28 years old and bankrupt

sparkle84

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Well done dudleyboy, it is about time we recognised that banks are there to make a profit from us and not to 'serve' us or look after our needs!! If we default they generally end up getting more out of us!

I think you might have missed the point of Dudleyboy's excellent thread

trevored

dudleyboy wrote:

I feel really sorry for Liz. Fancy being exploited by all those nasty credit card and loan companies and being forced to make all those purchases and take all those luxury holidays overseas on money that wasn't hers and then being expected to pay them back. Have they no shame?!!

Fortunately, with the help of the government, tax payers' money and the sympathetic reporting of the BBC, Liz has been able to put this terrible experience behind her and is no longer expected to repay the £40,000 these immoral people lent to her, or be legally bound my the terms and conditions she agreed to when gladly accepting their kind donations.

Thankfully Liz's story has a happy ending. At 28 she can rebuild her life without any debt whatsoever and is able to hold on to her fond memories, photographs and mementos of her many travels, fun times and the "crazy" people she met.

Why waste your life contributing to society and doing something productive when you can buy shoes and/or travel the world and look at all the wonderful things other people have done? Why try and help those living in poverty with a monthly charitable donation from your salary when you can go visit them yourself, take your own photos of them outside their humble abodes, buy items of clothing they've laboured hours over for a pittance, and then show them to all your friends back at the riding club / bar / restaurant / gym / studio / mall upon your return? why oh why indeed.

Congratulations "Liz". You are a survivor. Life has dealt you a shetty hand but fortunately you've been able to put this horrid experience behind you and, hopefully, it hasn't put you off accepting such financial gifts in the future.

Life is for living, it should be lived to the full and is far too short to worry about what you're buying, how much you're spending and the fact that one day you might be expected to pay it back whether you can afford to or not.

May the rest of us bail you out (through taxation and interest rates) time and again forevermore... and maybe, just maybe, we will one day get to look at your photos, admire your mementos, hear your stories (of which we will never tire) and perhaps even be fortunate enough to learn from your mistakes (despite already having the basic common sense and understanding of the world that you so obviously lack). May your plight not be in vain. If you can reach out and touch just one equally witless, naive, ignorant and/or truely stupid person then those sleepless nights on exotic beaches will not have been for nothing.

Credit card and loan companies - you should be ashamed of yourselves! Fancy expecting people like Liz to behave responsibly when given the ability to buy things. Fancy expecting them to not become alcoholics when they turn 18. Fancy expecting them to not become pregnant when they turn 16. Fancy expecting them to not murder another human being the day they learn how it can be done. People like Liz need to be protected for they are vulnerable and know not what they do.

Liz, and to all those like her, I salute you... with a single and bitter middle finger at the very fact you're allowed to get away with it so easily (most people who commit fraud go to prison) and have the audacity to expect people to feel sympathy/empathy towards you (as well as, no doubt, keeping hold of all the stuff you bought!)

I hope that one day you will have enough money saved for a deposit on a house, which i will most probably end up renting from you as I attempt to pay off my own debts (such as 3 years of car insurance and student loans that i have every intention of repaying) generated by a modest and self-sufficient lifestyle. Oh, wait a moment...

:mad: :mad: :mad:

Sorry, I know this is supposed to be a touchy-feely board but sometimes the truth hurts. That article and people who get into debt for such reasons, only to have their extravagant slates wiped clean for them afterwards, really do get on my tets.

People like "Liz" get off far too easily and not only are we expected to feel sorry for them but we're supposed to be supportive/happy when they're debt free while the rest of us are still struggling to do it solo!! Worst of all, they'll probably grow old happier, healthier and wealthier having had all those relaxing holidays in the sun and absolutely no debt to worry about or pay off!!

Boils my blood it does. Think i'm being harsh? Yeah, I am. Think i'm wrong? Tell me otherwise.

*phew* - God I feel better for that!! - and it didn't cost a bean. Who needs retail therapy?! :rotfl:

Dudleyboy has clearly got a complete grasp of 'Liz's' self imposed plight. We now have a culture where whatever you do isn't your responsibility it's someone else's fault. In 'Liz's' case, all the 'evil' credit card/loan companies for funding her self indulgent, greedy and reckless life style.

Sadly I doubt she'll ever read Dudleyboy's post as she clearly has no aspiration to become a MoneySavingExpert and in 12 months time when her bankruptcy is discharged, she'll be free to start all over again! Perhaps she'll set up her own rival site MoneySpendingExpert.

Well done dudleyboy, I would encourage you to indulge in some freelance journalism and put our views forward outside this forum.

