Downside to Bankrutcy

Holes_in_my_pocket

I have been bankrupt 15 weeks now and not seen any downside. use co op account had a halifax card account before so not much difference there. Just not come across any downside yet there must be one. Dont want a mortage (rope round your neck)

FinancesOfAFiveYearOld

It all depends upon what you want to do after the nice M'Lud bangs his or her gavel and hands you the sack-cloth, ashes and unclean bell.

It's thirteen months since that occasion in my case, over a month since discharge and... I may, just may, be getting a basic bank account from the Yorkshire Bank today. Yes, yes, I know that you all think the sun shines out of Messrs Co and Op and Madam Barclays but they both told me no for a basic bank account. The top eight UK insurance companies have turned me away for public liability and professional indemnity insurance for wedding photography - hardly the riskiest thing since sliced bread. My small family has polarised - one half have given me a home and all the assistance they can, the other half sniffs the air and has barely talked, obviously thinking it's catching. My car and laptop were driven off into the sunset by two gorillas and I now share my very kind student nephew's. H.M. Local council wouldn't pay more than 2/3 of the rent on the place I was living in (single chap), the landlady took two months to return my deposit (which went on removals costs) and I haven't even tried renting again with an income of £64pw...

That's my experience as a single (soon to be ex-) unemployed yokel anyway.

That said - I ain't got no debts any more. Yup, for one period of ten glorious days in February I was living in a caravan (someone else's) and had 40p in my pocket and no backups in the form of banks or cards - but I ain't got no debts any more!

Fresh start and whoo-hoo, but in a lot of areas that I wouldn't have given two second's thought to before, it's a hell of a lot different!

Lost2

Well Finances, you have been to the bottom now your on your way back up.You hopefully wont make the mistakes you made before.
And as for those who treat you like s**t, as the add says "it could be you",
so tellem don't get to smug, as life has away of kicking you in the ars*


The Only Way Is Up :j

FinancesOfAFiveYearOld

Lost2 wrote: »

... The Only Way Is Up :j

Tis indeed Sire, tis indeed. I've been playing the Pollyanna card for the whole of the past year (grinning like a Cheshire cat) because the line has been drawn as they say.

Having fallen into a black hole (at the hands of late and non-payers in my previous business) I just found it hard to believe that bankruptcy actually existed. Yes, there's a lot of downsides but they are far, far outweighed by the protection of bankruptcy. The bank got far more back over the years than they ever lent me and when they got snitty, grabbed a bottle of Chianti and came for my liver and kidneys the State stepped in and said no. When you think about it that's incredibly civilised! It felt like someone had stood up to the playground bully on my behalf.

A funny thing happened last week at a start-up talk given by Businesslink, the lecturer was asking us to think about what advantages our businesses would have over others. Discounting no bank/no insurance and all of that nonsense my huge, huge, huge advantage was that I take a heck of a lot less £ to run these days! No repayments, cash only and if I make more than JSA then I'm officially a run-away success! The flip-side of the coin!

About two weeks from today we find out...