28 years old and bankrupt

dudleyboy

Wow... thanks to everyone who's clicked "Thanks" and left subsequent posts in agreement! (Especially the suggested post of the month nomination )

To be honest, having read most of the other threads on the "Debt-Free Wannabe" board, when I posted that message I half expected to get shot down in flames for being unsympathetic / unsupportive (!)

Seems increasingly that aspiring to be "debt-free" means making excuses, passing blame and expecting someone else to sort your problems out for you rather than just accepting responsibility for your own actions and realising that YOU are going to have to pay back every last penny (plus interest, as you were well aware!) of the money you squandered whether you want to or not and regardless of how long that might take you!

To add insult to injury, a lot of these leeches appear to be off work due to the stress caused by their self-indulgent, self-inflicted financial situations, obviously not paying any tax at all and probably claiming a variety of benefits in the process!

Blimey, if i didn't get shot down in flames before i might well do so now...

Anyway, it's nice to know that i'm not the only person with a bit of integrity, self-discipline and determination to pay my own way in life. Best of luck to you all in your own endeavours and, whether we're mugs or not, let us enjoy the satisfaction and pride we will have earned having done it all by ourselves!

It WILL be worth it!

Cheers,

Dud

progress1712

I like that Dud boy

Bunnyinthelights

Hi Dudleyboy,
While I agree in theory with your sentiment (and I am paying off £50k in personal debt-I spent, I pay it off) I am doing it with the help of a DMP I do think you are being rather black and white in an issue that has several layers.
I have had to go thru counselling to recognize WHY I spent and it was quite scary.
Until you have an addiction (eating, spending, alcohol, drugs ANYTHING) I would be very careful about judging. Glass houses and all that.
I have not got a house full of fancy clothes, haven't taken fancy holidays abroad, in fact, I was putting clothes on my 2 children and feeding them unfortunately using credit.
I think this site is brilliant and I am now a very happy money saving expert-I recommend this site to EVERYONE I speak to.
I wish I had found it earlier and I wish I didn't have to hit rock bottom and put my marriage in jeapordy to find it-hindsight is 20/20!
I do also think the lending companies need to review lending procedures.
Kind regards,
Bunny

sparkle84

While I agree in theory with your sentiment (and I am paying off £50k in personal debt-I spent, I pay it off) I am doing it with the help of a DMP I do think you are being rather black and white in an issue that has several layers.
I have had to go thru counselling to recognize WHY I spent and it was quite scary.
Until you have an addiction (eating, spending, alcohol, drugs ANYTHING) I would be very careful about judging. Glass houses and all that.
I have not got a house full of fancy clothes, haven't taken fancy holidays abroad, in fact, I was putting clothes on my 2 children and feeding them unfortunately using credit.

Could I ask then Bunny what did you spend 50,000 on?? I too am with dudley on this I have notice recently that say 3/5 posting on here has "I am off work due to depression/stress etc etc - I am not a burning martyr but when I had cancer last summer I went back to work while having chemotherapy so I could sign up with CCCS and have a surplus income to start a DMP - have a little think about that while you off feeling depressed

Juni_3

How can you run up £50k of debt just paying for clothes and food???????

melancholly

I think most of the people using this site have had their lightbulb moment and and trying their hardest to sort the situation out. Lending companies have a share of the responsibility for letting the situation spiral, but the difference between stories like this bbc one and most people on here, is taking responsibility for your own actions and trying to fix the situation.

I think Dudleyboy's post was brilliant - sadly by the time people are on this site, they're already fixing the problem having hit their rock bottom; it's a shame more people can't realise how bad things are much earlier (for whatever reason - from the pure selfish spending end of the scale, right up to being left in the lurch and having no alternative but to use credit).

I'm with Bunnyinthelights on recommending this website to everyone - the more people who start viewing their finances seriously, the better. (and i think i've been on here so much recently that OH is trying to ration it )

Bunnyinthelights

Hi Sparkle,
I have been working full time and not had time off with stress or depression-I said I was going thru counselling!
I work full time from home with 2 children, hence why I am able to do a DMP with CCCS. I have NEVER taken anytime off and was back working in 2 weeks after giving birth.
I was saying that OTHER people may have circumstances they do not wish to tell everyone.
I ran up debt in various ways-mainly through poor money/business management and I am now paying it back. And there is something called INTEREST that cause debt to escalate.

