28 years old and bankrupt

dudleyboy

Hi slash40

But you see, bankruptcy thru reckless spending is what we're being harsh about... not bankruptcy per se. We're talking about those irresponsible 20 somethings who use BR as a "get out of jail free card" while the rest of us other 20 somethings are trying to do something about it ("doing the time", if you will).

I can only speak for myself but my criticism isn't directed to all bankruptees or potential ones. a valid reason/cause is one thing, not being arsed to pay back your frivolous expenditure and looking for an easy way out is another.

and to be honest, they deserve a piece of our mind because no one else seems to be prepared to give it 'em.

sparkle84

I have always agreed with what Dudley said and I don't actually remember anyone name calling perhaps some people have a guilty conscience and know they they spent the money and should be paying it back.

But all this will be academic in a year or 2 because if anyone on this board or anywhere else for that matter imagines that the banks are going to accept the Enterprise Act (bankrupcy) as it stands now think again they aren't, the act was never meant to allow people build up debt, go bankrupt and then be discharged from bankrupcy in less than 12 months. the banks have already starting lobbying the goverment to introduce changes and as the banks run this country they will succeed

climbgirl

Exactly, it's not as black and white to say that all bankruptcies are bad and the result of foolish, reckless behaviour. That's not what people are saying, and certainly not what I've said - I understand that everyone has different circumstances and that's fine.

But there are a lot of instances where people are taking the proverbial, and 'Liz' is a prime example. And I think this is what is making people mad - the kind of reckless, stupid behaviour that gets people into financial trouble.

And it's not just the reckless behaviour either. I can't count the number of times I read posts on this forum where people are close to bankruptcy, andsay 'I've had my lightbulb moment, but please don't make me give up sky or my car or my wine or whatever, it's my only luxury'.

Clearly they haven't had their 'lightbulb moment' because it's this kind of attitude that got them into trouble in the first place.

I guess I was lucky in that I had parents who taught me the value of money and how to make good financial decisions from a young age. I know not everybody had that, but people need to take responsibility for their own choices and their own actions. (I think that's my point!)

slash40

i am sorry if you think i was name calling, i didnt mean to upset anyone. i was just trying to show that there are bankrupts out here who havn`t overspent deliberately, i guess those that do give the rest of us a bad name.
although i have rid myself of the majority of my debt, bankruptcy is not that easy and does have its problems.including no mortgage,basic bank account, loss of inheritance, problems renting privately,problems getting a phone, no credit (not that i want anymore, but a little is good for emergencies), possible loss of property, car, expensive household goods etc.
if you have an excess of about £100+ a month then an ipa is set up for 3 years, any pay rise/bonus/ overtime has to be reported and possibly taken away. i am living on a basic wage which is barely enough for necessities as i do not want an ipa. also remember that those seen as having been reckless or fraudulent can have a bankruptcy restriction order put on them for up to 15 years and can have their discharge indefinatly postponed. slash

westernpromise

slash40 wrote:

i am one myself. we moved from a relatively high income area to a low one, due to the shortage and expensiveness of housing. i immediatly took a large reduction in wages along with my partner. became almost immediatly pregnant with my 2nd child therefore cutting my income again.

Your story sounds typical of the 'old-style' bankrupt of yesteryear - you suffered a sequence of financial hits which eventually built up to an impossible position. I don't think anyone here would wag a finger at you for that, because you had a genuinely tough time and you struggled honestly to get out of it. You didn't wantonly get yourself into difficulty because you couldn't stop buying clothes, cars and holidays on your credit cards.

There is all the difference in the world between you and today's typical bankrupt, who increasingly is someone who has a steady job and a rising income. They have simply abused credit to spend money they do not have and know perfectly well they don't have. It is greedy, feckless scrotes like that whom I object to, because they have absolutely no excuse.

climbgirl

westernpromise wrote:

There is all the difference in the world between you and today's typical bankrupt, who increasingly is someone who has a steady job and a rising income. They have simply abused credit to spend money they do not have and know perfectly well they don't have. It is greedy, feckless scrotes like that whom I object to, because they have absolutely no excuse.

Completely agree. (some) people blame the 'buy now, pay later' culture for their overspending and abuse of the credit system. But who is creating that culture?! It's not just the banks and the ease of getting credit (although that is partly responsible). It's the people who take the credit and run up the huge bills - nobody forced them to sign the credit agreements!

skintchick

I've said it before, but hey! I'll say it again:

This country these days is all about rights with no responsibilities but IMHO if you want rights you have to accept the responsibilities that go with them.

dudleyboy

Hi slash40, i just wanted to give you a little thanks there because you've made some good points, clearly been through a tough time and this is, afterall, a supportive forum... it's nothing personal, we're just discussing an issue...

I think the thing to make clear here is that this new generation of bankruptees are not of the same mindset as you, us or our parent's generation. You're no more like them just because you went thru BR, as we are because, like them, we're in our 20s or there abouts. They're a completely different kettle of fish - a new breed of feckless, reckless, remorseless, socialite-wannabes.

I have to admit, I watched the last series of "Bank of Mum and Dad" and thoroughly enjoyed seeing them get their comeuppance. Whether people realise it or not these folk are making a mockery of all those people who have had to declare genuine bankruptcy and they're not worthy of anyone's compassion, only their contempt.

climbgirl

dudleyboy wrote:

Hi slash40, i just wanted to give you a little thanks there because you've made some good points, clearly been through a tough time and this is, afterall, a supportive forum... it's nothing personal, we're just discussing an issue...

yep, just want to reiterate that slash40 - it's not about pointing fingers at particular people! Your post really makes the point that bankruptcy isn't a walk in the park and should be treated as an absolute last resort rather than the 'get-out-of-jail-free-card' that it's sometimes seen as.

slash40

cheers for your support. i really did try my best to pay of my debts - in fact they werent "debts" as such (apart from a couple of household expenses) as i always paid - a struggle - up until the month i went bankrupt. i actually did try and negotiate with a few creditors and it was their refusal to help that that was the last straw.
in fact although i was never reckless with money, going bankrupt has made me very aware of my finances and were my money is going each month. my food bill for example has been chopped by buying in bulk and special offers, making "do" with whats in the cupboard, freezer etc. i wish i could cook more from scratch, but being a shift worker makes time and sleep often hard to find.
i have been prowling round this site for some time and have picked up some really good money saving tips. slash