Bankruptcy... Is it to easy?

Maxtout

ianian99 wrote: »

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.

I know you can't see it and your comments mean I do not have to ask why you cannot see it.

With regards to the debt I am actually paying it back. I am not a BR. Do you know how a DMP works? Of course you don't and all fool me for expecting you to have a broad knowledge of such matters. None of the debt is written off on a DMP.

krisskross

My husband was made redundant at age 60. We still had a mortgage and now only my salary.

However we had a savings account with enough in it to cover a minimum of 3 months total living expenses. The rationale being that if the s**t really did hit the fan and I lost my job as well then we had 3 months to sell the house which would sort things out. We had had this level of tucked away money for best part of a decade.

Trouble is very few people have contingency plans and think they can borrow their way out of trouble.

All these people who say 'I didn't have the money so put it on a credit card'. NO, if you don't have the money then you do without it.

creditpunch

neas wrote: »

I have riddle for everyone:

You would of course trust a multi-millionaire who made himself from nothing... with any investment advice wouldnt you?

You mean like Madoff?

neas

Creditpunch nobody answered you because its a flawed argument. It would only be valid if the proportion of those bankrupt by the means you've stated were 100% of all bankrupts.. if you read the thread this is whinging about peope who overborrowed buying cheap tat.

And i bet i could last 3 years with my current house deposit savings :P.. lived as a student before, pretty easy... no going out, internet + part time jobs and cheap food. no tat.

neverdespairgirl

Our car is, I think, 11 years old - R reg. And has crumple zones and airbags, and side impact bars.

We also have a 14 or 16 inch TV, not sure which, works perfectly. Our sofa, on the other hand, is 3 years old, and we bought it from money we'd already earned.

neas

creditpunch wrote: »

You mean like Madoff?

Again... flawed argument.... im assuming for sake of argument madoff was a bankrupt who made millions.

Again.. taking probability into it madoff = 1 total number of bankruptcy people who didnty make much for themselvea = 100000+?? who knows total value eh?

Your arguments arent very good, you pick 1 example out of a million and expect it to stand up... warped logic matey:money:

Maxtout

neas wrote: »

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?


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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*

Anybody having debts does not automaticially mean they do not know how the world econonomy works or does not work given that perpetual growth is not sustainable and every now and then boom must go to bust.

Yeah let's all blame it on sub prime just like we are told.

nemesis09

As a BR - I live in a house which needs new kitchen, new bathroom, new roof, our only car is 10 yrs old, I have two young children to support, I work to support them, my OH works, we never see each other as we are working hard. my debts built up through just trying to keep food in the cupboards, I have no plasma tv, no fancy car or house, no luxury items and just about keep the house warm enough to get through the winter, we had no christmas presents or birthday presents. it is such a struggle even after BR so I can say BR is not easy at all.

It is all very easy for you to sit in judgement with your well paid jobs and warm, comfy houses and well stocked cupboards. experience is the best teacher, I hope none of you ever have to learn the hard way about BR. You never know what is just around the corner.

This thread is beginning to have had its day......it is just descending into slanging matches between people.

makingdo

gad i wish i HAD accrued my debt from living the high life, at least there might have been some luxuries as well as debt!

That said, i was outstanded when i phoned payplan to ask about going on a possible IVA, oh no sorry you dont have enough debt, maybe bankrupcy would be a better option for you?!?!?!?!?!?!?! and a few more ?!?!?!. So here i am with my husband wanting to do our best to pay off the debt we accrued through his business failing and yup, stupidly using credit to live on whilst we tried to get back on our feet (3 kids to support), and i am actually getting told to go bankrupt? Makes a lot of sense that does.

A little part of me does think...wow...we could be free of debt. The bigger part of me thinks, but we spent it, we need to pay it off there has to be a way. If down the line there really is no other option but to go bankrupt, then i will be ashamed thats for sure, but a little happier knowing i did everything i possibly could to stop it from having to happen.

neas

but it doesnt give you any credibility because you didnt know what to do with your own income and yet expect people to listen to your advice... based on what you think you know or what not.

Saying something like 'money doesn't exist' is stupid. Pure stupidity, if it was a simple case of creating money... then lets all be billionaires.... oh wait thats zimbabwe for you... and I think that scenario dont work.

The money markets factor in such acts like printing money, and the exchange rate doesnt favour to well (for obvious reasons). Money that isnt repaid... isnt absorbed or 'repaid by god'.. it is lost and it hits the bottom line on everyone. IN the extreme case we are footing the bill as taxpayers for a generation to come because of our credit filled binge.... in normal cases our interest rates for loans and mortgages would go up as the bank factors in the risk associated with you not repaying in full.