Pros & Cons

nervousmother

accounts department, do credit checks before you get access to online banking. first hand experience here.

StuntmanBob

sniggings wrote: »

what work needs a credit check?

Standard procedure in my line of work - IT contractor.

Lost2

Pro.... No Dept
Having money in my purse :j
Not having to rob Peter to pay Paul
No more headache's
No more feeling sick, because I didn't have enough money
No more Interest Rates

Cons....I haven't come up to any yet, but I only went BR in March

sniggings

StuntmanBob wrote: »

Standard procedure in my line of work - IT contractor.

didn't know that! that must be against some law,it's like saying the poorer you are the more chance you are likely to steal which is not the case,just look at the bankers for one eg.they are loaded but still have made some of the worst dissions and lost loads of money, and thats without stealing,its about time that BRs are not thought of as untrustful with money when the case is for me anyway ,its my money that I have find it hard to deal with and haven't stole any of the money in my BR but only had trouble paying it back which is way differant,rant over:o(hope i haven't missed the real reason that credit checks are done for people in the IT industry:eek:)

paulc19

StuntmanBob wrote: »

Standard procedure in my line of work - IT contractor.

An IT Contractor needs a credit check? why?!?...not being funny, just seems odd.

PROs

- No more letters and phonecalls (and if they do, they can be easily silenced by giving them 'the news' and a reference number)

- Financially better off. No creditors to pay, ditched all the stupid contracts i had (flash phone etc...)

- Release of stress = better family life, less arguments.

- Can still have a functional bank account. Cashminder does everything i need, although oddly ASDA won't accept my visa electron at the petrol pump although in store it's fine. As they dont accept cash at the pump any longer, they have missed out on my custom. Their loss is Sainsbury's gain :-)

CONs

- You have to pay to do it

- Some get given IPAs for 3 years.

- Difficult to get credit for 6 years (that's if you want it)

Overall.....I feel sooooo much better since i went to court, since i had the OR interview and everything has settled down. Bankruptcy has almost no drawbacks for myself as i had nothing to lose, i have 2 kids and a wife that doesn't work so an IPA was never going to happen and i have no desire to obtain credit again. It's been the literal fresh start it was promised to be, no regrets whatsoever.

Bethankim

Im three weeks in and have been living like a BR for nearly a year though due to circumstance.

Pro's

The relief is huge and the chance to reclaim my life free from worrying about the letters and phone calls.

Being honest, if i don't have the money to do something anymore then i cant do it, no more kidding myself that i can stick it on a card and will pay it later mentality

the joy of rediscovering my love of cooking and especially baking, i buy what we need for the week, we are probably eating better for it funnily enough because i make it all from scratch.

planning a debt free life, have signed up to retrain in September,something i've wanted to do for years but was so caught in the must earn a certain amount and was trapped in the i cant afford to earn less.

Pro's

i still struggle to budget a bit because we are waiting for various benefits to be sorted so had to speak to virgin today to explain why i will be late paying but next week will be sorted.

I havent found any others, it allows you to change your mindset.

If you are still stuck in the i want to maintain my lifestyle and have what i want rather than need then you are more likely to struggle with it.
Ifhowever like many here you see it as a way to reclaim your life and choose to live witihn your means then it may be right for you

hannah9000

I went BR 19/12/08 and quite frankly, nothing seems to have changed! I went BR as my old house was repossessed and the shortfall when it sold would've been massive. So no credit cards or anything.

My Co-op bank account does exactly the same as my Lloyds one did, apart from cheque book and overdraft but I don't want them. I am currently under investigation for a chronic illness so no IPA for me as i'm on benefits. I live with my OH in his house, his mortgage and i'm not financially linked to him.
I'm not interested in having any credit and i'm enjoying knowing exactly where my money is going. It's so nice to be able to pay a bill straight away and not be worrying about it for 3 weeks. I find myself often thinking 'i'm sure there's a bill to pay' when there isn't.

It costs a stupid amount to go BR but I feel so much better for doing it.

piptom&AndyPandy

sniggings wrote: »

credit check when applying for work = no future career = life wrecked.


what work needs a credit check?

Financial institutes? What did u do for a career if you don't mind me asking
Thanks

piptom&AndyPandy

Bethankim wrote: »

Im three weeks in and have been living like a BR for nearly a year though due to circumstance.

Pro's

The relief is huge and the chance to reclaim my life free from worrying about the letters and phone calls.

Being honest, if i don't have the money to do something anymore then i cant do it, no more kidding myself that i can stick it on a card and will pay it later mentality

the joy of rediscovering my love of cooking and especially baking, i buy what we need for the week, we are probably eating better for it funnily enough because i make it all from scratch.

planning a debt free life, have signed up to retrain in September,something i've wanted to do for years but was so caught in the must earn a certain amount and was trapped in the i cant afford to earn less.

Pro's

i still struggle to budget a bit because we are waiting for various benefits to be sorted so had to speak to virgin today to explain why i will be late paying but next week will be sorted.

I havent found any others, it allows you to change your mindset.

If you are still stuck in the i want to maintain my lifestyle and have what i want rather than need then you are more likely to struggle with it.
Ifhowever like many here you see it as a way to reclaim your life and choose to live witihn your means then it may be right for you

Sounds positive think I;d like to retrain, what are you retraining as?

Lost2

Overall.....I feel sooooo much better since i went to court, since i had the OR interview and everything has settled down. Bankruptcy has almost no drawbacks for myself as i had nothing to lose, i have 2 kids and a wife that doesn't work so an IPA was never going to happen and i have no desire to obtain credit again. It's been the literal fresh start it was promised to be, no regrets whatsoever.[/QUOTE]


I whole heartily agree with you there Paulc19 :j