Bankruptcy... Is it to easy?

Darth_Marty

The thing is over in that section what is the point of having a go at people who are already in the !!!!!? They at least have faced up to their stupidity/negligence whatever and are getting on with their lives.

Whats done is done and you cant change that, so I personally dont see the point in rubbing their noses in it.

mitchaa

Darth_Marty wrote: »

The thing is over in that section what is the point of having a go at people who are already in the !!!!!? They at least have faced up to their stupidity/negligence whatever and are getting on with their lives.

Whats done is done and you cant change that, so I personally dont see the point in rubbing their noses in it.

I agree with you hence my post is in this section of the forum. If they want to come over and stick their noses in over here, they are involving themselves in this discussion and it's not me as you say rubbing their noses in it.

They are calling us (probably aimed at me) morons for having the views we (I) do.

They should just ignore and get on with what ever they do, the question started by the O.P is a worthwhile question hence the 10/11 pages of this civilized debate that has followed.

WTF?_2

SingleSue wrote: »

Too often people think of the "It can't happen to me" scenario and that it only happens to other people because of stupidity. I had a colleague once who quite merrily took out a home extension loan and also had a sofa on finance...it took her hubby almost being made redundant for her to realise that if he did, they would be up the creek without a paddle after a few months.

I remember stats coming up on this forum a while back now about how an awful lot of people would be unable to meet financial commitments within a month of losing their income.

At the time, as far as most people were concerned that was a purely hypothetical position and not worth a second thought. It's a rather more tangible prospect now.

Same goes for negative equity. As long as your income stream is 100% safe and you can meet the repayments, it's something to consider but not an out and out disaster. Factor in a job loss and it makes an already unfortunate situation a whole lot worse.

ianian99

thread about this thread over at the BR board

http://forums.moneysavingexpert.com/showthread.html?t=1411787

Maxtout

Hark at some of you lot on your soap boxes. Opinion is one thing but self righteousness stinks. Shame on you.

neas

Im a bit taken aback by that thread, they assume just because they give and gets hugs on their forum that we shouldnt complain about them on ours... everyone is entitled to an opinion and to alot of us alot of them overborrowed and are now being bailed out by the general population, yes you and me.

Maxtout

neas wrote: »

Im a bit taken aback by that thread, they assume just because they give and gets hugs on their forum that we shouldnt complain about them on ours... everyone is entitled to an opinion and to alot of us alot of them overborrowed and are now being bailed out by the general population, yes you and me.

What rubbish. How are you bailing them out? Besides I don't see you complaining about the banks or to to Gordon Brown for giving them billions of our money to pay for their mistakes.

Go do some homework on how the global financial system really works first.

spenderblender

I think you need to sit down and actually think through the reasons that many people have no choice to go bankrupt. People who have lost their jobs through sickness or redundancy have no other option but to go bankrupt when the bailiffas are knocking on the door for money you are no longer bringing in. The companies who you owe money to don't care how you can pay it back they just sell your debt on which only leaves one way to go.
Don't sit there and judge people when you don't know why it happened in the first place and remember what goes round comes round.

ianian99

Maxtout wrote: »

Hark at some of you lot on your soap boxes. Opinion is one thing but self righteousness stinks. Shame on you.

40k on credit cards, !!!!!! did you buy?

neas

Maxtout wrote: »

What rubbish. How are you bailing them out? Besides I don't see you complaining about the banks or to to Gordon Brown for giving them billions of our money to pay for their mistakes.

Go do some homework on how the global financial system really works first.

*sigh*....

Where do you think the massive losses of the banks came from? people defaulting on their mortgages (sub-primers in america) and defaulting on their debts.

When you go bankrupt the 20k, 50k, whatever k... gets wiped clean... it doesnt dissapear.. the bank loses that amount of money... and has to 'write it down'. The banks had to write down sooo much debt that was renaded on that we are in a snowball effect.

Thats why.... now go back to you land of hugs... believe bankruptcy is a simple process where the real money you borrowed dissapears.... yea right.:mad:

We are now bailing the banks out , because they couldnt get back the money they originally lent to millions of people.... thus becoming bankrupt themselves now. And in the end teh worst case scenario... will be england becoming bankrupt to try and save them... all from little people not paying what they owe.... if you cant repay dont borrow!