Jumping straight to bankrupcy

nomoneytoday

Kevicho wrote:

The problem with that philosophy is that the pattern will most likely repeat itself and in 10 years time (or less) he may find himself in the same situation again.

Only if there are people who are prepared to lend lots of £ to a bankrupt individual...

Avogirly

nomoneytoday wrote:

Only if there are people who are prepared to lend lots of £ to a bankrupt individual...

No doubt there is someone who will....

Spirited_2

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Yeah, depressing, ain't it? Debt free for 2189... *yippee* :rolleyes:

jellycat40

If it is necessary bankruptcy is not a bad thing. Not all of us get ourselves deliberately into debt just to wriggle out of paying it back. Sometimes it just happens to us. Debt can be something that happens while life goes on sometimes just not the way we want it to.

In my case my debts were not my own although in my name - the things we do for love. Then divorce, depression, illness and unemployment all hit me. I still tried not to go bankrupt but in the end had no choice.

I cannot blame your friend for "jumping" into bankruptcy, it is a small amount for bankruptcy and if no assetts are available ie house and car then your friend will probably be discharged in 6 months. The OR cannot get money where there is none.

Get your friend to contact https://www.payplan.co.uk or cccs.

Louise

Tr@cker

I wouldn't think once if i were that far down go for bust and f*ck the greedy institutions let them stew in it.

Broken_hearted

THE_LONE_RANGER wrote:

bankrupt is not an easy option but i think in many case the only solution i paid my debts 19k off but if your on benefits or very low income its just ridiculuse go bankrupt and move on and dont do it again

Excuse me why can't people on benefits pay off the debt THEY ran up. I'm managing to do it so can they.

nomoneytoday

jellycat40 wrote:

Get your friend to contact https://www.payplan.co.uk or cccs.

Louise

I did along with asking them to contact their creditors first and see if an amicable solution could be found in the meantime

However she has "decided" that bankrupcy is the easier option, hence my original post

Addicted2Chocolate

i am afraid it can be repeated, 2nd even 3rd time bankrupts are not rare. some people dont learn from their mistakes, and some lenders do not do thorough credit checks.

nomoneytoday wrote:

Only if there are people who are prepared to lend lots of £ to a bankrupt individual...

all_hours

how does going bankrupt affect you long term? on one of the insolvency sites it says that there are things you cant do if youre bankrupt. do the bans continue after youve been discharged or is it only for the initial 6 to 12 months. do you remain on the register permanently?

what happens over the period before youre discharged do they take control of all your bank accounts and income. or do you manage it yourself.

i wouldnt file myself but if a creditor took this route what situation would i be in?