Declaring Bankruptcy

Ladywriter1968

I was in the middle of a reply to you all and then I accidently hit the power button and the pc shut down, so got to start all over again now with my message I was putting up.

My husband wont be paid off the debt even when his life is up. Cause we worked it out. And in our current situation he is only paying very small amounts each month now anyway. I dont know if I am allowed to say names here or not, but they may blank it out if not, but year ago he didnt know what to do and turned to paypal to help him, and they pay all the bits back in bits basically.

I wanted to tell people who ever reads how it all first started so hoping no one else gets themselve in his mess.

His car kept going wrong, so he got a loan from the bank, then another loan there after. Then his brother got him into debt really cause his brother borrowed lots of money and suggested to him, why dont you borrow from these, this will help! Well need I say anymore here to you guys. Hubby then borrowed from couple of credit cards offering loans, we was not married at the time nor living together but I did say to him, what are the interest payments on these, he said he didnt know, so I must admit, I did try to warn him on this cause I could see it all spiralling out of control. I said to him, have you worked out how you will keep up the payments, he said, I can, but in the end he could not of course. His salary was not enough to make all the payments back. Then he got in touch with Payplan and they worked out a system for him.

At first he was paying quite a lot back a month, but as the ecomony is bad he was then laid off from work, redundency etc, firm closed down. Then found ourselves unemployed and then he had to drop the payments right down to a mininal amount, as to her current situation he will be paying it all forever. But it does not stress him at all paying it off now as payplan were really good in working it all out for him. But obviously the money he is paying even though its not much could do with going on something else really instead, but its got to be paid.

He got into debt of 20K or around that figure originally. He been paying it back since 2001. I think.

He was paying £100pm before but now its dropped down to £20pm as thats all he can manage.

You get all these credit cards offering big money to people who are struggling and its pretty disgusting really. Cause surely these credit card people should use their common sence and realise these people borrow the money cause they aint got it. And think, how will they pay it back to us. Anyone even us on here if we lent money say to a friend and you think, how will they pay it back, how long will it take them, etc. I know that people should have self control maybe and say to themselves, stop! I am not borrowing this money! I can do this as I know how it can get out of control. but some people and even my dad years ago, he borrowed and borrowed and he ended up owing thousands, and do you know even with my dad he was still borrowing money in his mid 70's age. Which in itself is bad that these companies would lend over thousand to a pensioner of that age who is sick anyway knowing he will not be able to pay it back and then threaten dad with court hearing etc. Anyway, maybe I could put that up about my dad as another subject on here.

Ladywriter1968

Meant to tell you as well. We dont own any property, we live in a council flat.

Ladywriter1968

Also I must mention that banks are just as bad, it just came to me, I opened up another bank account for myself, and straight away they have given me a £500 overdraft, of course I do not touch it and wont, but they should not do that unless the person actually requests it in my opinion. Cause a lot of people in hardship, including ourselves could just use the money even out of desperation, but I have those little pound signs saying, dont do it, dont touch it, so I dont.

MicheH

Your post is why I was annoyed at post number 2. Of course we have to be sensible and not show bankruptcy in an 'easy out light' It's not and each and every one of us make sure we put forward just how hard it can be BUT if you have to go BR you need the facts. Now although post number two gave you facts I read it and thought 'blummin' heck life after bankruptcy is tough' Well, some people have difficulty with some company while others don't which is why I gave a break down of how I faired with my 'services' after BR. I think to put it into perspective I should say that the road to bankruptcy is hard mentally, the short time after bankruptcy is hard both mentally and paperwork wise, swapping suppliers, findiing insurance appropriate, opening new accounts but then your life is yours to live. No more hassle, a worry free life without debt and of course without credit but we live and learn not to want credit anyway.

I don't want you to read and think bankruptcy is an easy way out but I don't want you to read thinking not to bother because it's a bit of a faff. Life is for living, nobody would disagree with that therefore if you're going to be on bare bones money for the rest of your married life.. well...

fiveyearplan

Your husband would really benefit from going bankrupt as he has no assets to protect. The only lingering problem he would have is it would be tough for him to get credit for the next few years (this can also be seen as a good thing!!) and you may pay more for insurance but if it was me, I'd say that would be a small price to pay to get out of the debt he's in - and as I said before debt can cause all sorts of stress and illness, relationship problems etc. I would URGE him to contact one of the debt charities - you'll find their contact numbers in many people's signatures.

Ladywriter1968

I think that everyone should have all the facts before going into BR, actually they should have the facts about what ever they go into. But I guess its not always easy to get all the facts and they are not always readily available either. This applies with anything.

But I just think as said that lots of companies out there seem to be offering their services and money at you without knowing your circumstances really. And thats how we all end up in debt.

My dad years ago borrowed from "I called them callers" cause they would knock and give him money and he would pay them weekly, called Provident and Greenwood. But they kept giving out lots of money to him in his 70's as said and everyone said how bad it was. In the end, dads mate got him out of the debts with these people. Cause Dad started getting dementia and when I told the companies to stop giving him money they refused. I said to them, well on your head be it then.

dojoman

MicheH wrote: »

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I wanted to type this because post number 2 was rather scary and rather blunt, yes BR is a massive struggle and it is frustrating but if it's what you have to do, and I mean HAVE to do then don't be worried about the future, there's always a way and always an answer to a problem.

Every persons problems are so different

Glad you did and Phil as well, not the first time this particular poster has posted inaccurate "information"

broxiebear1

ladywriter i am in the same position as your husband i owe about 25k with min payments of about £369 a month ,i contacted c.c.c.s and national debt line and both recomended b.r i have just worked out a s o a and have about £60 left for debt payments a month. yes it will be a hastle or worry going b.r but what else can we do. i am just starting the process stopping d.d changing bank account and offering creditors token payments as advised by n d l
ok so i wont get credit for years so what the way i am going i wont get anymore credit anyway.
good luck with what you decide
broxie