We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Official receiver
Comments
-
Rupert_Bear wrote: »Sorry to hear of your plight. As you have so very little how is it you need to go bankrupt. I would have thought you would be surrounded by luxury items. Just curious.
:rotfl::rotfl::rotfl::rotfl:
Not everyone who goes BR is surrounded by luxury items! in fact most are still living in povety looking on freecycle when needing new items for children or house..
Many people are forced into BR after living on credit to get by, loosing a job, seperation house re-possession....0 -
Additionally the price of credit is at its highest for small loans and pieces of credit. Whereas a person with a good income and lots of luxury goods might be paying 5-10% on their credit, a person who needs to go for bankruptcy is probably paying on average 20-30%, on some loans 200% and the odd one up to 5000%
hence why they get stuck just repaying interest rather than actually buying anythingHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards