Bankruptcy should not be for life - Your support is needed!

dvs

Martin has started a thread 'Improve Money Rules in 50 words' and is asking for simple ideas that the government can do to make life easier money wise. Most of the ideas at the beginning of the thread have had the most support by way of 'thanks' but as the thread is a few weeks old, newer ideas are not getting the same support.

I've suggested an idea that I think would appeal to fellow bankrupts. As you are probably aware, we have to declare that we are/were bankrupt when asked - even in many years to come. I have suggested that after a certain period of time, we should not have to declare it. So when we apply for mortgages in the future, we stand as much chance as anyone else and are treated fairly. We are not criminals yet we are treated worse than them. Spent convictions do not have to be declared but a bankrupt is a bankrupt for life. I've also suggested that the past bankrupt notices are removed from the London Gazette and other databases so we are not discriminated against.

If you agree, please support this by visiting this post and clicking thanks so Martin knows it's a popular idea.

K2nga also posted an idea about bankrupts being allowed basic bank accounts at all banks.

The thread itself is a great opportunity to put the most popular ideas to people in government so have a read and vote for ones you agree with and post any ideas if you have any.

Cheers.

peachyprice

You've been busy dvs

PixiePie

DVS - I believe the import allowance for gifts has recently risen, along with the tobacco rules (you can mix and match now I believe) and the allowance on wine (you're now allowed 4 litres, not just 2). I can't remember exactly how much it is now, but for the first time in 15 years it has gone up to a reasonable allowance now.

dvs

peachyprice wrote: »

You've been busy dvs

Yes. I was laying awake at 4am yesterday and was thinking of lots of things after reading the thread the night before (a typical day/night in the life of an insomniac). When I finally woke up, I started posting my ideas and got a little carried away! (Martin did ask for one idea per post though so it probably looks worse than it is!)

I really wanted to include 'blister packs' (those annoying all in one plastic packs that are difficult to open) but it wasn't money related! Think I might audition for the Grumpy Old programme! Perhaps Grumpy Old Bankrupt? Mind you, I'm not that old really. Guess I'm just a Grumpy (undischarged) Bankrupt!

dvs

PixiePie wrote: »

DVS - I believe the import allowance for gifts has recently risen, along with the tobacco rules (you can mix and match now I believe) and the allowance on wine (you're now allowed 4 litres, not just 2). I can't remember exactly how much it is now, but for the first time in 15 years it has gone up to a reasonable allowance now.

Cool. I always panic when coming back through customs from the states. I don't know why though, I've never been stopped and I don't go over board. Admittedly, I 'probably' bring back more than the old allowance anyway!

EDIT: Just checked the HMRC website and it's now a £340 allowance since 1st January 2009 - excellent! (Updated the original post!)

dvs

Merlinexcalibur wrote: »

Nah, can't be bothered. Nothing will change about any of this. Just fooling myself. My views/ideas do not count in the grand scheme of things.

Well Nick Clegg (Leader of the Liberal Democrats) has agreed to take part in this project, which should encourage other MPs to do so. It might not work (in fact it probably won't) but it definitely won't if Martin doesn't take the idea forward to the MPs.

I don't want to be considered less worthy than a criminal - especially by the banks.

Lost2

What gets me is if it hadn't been for the Tax payers those
banks would be where we are now BR! :mad:

prowla

The point is that in becoming bankrupt, you have made a clear statement that you have severe issues with managing money.
Surely it is in the interests of potential lenders to know that?

Lost2

It's not all ways the case of not been able to manage money, but the fact is Life comes and gives you a quick kick up the ars*
Things like unemployment and sickness

dvs

prowla wrote: »

The point is that in becoming bankrupt, you have made a clear statement that you have severe issues with managing money.
Surely it is in the interests of potential lenders to know that?

I doubt many of the people that have gone bankrupt have done so deliberately. Sure, we may have had issues managing money but circumstances need to be considered too. There's an argument to say that banks are to blame (in part) for irresponsibly lending money. The same banks that failed to manage their own finances.

The record of your bankruptcy stays on your credit report for six years. That is a long enough time for any restrictions or penalities (in the form of higher interest rates). I don't see why we should be refused mortgages or offered products at a much higher rate in 10 or more years time. I could rob a bank, hold someone at gunpoint or even murder someone, and I could be offered a better mortage than someone who has gone bankrupt.

Lightattheend

prowla wrote: »

The point is that in becoming bankrupt, you have made a clear statement that you have severe issues with managing money.
Surely it is in the interests of potential lenders to know that?

But this is not the case in all situations. I am good at managing my money well, until separation, redundancy and the housing price fall 'got' me and now for the first time in my working life of over 20 years I find I have a problem meeting my debts. Why should I be penalised for this for my entire life? The majority of people who declare themselves bankrupt have no intention of ever going there again. Why should I be treated worse than a criminal who can have the fact he committed a crime removed from his record after a set period of time?