Neil Morrisey in Millions of £'s of debt due to Property Investment Collapse!!

Thrugelmir

However people arrive at the point of bankruptcy. For many the effects will linger on for years. As it affects not only credit rating, but job prospects etc. A flash car or expensive holiday is soon forgotten. When its back to catching buses or no holidays at all. Peoples memories are short. That's when it will hit home.

Looking at people that were careful with their money. Retiring early with their mortgages paid off. Having a comfortable lifestyle. Once an opportunity is lost. Such as earning power. It rarely can be recovered. Life's too short for that.

The blame for the culture and the lending on the never never has to rest with the regulators. Human nature is always to find loop holes or make the most of every opportunity.

Whilst the money gets written off. Somebody else will pick up the tab and pay the cost. Nothing is for free. In the case of credit cards the 20% - 30% interest rates reflect the risk of the lending. Those in jobs with homes will continue to pay their debts till to the day they die.

Swishy_bell

I'm sure there are some people who would keep earnings under a certain amount or stay on benefits just to avoid repaying but surely that is a minority? If the majority of people going backrupt are as most people are suggesting, hard working resposible pepople who have just hit hard times who can no longer service their debt surely they would not be detered by being offered a managble way to service it?

As it would not be a flat, you can earn this much but anything over we take against your debt, but a percentage of pay there would still be an incentive to build yourself up, get promoted etc.

bendix

pd52 wrote: »

SAYS IT ALL REALLY!

we'll always come across people like you, hate and no respect for anyone you decide is below you, regardless of how they got there.

If you dont know how to solve the problem, dont biother moaning, because simply saying ' repay debt' isnt enough, yes repay it! but bankrupts are'nt in that position. so whats the point of constantly repeating yourself with no answer except - repay , repay and repay, if they could they would! the judge and the OR has obviously seen they cant. geez its like talking to a 12 year old.

i really cant be bothered to waste my time with people like yourself. so i wont reply or read any further

now ignoring posts by Bendix

How strange you are. Only an idiot would want to ignore the wonderful pearls of wisdom that are in my posts.

Perhaps that explains it . . . . .

abinanthanb

JCS1 wrote: »

abinanthanb wrote: »

I am totally against Bankruptcy. People should be held responsible for their entire life unless they repay the debt totally. How on earth someone can wash his/her hands off a debt when they are very much alive? Its totally unfair on people who repays it.
QUOTE]

I've interviewed people who went bankrupt becauase they were forced to take out credit by abusive and violent partners. When they get the courage to leave home, they also often have to leave work to avoid being traced.

Would you have these people repaying debt for their entire life? Haven't they gone through enough already?

Make the abusive/violent partner to be accountable. Thats your responsibility.

JCS1

abinanthanb wrote: »

JCS1 wrote: »

Make the abusive/violent partner to be accountable. Thats your responsibility.

Unfortauntely, if the credit is not in the violent partners name there is nothing that can be done.

JCS1

b0rker wrote: »

Or possibly that is what they told you?

I can imagine it would be very difficult to prove that someone was 'forced' to take out credit. Unless there was voice recordings or maybe email/sms proof. That would surely only be a handful of cases.

So what about the hundreds of thousands of people going bankrupt in our once generally prudent and financially sound country?

I want hundreds of consumer goods that I cannot afford. I won't buy them as I don't need them and I cannot afford them without credit/debt.

I only want them.

Well, the address being a refuge and a judge giving a court order that the person's address is not to be published in case violent ex tracks them down is often enough.

Graham_Devon

This is the sort of "discussion" I'm now getting...

headoutofsand wrote: »

I have a very good life thanks Graham and as a bonus I now owe nowt. How about you?

Oh and by the way,my daughter went BR to get out of paying her uni fees back, just before the gov pulled the plug:p She is doing rather well in Australia:cool:

I think this kinda proves what was being said on page 1

Pobby

Yes bendix, you are minted so it`s easy for you to cast down those that are forced into bankruptcy. I have already talked about the the last 10 years of a dream world. An house price boom which has hit levels that can only be seen as stupid. Wage inflation going nowhere. Again, not everyone has gone out and bought the flash car, holiday or tv. It`s bout relationship breakdowns, illness or some other bad experience.

There are some that lived high on the hog that didn`t factor in the consequence, agreed. However, get off your high horse and see things as they are.

never-in-doubt

bendix wrote: »

Morrissey's example should be posted over on the Bankrupt section of this board. Over there, sadly, much of the discussions seems to be about trying to get just one extra holiday on the credit card - knowing they won't pay it back - before they are declared bankrupt.

I try not to read that part of the forum too much. I'd be banned on my first post.

Must be a Barclays Manager then eh?

leveller2911

Graham_Devon wrote: »

Agreed 100%, and it's this that got me to post in that section about a year back now. Caused a serious raucous. In my limited experience though, i.e. posting my thoughts on a particualr thread at the time, most blamed the banks for allowing the overspending, therefore the congratulating was getting one over on the evil banks who put them down this path.

Like I said, just my very personal limited experience. They certainly do not want anyone there who's either A) not bankrupt or is not supporting, as I was told....it's a board for support, not debate or opinion.

I couldn't agree more Graham, when you read through the posts most(not all) are personal bankrupts , there are people on there who,s life,s work is finding errors and mistakes in loan agreements purely to get the agreements un-enforced.Morals do NOT play any part in their thinking.
Generally speaking few if any accept responsability for their own actions, to them the blame lies solely at the door of the lenders for " lending money we couldn't afford to pay back.They are so blinkered it really is unreal over there.
Ive posted on there and all you get is abuse and total denial of the arguement.I've never seen so much congratulating it gets a bit sickly after a while.
Becoming bankrupt is ow seen as a "badge of homour" to a lot of people, theres no shame and little punishment.I know people who maxed out credit cards weeks before going BR ,I know quite a few who lived beyond their means a I know 2 who,s businesses went under due to others debts, but in my experience these are few in comparison...
I'm not saying they should be hung drawn and quartered , there but for the grace of god and a bit of common sense go I, but becoming BR should be more of a punishment....