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

Lightattheend

And here's mine from Page 4

Lightattheend wrote: »

Improvement of communications: All forms of communication (letters, phone calls etc) should be made in plain and simple language so there is no confusion and it is very clear what is said, especially where debt repayments are concerned!!

If we all understood what we were being told first time it would make life so much simpler!

4$£&*(£$&*(!

I agree wholeheartedly with the intentions of this suggestion. I am not a bankrupt, have never been bankrupt, yet someone who lives with me is a discharged bankrupt and I have to declare this on my household insurance. This bumps the price up over £200 using comparison websites.

I'd say a six year period is fair, if six years is good enough for Experian and Equifax it should be long enough to disappear from the London Gazette and companies such as banks and insurers are cannot require a declaration of discharged bankruptcy longer than six years.

The current system effectively means a life of a black cloud and this has to stop. I'm strongly in favour and I urge Martin to campaign with us equally.

philnicandamy

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?

what a load of total B*******

you obviously know NOTHING about the whys & wherefores of bankruptcy....I suggest you read a few diarys posted here then come back with a better opinion....

Money_Grabber13579

I doubt all the people who were owed money by now bankrupt people won't be very happy with this suggestion! What I feel would be a better option would be to give people more time to try and sort themselves out. (i.e. limit future borrowings and having a managed payment plan that matches their income, with options to defer payment if absolutely necessary) After all, if I was a creditor, I wouldn't be too happy if I had lost a lost of money through a bankrupt customer, knowing they could do the same thing all over again in a few years time.

There needs to some kind of warning to future lenders, but bankruptcy should be even more of a last resort than it is now.

Merlinexcalibur

Suggestion to MPs: reopen Debtors Prison. After all, it's a criminal offense getting in debt.

skylight

Money_Grabber13579 wrote: »

I doubt all the people who were owed money by now bankrupt people won't be very happy with this suggestion! What I feel would be a better option would be to give people more time to try and sort themselves out. (i.e. limit future borrowings and having a managed payment plan that matches their income, with options to defer payment if absolutely necessary) After all, if I was a creditor, I wouldn't be too happy if I had lost a lost of money through a bankrupt customer, knowing they could do the same thing all over again in a few years time.

There needs to some kind of warning to future lenders, but bankruptcy should be even more of a last resort than it is now.

Its a good suggestion, and theoretically it already exists. Debt Management Plans and IVAs are available, but creditors are not relaxed enough and want too much too soon. There are countless diaries from people whos creditors have refused a realistic offer of repayment and added more in interest and charges - they really don't want to help. There are even tales of IVAs where the total repayment outweighs was owed in the first place! And there is no rhyme nor reason - one creditor may accept an offer from debtor 1, but the same creditor refuses the same offer from debtor 2.

There really should be something inbetween. IVAs were supposed to bridge the gap but they fail hugely.

Merlinexcalibur

I've switched sides BTW.






















Bare with me.

fiveyearplan

Money_Grabber13579 wrote: »

I doubt all the people who were owed money by now bankrupt people won't be very happy with this suggestion! What I feel would be a better option would be to give people more time to try and sort themselves out. (i.e. limit future borrowings and having a managed payment plan that matches their income, with options to defer payment if absolutely necessary) After all, if I was a creditor, I wouldn't be too happy if I had lost a lost of money through a bankrupt customer, knowing they could do the same thing all over again in a few years time.

There needs to some kind of warning to future lenders, but bankruptcy should be even more of a last resort than it is now.

That is the exact reason why some people are bankrupt in the first place - people didn't pay them! There are a lot of people who have been forced into bankruptcy because their business went bust often due to people owing them money.

fiveyearplan

philnicandamy wrote: »

what a load of total B*******

you obviously know NOTHING about the whys & wherefores of bankruptcy....I suggest you read a few diarys posted here then come back with a better opinion....

... or just go away altogether!

fiveyearplan

Merlinexcalibur wrote: »

After all, it's a criminal offense getting in debt.

Its a civil matter - not criminal at all.