If you read the post AGAIN you will see that I agree with Brummie but I personally try not to judge people in life too harshly as I find it tends to come back and bite you in the a**.
Bunny

wullieb1

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:

Hmm.............

I declared myself bankrupt when i was 24, for reasons that i will NOT go into. Over the 3 years that i was bankrupt i paid back in total approximantely 95% of the total debt that i owed to the accountant in bankruptcy/creditors.

I for one cannot understand people that are allowed to go bankrupt without paying back anything at all. For me the experience is/has been the worst i have ever experienced. I have now managed to get myself a Capital One credit card that has allowed me to start my credit again, do i use it??? Yes i do but it is usually paid off the same month.

Would i like to get myself into the same situation again???? No. Bankruptcy was, for me, NOT an easy option but more a MUST due to my circumstances at the time.

Will i get over the experience?? Yes i will. More so for the fact that i never want to be without money in the bank and being unable to buy my kids thier dinner.

Today at this point in time i have 3 savings accounts with money going out from my accoint into these accounts every month. This money i do not touch unless i really want to. I also sell on eBay to make some money that i would just have binned. This again goes straight to my account. BTW i only have one savings account where i get to instant access to.

Is bankruptcy an option?? Yes, depneding on circumstances.

Should bankruptcy be made more difficult?? Yes, more people are going bankrupt because it is easy to do so.

Would i do it again?? No because I WILL NEVER get myself into that position again.

sallyjo_2

Sorry, unlike many who thanked and applauded this post, I think it qualifies for sanctimonious post of the year. It really reads of someone who is miserable, is bitter and resentful of their responsibilities and up to their ears in bills.

Join the club matey! Student loans and car insurance? Is that it? Wait until you have kids who need every penny you work your b***s off 6 days a week to earn to keep them in shoes and school uniform, mortgage and council tax yadayada bills that never go away (even old age pensioners are paying through the nose to keep fed and warm--and are taxed on their pensions!). A mortgage that to be paid on a home that can't be a one bed flat anymore-not for 20 years! downsizing - out of the question! Do you have kids and a mortgage yet? A mediocre job that you can't leave because you're too old to make the same money elsewhere and a mortgage that requires the salary level you are earning? and one of the weekend too! How I'd love to go on a nevernever several year holiday compliments of messrs creditcard & co. When the bills are piling up and there is no respite in sight, how welcome and tempting is that 0% pre-approved credit card offer. Dr Faustus never had it so good.

I disagree with your facetious "Credit card and loan companies - you should be ashamed of yourselves!"...." People like Liz need to be protected for they are vulnerable..." Well, yes, they should be ashamed! Yes, there should be more protection (except they are businesses - filthy lucre merchants --contradiction in terms) Credit card companies and banks target minimum monthly payment people with new cards all the time, AND people up to their eyeballs in debt and struggling with 0% switch offers and loans. If you have problems and struggle to pay off your credit card after getting in too deep, after you cut up your card, I'll bet you you have a new offer within the year with a bigger credit limit! The banks make an absolute fortune out of sloppy customers, with extortionate bank charges. Profits are soaring for the banks and credit card companies. Nah, I don't feel sorry for them at all.

Of course, bankruptcy has become an easy option for non-property owners. Yeah, young (and not so young) people make mistakes with money. Some of us have been smarter than others. Some of us are more responsible than others. Being human, we all have been stupid from time to time. Times are set to get tougher, we all in the comfortable UK will have a learning curve in years/decades to come, some steeper than others. Liz has been a stupid young person, but she is a child of her generation and until her bankruptcy a pretty good customer of the banks/credit card companies. They'll have her marked on their marketing databases set to target her AGAIN as soon as she's released. The weak system has given her a break. I hope she learns from it. Good luck Liz.

melancholly

sallyjo wrote:

Sorry, unlike many who thanked and applauded this post, I think it qualifies for sanctimonious post of the year. It really reads of someone who is miserable, is bitter and resentful of their responsibilities and up to their ears in bills.

maybe all of us who thought it was a good post are bitter - bitter that we're all trying our best to keep our heads above water and pay all that owe while others act like complete victims and take no personal responsibility for the situation they're in.