I'm sure Martin would appreciate the support. His excellent programmes always seem to but 'tucked away' outside peak viewing slots - could it be that the TV bosses wouldn't want his his advice conflicting with the many adverts for cheap loans & 'great' credit card deals?
:T

joseph_2

Another vote for dudlleyboy,

I really like this site and visit here several times a day, but more and more im reading posts from people heading for bankruptcy and trying to worm out of bank and CC charges (wether they be legal or not) why not try to not go over your limit. Stop living so close to the knife edge. I really hate it when people blame the credit companies, nobody was holding a gun to my head when i took out my loan.

Grrrrrrrr.

BobProperty

I would like to thank Dudleyboy for his splendid post, and think it should be nominated as post of the month.
As to why people find themselves in this situation, there is a great deal of truth in what has been said, but I can't 100% agree. Two generations ago there was virtually no credit, no credit cards, very little HP. Today, we have a "want it now" society. If it is not instantly available it won't sell. Easy credit by lenders is part of that. I have already said somewhere it is looking like a numbers game. If we (lenders) provide £x,000,000 in credit we will be repaid £y,000,000. Some people will default, go bankrupt etc. but provided we (lenders) charge enough in interest and illegal charges to make a profit then it's OK.
When Joe Public starts to realise that they are seriously in debt, the housing market is slowing, and jobs prospects are getting slimmer, then they will start to cut back. But not until it starts to hurt them. By then it may be too late and we could be in for a long period of economic stagnation and even deflation.
I was told a while ago that somewhere in the EU (Holland?) there was a legal maximum interest rate of 4 times base rate. Anything over this was considered usurious, and would be uncollectable. I would be interested to consider the consequences of a similar law in the UK, which would currently give a maximum interest rate of 18%. (See news report http://icwales.icnetwork.co.uk/0100news/0600uk/tm_objectid=15686472&method=full&siteid=50082&headline=mp-calls-for-government-ban-on-high-loan-rates-to-help-poor-name_page.html) The consequences for the lending market in the UK may not be so good for profits, but it may be the only way to get Joe Public to stop living like the subject in the OP.

tigermatt

My first time of posting on Debt-Free Wannabe, :hello:!

Anyway, why keep opening credit cards for emergencies? If you have something you can use as "money" then you are going to use it if you are in a state where you can't stop spending and spending.

I live by the motto of Pay off the important bills, then buy treats/save.

progress1712

I agree with the previous post’s its an individuals responsibility with there personal finances but I also feel that the Banks and credit card companies really need to tighten up on there lending criteria make proper checks on ability to pay and how much credit some one already has to there name they like any other sales industry are targeted on how much they lend sometimes getting in the way of common sense, I’m horrified to hear about people holding up to 5+ credit cards to there name with £1000’s upon £1000’s of available credit. There must be some responsibility from the lenders as well other wise personal bankruptcy will just keep increasing. The story of Liz I’m sure is not uncommon but I feel someone lending her money should have said NO, her income could never have matched the credit limits and ability to pay. If a little more commons sense was shown on both sides she would not have to go bankrupt and the creditors would not have there money written of.

GingerSte

I can see your point progress1712 but I disagree. Banks and credit cards companies are there to make a profit. They are not social workers with a responsibility to keep us afloat. We are not children who can go crying foul when we don't get our own way.

By the way I am in debt myself (around £3k), but I plan on paying every penny back of it myself. I suppose that makes me the mug.

BobProperty

GingerSte wrote:

... Banks and credit cards companies are there to make a profit....

Absolutely, so when more people file for bankruptcy and don't pay either the rates will go up, or the products will be replaced by other ways of getting money out of customers. Which would you prefer?

progress1712

That’s a fair comment but I still think tighter regulation is the only way to slow down the UK debt problem. For instance you apply for a new credit card the credit card company does a credit check on you finds you already have three credit cards to your name all close to the limit but minimum payments are being made and on time (robbing peter to pay Paul) and they still approve it. Twelve months down the line the interest free option finishes on the new card and the interest kicks in all of a sudden your outgoings are more than your income again interest is building up a mortgage payment get’ missed and the snowball rolls on.

Nobody wins.

I do see your point about the social worker bit and I agree they are a business to make money they do not do it for love. But surely if you were presented the above scenario which I’m sure rings a few bells with people on this forum would you seriously see this as a good business transaction. Income, ability to pay and current commitments all need to be looked at by the lenders in more detail when making decision’s its just good business sense.

The fact is that the first person responsible for your finances is yourself nobody forces anyone to sign on the line can’t get away from that.

Addicted2Chocolate

28 is not uncommon, youngest I have seen is 18 and many are early twenties. unfortunately is not uncommon story..