Bankruptcy... Is it to easy?

housesitter

neverdespairgirl wrote: »

OH and I have no debt. None. Nothing.

Ditto.
I have student loans but then I have always had the capital to pay them off at any time.
I never spent them. I saved them and reaped the difference in the repayments, thus earning money.

I have no debts. I budget over the year for lage expenses like car insurance.
I'm saving for a house and expect to have a 100K mortgage, but society's stupidity for credit forces me into that route if I want to own my own house. I don't have the choice unless I hold off for many more years to buy with cash.

I'd happily rent forever if the laws protected the tennant much better than they do in the UK, plus I've never yet had a good landlord. But conversely, I want to self build one day, somewhere.


I thank my parents for my thrift. My father wasn't (and isn't) short of a bob or two, but he was prudent in his expediture, never bought flash cars but could have afforded them. At national director level he drove a company 318 which was changed once in 5 years..
I've never asked for nor recieved cash gifts from them after leaving the nest and fully expect him to spend it all before he dies. He worked for it. It's his money.
Gorwing up I thought my parents were tight. Now I thank them for it.

I get ridiculed by my peers for not taking on loans and credit, but over time I see them struggle when the debt catches up with them. But they still don't get it, so I don't bother telling them.

Unfortunately, most people in the country seem to forget the debt is like an anchor holding you back. Unless you BR.

WTF?_2

housesitter wrote: »

Unfortunately, most people in the country seem to forget the debt is like an anchor holding you back. Unless you BR.

I think a lot of people are cottoning on to the possibilities of wiping their debt this way. Whereas they might have been content to make minimum payments when they had a job once unemployment beckons they may well just try to wipe the slate.

Yes, it can impede you from a lot of jobs or getting a work visa but most people still won't be affected and if they get to keep the plasma, satellite telly and designer gear then why not?

ianian99

Maxtout wrote: »

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.

I do have quite a bit of silver as it goes, not really into gold. Moneys not my god , far from it to be honest.

JimmyTheWig

neas wrote: »

Sig:
Wife Car Fund - 3k/6k

Do you mean you have £3k towards a wife and £6k towards a car?
Interesting...

neas

JimmyTheWig wrote: »

Do you mean you have £3k towards a wife and £6k towards a car?
Interesting...

The best i could read into that would be using typical english...

A Wife Car Fund... an object called Wife Car.

Wife/Car Fund X/Y would mean what you suggest.

Ofc I mean Wife's Car Fund, but either run out of space or cant be bothered updating it yet :P. Either way it should be modified as it wont be a car fund at all.

neas

My wife may go to uni, at which point the need for a 2nd car is reduced and we will ofcourse need some more cash, luckily course she is going for has a bursary and tuiton fees are paid, so fund would be used to top up the loss of earnings in a way lol.

housesitter

!!!!!!? wrote: »

I think a lot of people are cottoning on to the possibilities of wiping their debt this way. Whereas they might have been content to make minimum payments when they had a job once unemployment beckons they may well just try to wipe the slate.

and there are those who are out and out using it to their advantage to get ahead.
During a brief period of unemployment I was dating a lass whose sister and partner were robbing the system.
He was loaned up to the hilt, was going BR and she had everything in her name. Whilst claiming all sorts of benefits for them and their child and working cash in hand.

I didn't get invovled, but when you're unemployed and feeling like utter carp, just for a split second, it sort of makes sense.

gingin_2

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.

<holds hands up as well>

It's never entered my head to buy something on credit. If I can't afford it I don't buy it. Even when I was 19 years old earning 14k I would still put aside £200 a month.

JimmyTheWig

Thanks for clearing that up. I thought you were going for one of these mail order brides

Good luck with the saving.

Alan_M_2

louiser123 wrote: »

anyone who is currently bankrupt not dischared can not get credit in any form, mortgage or otherwise, for 6 years after br even though discharged there is prob a 1% chance of being accepted for credit with a loan shark, so in fact bankrupts have no access to credit for a long time!!

Lets set a few misconceptions straight here (remember I've been through the system as BR and am now discharged).

Whilst undischarged it is illegal to obtain more than £500 in credit, this is a serious offense and carries a possible prison term if you breach. And this includes "Loans" from family and friends.

I obtained a mortgage two months after my discharge, it was made possible by may partner having a reasonably large deposit so our LTV was at a level where my Bankruptcy was irrelevant.

It will be 6 years from the date of bankruptcy before I will realistically be able to borrow unsecured or operate credit cards again. (6 years is the term that all my creditors are allowed to keep the information on my credit report, after 6 years it is automatically removed).

However, I can obtain secured lending with almost no problem whatsoever.