. Although I haven't sold any homes, I did re-mortgage to get my monthly outgoings down. The trouble was that the medical I went through for the re-mortgage revealed a medical problem that, like you, cost me six months work (and scratching around for a while afterwards to replace the customers I lost). It sometimes feels like Custer's last stand yet other times, I am very optimistic that I can get through this. In my favour is that I have the ability and spare capacity to increase my income. Although no business is recession proof, because I supply a small ticket item, I feel that my work is more resilient than many people's. Add that to setting myself a budget not much higher than benefits levels and am hopeful.
Well done for doing the best for your children at a time when they must have been pretty stressed. Hopefully you are clear of the illness now.

louiser123

Francesanne wrote: »

Would have thought that was a good thing, considering that's what probably caused the problems first time around.

yes it is a good thing, my point was that some ppl on here see br as go bust and start to borrow again, i was pointing out that not only obtaining credit over 500 pounds credit while br is illegal, but once discharged very few will lend to a discharged bankrupt anyway. all the info stays on your file for 6 years but with information added by dcas it can take 11 yrs to clear a file, and hopefully by then post bankrupts are more cautious and in a far better position.

Kenny4315

SingleSue wrote: »

....everyone on the DFW and connected boards have always been really nice and welcoming.

They weren't welcoming to me when I followed a link onto the DFW board from the house thread, and dared to suggested that the person moaning at racking up £200k of debts was total waste of space in essence.

http://forums.moneysavingexpert.com/showthread.html?t=1327113

There only welcoming when giving group hugs out for folk getting into riduculous debt levels due to the own incompetence, not a personal tragedy, illness or a failed business venture.

Looks like they got rid of my original post as it was the truth and they didn't like it.

SingleSue

mitchaa wrote: »

I will continue to label and judge people that i deem are wreckless, those that benefit fiddle along with those that run up credit with the sole intention of never paying it back i will continue to label as waste of spaces.

Now i refer you to my original post where i clearly state why i support BR, it helps those in genuine need but it also helps those that are abusing the system of which to that part i do not agree with.

Nothing wrong with my opinion, and im not having a dig at anyone in particular.

Shall i state again, that i do support the need of BR (But only for those genuine cases)

Mitchaa, there will be people like your good self, who have had very well paying jobs and have taken on finance for cars, holidays etc whilst earning those wonderful salaries. At the time of taking them out, they could afford them easily and probably thought, ah well I earn it and can easily afford the payments so why not (sure I have seen you post something similar regarding credit)...then you lose your job.

Now you have all these outgoings but very little incomings, a payment is missed here and there and before you know it, the balance and minimum payments have gone from easily affordable to blooming impossible and you start to drown in a debt you can no longer afford.

You have phone calls at all times of the day, people turning up on your doorstep, letters by the handful every day but all you can think about is trying to have enough money to feed your family and keep a roof over your head let alone paying back the horrendous amounts now being asked of you. Those nice easy payments have now doubled as you have missed a payment or two, or it has been passed to a debt company who will plague you day and night for full payment.

Your life becomes hell, you are drowning, you try to sell what you can to raise even a little bit of money to keep going, you become depressed and you feel you can't go on.

The answer is bankruptcy, a DMP would not be possible in the above scenario although some do try to go that way but you need enough incomings to actually do one.

The above scenario will be the more common one rather than the person purposely going out and buying things they really cannot afford or doing it on purpose.....those ones really are the exception rather than the norm.

As I said, there but for the grace of god go I.

louiser123

SingleSue wrote: »

Mitchaa, there will be people like your good self, who have had very well paying jobs and have taken on finance for cars, holidays etc whilst earning those wonderful salaries. At the time of taking them out, they could afford them easily and probably thought, ah well I earn it and can easily afford the payments so why not (sure I have seen you post something similar regarding credit)...then you lose your job.

Now you have all these outgoings but very little incomings, a payment is missed here and there and before you know it, the balance and minimum payments have gone from easily affordable to blooming impossible and you start to drown in a debt you can no longer afford.

You have phone calls at all times of the day, people turning up on your doorstep, letters by the handful every day but all you can think about is trying to have enough money to feed your family and keep a roof over your head let alone paying back the horrendous amounts now being asked of you. Those nice easy payments have now doubled as you have missed a payment or two, or it has been passed to a debt company who will plague you day and night for full payment.

Your life becomes hell, you are drowning, you try to sell what you can to raise even a little bit of money to keep going, you become depressed and you feel you can't go on.

The answer is bankruptcy, a DMP would not be possible in the above scenario although some do try to go that way but you need enough incomings to actually do one.

The above scenario will be the more common one rather than the person purposely going out and buying things they really cannot afford or doing it on purpose.....those ones really are the exception rather than the norm.

As I said, there but for the grace of god go I.

i couldnt have put that better myself.

i would like to know which mse members on here who see the harsh view can hold up thier hands and truthfully say i have never applied for anything on credit. then if they have they will say i could afford it,

SingleSue

Actually Louise, I do live a life without credit...I can't stand getting anything on credit and only purchase things I can afford by saving up.

It's probably why my house is full of very old things

I can't really talk from experience re bankruptcy, I have never been bankrupt but we did get burnt in the last recession and we probably should have gone bankrupt then but the shame stopped us.

Going bankrupt would probably have saved me many years of depression, tablets and counselling too. We worked our way out of it but I can't say I am proud of it, the feeling of failure from the reposession is still with me today.

I suppose I can see things from several points of view as we have been at the top of the pile, the middle of the pile and I am at the bottom of the pile now, it makes me more rounded I think (or just completely bonkers! )

mewbie_2

mitchaa wrote: »

I will continue to label and judge people ...

I have made my judgement as far as you are concerned. Hope that's OK.