After Effects of Bankruptcy

livilou

my hubby's bankruptcy ends tonight at midnight but I have to say since being bankrupt he has never had so many offers of loans through the door!!! all of which I may add have gone straight in the bin!!!!

xx

jesster_2

wow, livilou, that must feel amazing. just hours to go...!

As for bankruptcy being too easy: I think it's the same as anything else with stigma. It's only the people who really need to do it who genuinely feel horrid about it, because they feel the shame rather than just the glee at playing the system. My OH got stitched up by an overly lax - former! - business partner, is agonising over the whole decision and feels terrible about it. And many of the advice case studies i've seen (NOT on MSE!) especially this past month, have been about 'overspending at christmas' or buying too many shoes! seems unfair.

livilou

jesster wrote:

wow, livilou, that must feel amazing. just hours to go...!

As for bankruptcy being too easy: I think it's the same as anything else with stigma. It's only the people who really need to do it who genuinely feel horrid about it, because they feel the shame rather than just the glee at playing the system. My OH got stitched up by an overly lax - former! - business partner, is agonising over the whole decision and feels terrible about it. And many of the advice case studies i've seen (NOT on MSE!) especially this past month, have been about 'overspending at christmas' or buying too many shoes! seems unfair.

I agree, we have been through the mill and back this year , feeling guilty etc but our situation too was from being stitched up by a business partner and then final nail in coffin, main contractor for business going bust owing us 60K. there really was no other option for us. family and friends have been very supportive but I think mainly because it wasn't because we were living a great lifestyle, really was down to a few bad decisions and circumstances beyond our control.

I can see the difference in my hubby already today, it;s like he's come back to life again, he has looked so pained the past year, nice to see him looking better!!

xx

Addicted2Chocolate

most of the people who are actually doing the job of admistering the bankruptcies knew the case numbers would rise massively with the new legislation, we did not believe the promise that cases would not rise.

Tootsie_Roll wrote:

Wow - shocking !!

It seems the only people surprised by the massive increase in bankruptcies is the goverment - a blind fool could have seen that they were going to be abused in the way they are. I forget the exact details but there is some legislation around the corner that will make things a little bit more even again.

Tootsie_Roll

jesster wrote:

wow, livilou, that must feel amazing. just hours to go...!

As for bankruptcy being too easy: I think it's the same as anything else with stigma. It's only the people who really need to do it who genuinely feel horrid about it, because they feel the shame rather than just the glee at playing the system. My OH got stitched up by an overly lax - former! - business partner, is agonising over the whole decision and feels terrible about it. And many of the advice case studies i've seen (NOT on MSE!) especially this past month, have been about 'overspending at christmas' or buying too many shoes! seems unfair.

Yours and Livilou's partner were exactly the sort of people that the new bankruptcy laws were brought in to help and I am glad that you will be able to take advantage of them.

Conor_3

jesster wrote:

It's only the people who really need to do it who genuinely feel horrid about it, because they feel the shame rather than just the glee at playing the system.

Exactly. Took me a good few months to breing myself to doing it after trying all kinds of options. It was brought about entirely due to my wife losing her job and me having a 50% drop in earnings as I worked for an agency, used to get a couple of days here and there which hid how little work I had. The real kicker was that two weeks after I banked, I got a fulltime placement, got taken on there and never stopped since.

If I'd have known that was going to happen, I wouldn't have banked. Sods law eh?

kevker

Addicted2Chocolate wrote:

most of the people who are actually doing the job of admistering the bankruptcies knew the case numbers would rise massively with the new legislation, we did not believe the promise that cases would not rise.

So is it true then A2C, that currently the OR's are rushed off their feet and struggling with the workload because there has been no extra funding or staff for them?

dianneg40

my husband went bankrupt nearly 4 years ago and it is not the easy way out, we are paying through the nose for credit. we managed to get a morgage but it's double the banks interest rates, we have got a car on finance and we're paying 35% interest for 4 years. in the long run unless there is no way out i would not do it, also your credit rating is still affected for 6 years even though you get discharged after one

jesster_2

dianneg40 wrote:

my husband went bankrupt nearly 4 years ago and it is not the easy way out, we are paying through the nose for credit. we managed to get a morgage but it's double the banks interest rates, we have got a car on finance and we're paying 35% interest for 4 years. in the long run unless there is no way out i would not do it, also your credit rating is still affected for 6 years even though you get discharged after one

thanks for the info. It's so ridiculous - charging people more because they have less!

Sadly I think we're rapidly running out of options: he's self employed and work's a bit thin on the ground and each day is sending him further down the road. _pale_

Conor_3

dianneg40 wrote:

my husband went bankrupt nearly 4 years ago and it is not the easy way out, we are paying through the nose for credit. we managed to get a morgage but it's double the banks interest rates, we have got a car on finance and we're paying 35% interest for 4 years. in the long run unless there is no way out i would not do it, also your credit rating is still affected for 6 years even though you get discharged after one

You seriously need to shop around. I've remortgaged only a couple of years out of bankruptcy and it's 1% above the lowest rates.

Also you need to do alot of hard thinking before you get back down the path towards banking again. If you are paying 35% interest for a car, it's costing you over twice the sticker price. Buying a cheap runaround which will cost you less to buy outright than one months finance repayment would have been better.