Bankruptcy... Is it to easy?

creditpunch

Ok I'll make it simple for you all as it seem you have little sense to understand global markets. speculation, probability and risk. Seriously hear me out you might find this useful as it seem some of your worlds are far too sterile and predicable that I would wonder if you live on this planet. So back to school you go. Lets take it simple and slow.......

Lesson 1 is a question:
I'd like a count who on this thread OWES nothing, zero, zilch, nada. no Credit card balance, no mortgage, no hp, no overdraft that does not include debt that is covered with insurance which would cover you and your dependants in EVERY eventuality such as flood, severe health problems (e.g. cancers), drug addiction, redundancy, pension depreciation etc? and if you can say yes this question covers say the last 5years (i'll make it simple for you)

Even though so many of you are in need of help and tuition I may not be able to provide it all to u today as I have to return to my dregs of a life at some point. but in this case I hope you take the opportunity to be further educated or well just put your heads back in the sand

CP

neverdespairgirl

louiser123 wrote: »

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,

<holds up hand>

my only borrowing was when I was in full-time education. I've never bought cars / sofas / TVs on credit.

Maxtout

ianian99 wrote: »

Well there is such a thing as money and I have a fair bit of it, no debt , no credit cards etc. If I wanted to I could rack uip £40k in debt buying a load of crap but really dont see the need for it.

Once the whole system collapses then you like the rest of us will have nothing. Let's see how real your saved money is then. If you have any sense you will be accumilating gold and silver but I doubt it as money would appear to be your God.

Maxtout

ianian99 wrote: »

do you get necessary crap?

Act your age not your shoe size Ian.

Sophrosyne

I am BR and I do feel ashamed about it however, I don't think that harking back to the days when debtors had to go to prison (sometimes for the rest of their lives) is the way to go either. We live in a society which encourages, indeed survives on, debt. I accumulated my debt while I was at University (despite working part-time throughout). The introduction of tuition fees and student loans has led an entire generation to see debt as a necessary evil rather than something to be avoided. As an 18 year old student I had credit thrown at me and was led to believe that, as a graduate, I would be earning the high wages required to pay it off.

Stupidly perhaps, I went into teaching and was just about getting by on my newly qualified teacher's salary when I suffered a miscarriage and eventually ended up on half pay while off sick. I struggled for 2 years to get myself back on track but, following a 2nd (happily successful) pregnancy, I was collapsing under the amount that I owed so I went BR.

Maybe someone will argue that I ought to have waited to have my baby until I was debt free however, I calculated that it would have taken me well past my child-bearing years an into old age to do this at the rate I was able to pay. What made things worse was the fact that all of my creditors were offering to leave me alone completely if I could pay half the amount I owed. As if I was pretending not to have money whilst having a thousand or so quid to spare.

I did not accrue my debts by living the high life, I don't have anything of material worth; no house, no car, no wide-screen tv. I got into debt by paying for university and living expenses (as well as through having a leech as a boyfriend for a number of years). Bankruptcy was not an easy option for me, it took me two years to go through with it and I still owe 17k in student loans (which are not wiped out by BR). Maybe some people don't treat being BR with the gravity it deserves but people are different and, bearing in mind that many people with severe debt problems suffer from mental health problems and even contemplate suicide (or the murder of their entire families if recent news stories are correct) I believe that the laws are as stringent as they can be.

neverdespairgirl

SingleSue wrote: »

The only way to be completely safe is not to have any loans, credit cards, finance etc, even insurances against the worse fail or stop after a while.

That strikes me as the better way to live anyway, whatever your financial situation.

ianian99

Maxtout wrote: »

Act your age not your shoe size Ian.

Got big feet mate. I just cant see why anyone could rack up over £40k in debt with credit cards alone. To rack this up you have obviously spent it and now you dont want to pay it back.

neverdespairgirl

creditpunch wrote: »

I'd like a count who on this thread OWES nothing, zero, zilch, nada. no Credit card balance, no mortgage, no hp, no overdraft that does not include debt that is covered with insurance which would cover you and your dependants in EVERY eventuality such as flood, severe health problems (e.g. cancers), drug addiction, redundancy, pension depreciation etc? and if you can say yes this question covers say the last 5years (i'll make it simple for you)

It's that assumption that debt is normal, and everyone has it, that's part of the UK problem at the moment.

OH and I have no debt. None. Nothing.

mitchaa

neverdespairgirl wrote: »

<holds up hand>

my only borrowing was when I was in full-time education. I've never bought cars / sofas / TVs on credit.

You have a 15yr old car and a tiny tv though? Does your sofa have a 1970's orange flowery pattern too

Only fishing NDG, however i think a sensible girl like yourself should see the safety implications of driving an old car especially seeing as you have a young kiddy.

You cant put a price on that hence children deserve to be protected by at least a 4* Ncap rating. I suspect a car made back in the 90's will have a 0* safety rating. The crumple zones, the airbags all round, ABS, etc etc

Which is why i'm surprised you are driving around in a potential death trap

neas

Maxtout wrote: »

Jeez. You really believe that the sub prime market is to blame for all this mess don't you which means you believe what you are told by what comes out of the TV or what you read in the 'news' papers.

With regards to bankruptcy please go get yourself clued up. This country along with the USA have been bankrupt for years and there is no such thing as money. Money has not been worth the paper it is written on for years and we pay interest on money that never existed to begin with. It's up there with the greatest of all cons and we are slaves to it. When the government bails out the banks what they are really doing is selling you and your children and their children and so on into perpectual slavery and these are debts that can never be repaid, ever. In other words it is a system that is virtually impossible to be free of.

creditpunch wrote: »

Ok I'll make it simple for you all as it seem you have little sense to understand global markets. speculation, probability and risk. Seriously hear me out you might find this useful as it seem some of your worlds are far too sterile and predicable that I would wonder if you live on this planet. So back to school you go. Lets take it simple and slow.......

Lesson 1 is a question:
I'd like a count who on this thread OWES nothing, zero, zilch, nada. no Credit card balance, no mortgage, no hp, no overdraft that does not include debt that is covered with insurance which would cover you and your dependants in EVERY eventuality such as flood, severe health problems (e.g. cancers), drug addiction, redundancy, pension depreciation etc? and if you can say yes this question covers say the last 5years (i'll make it simple for you)

Even though so many of you are in need of help and tuition I may not be able to provide it all to u today as I have to return to my dregs of a life at some point. but in this case I hope you take the opportunity to be further educated or well just put your heads back in the sand

CP

I have riddle for everyone:

Riddle me this,

How can someone with massive debt teach,preach, or even begin to have any show of confidence about economy in general?



..
.
.
.
.
.
.
For all those who can't wait:

Answer: They can't, you wouldnt trust them with your money, their tin foil theories and justifications may help them feel better about themselves but in the end they lost out, they are negative worth. You would of course trust a multi-millionaire who made himself from nothing... with any investment advice wouldnt you?

Just a thought to all the debtors on this board... be ashamed of yourself like your supposed to.. what happened to bankruptcy being somethnig to be massively humiliated about? How can you really pretend you know squat about economy? i mean its like a joke a comedian tells:

'Today my financial advisor told me to buy XYZ stocks, turns out he just declared himself bankrupt'...

*Crowd laughs hilariously*