Bankruptcy

Toto

I am fairly sure I read somewhere that student loans cant be added to bankruptcy. I could be wrong though.

james32_uk

That's correct. I would love to not include my Student Loan in my IVA but unfortunately they have to be included.

earwig

ms_london wrote:

I may have slogged my guts out to repay my debt rather than going down the easy route, but I know I did the right thing, and I have my trip to look forward to so it was all worth it in the end.

so you think bankruptcy is the easy route its NOT when will people like you learn going bankrupt is not easy it affects your life in so many ways

yes you lose the debt but you still have to pay if you have a surpluss in your income getting insaurance is almost in posable you have no credit facilty at all so if something major gose wrong there is no back up any money you come into gose to the or your name is in the local paper for all to mock it stays with you for life

so please dont insult peolpe who have gone bankrupt by calling it the easy route as its not and if you was as clever as you think you was with your coments you would know that bankruptcy is just away of given people second chnce in life when its all gone wrong on the money front the judge can and dose refuse bankrupcty if he thinks someone is just trying to worm out of paying there debt

spud30

james23_uk wrote:

I've been paying my creditors token payments as advised by Payplan whilst trying to get an IVA sorted. With the same surplus income I was able to offer for an IVA it would take me 12 years to pay off using a DMP. Therefore its a choice between 5 years with an IVA or 12 years with a DMP.

My current payment to my DMP will take 26 years to repay, but I am determined to repay every single penny.

Why such a rush?

skylight

I have thanked Earwig for the post - that doesn't mean that I disagree with Ms Londons comments, or agree with Earwig about Ms London's "clever comments".

I agree with Earwigs opinion about it not being an easy option at all. Its not something to look forward to.

Lady_S

Must admit I think Ms_London is being really harsh here. Think it comes under the banner of if you don't have something nice to say don't say anything at all.

James, I really hope you get it sorted, remember a short term hardship is good for a long term goal.

Willsnarf1983

earwig wrote:

ms_london wrote:

I may have slogged my guts out to repay my debt rather than going down the easy route, but I know I did the right thing, and I have my trip to look forward to so it was all worth it in the end.

so you think bankruptcy is the easy route its NOT when will people like you learn going bankrupt is not easy it affects your life in so many ways

yes you lose the debt but you still have to pay if you have a surpluss in your income getting insaurance is almost in posable you have no credit facilty at all so if something major gose wrong there is no back up any money you come into gose to the or your name is in the local paper for all to mock it stays with you for life

so please dont insult peolpe who have gone bankrupt by calling it the easy route as its not and if you was as clever as you think you was with your coments you would know that bankruptcy is just away of given people second chnce in life when its all gone wrong on the money front the judge can and dose refuse bankrupcty if he thinks someone is just trying to worm out of paying there debt

IMO its easier than paying for the debts accrued, doesn't mean i don't disagree with bankruptcy thou

Will

ms_london

Perhaps I didnt explain myself very well. I do think that some people see bankcrupcy as an easy option, and since I was responding to this thread, I was talking about the OP, not people who go bankcrupt as a whole, as every has different circumstances - and I appreciate this.

It just makes me suspicious when people dont explore other options and automatically think that this is their only option. I also appreciate that some people dont want to disclose their SOA on this board - but if you want better advice, surely you need to give the whole picture?

Earwig - a few points that you made:

"when will people like you learn going bankrupt is not easy it affects your life in so many ways" - people like me? I have been in debt remember, so I do know how it affects your life and how you feel as though you have a large cloud hanging over you, with sleepless nights and worry. As I said above, I am not tarring people with the same brush and was just making a point in James23_uk situation. It some ways going bankrupt is no worse, as I have defaults on my file and they'll stay on my file for 6 years, so maybe I am no better off. I just wanted to pay off my debt as soon as I could so that I could go travelling. I am not sure I would have been able to go as soon if I hadnt done it myself.

"you have no credit facilty at all so if something major gose wrong there is no back up any money you come into gose to the or " - Thats the whole thing though, why on earth would you want more credit if you'd had to go bl**dy bankcrupt in the first place. And people do get given it again, and a few end up going bankcrupt AGAIN!! Why cant you set some money aside for an emergency fund and actually save? And yes, if you do get extra money, you should pay it back to the OR or declare it (although again I am sure there are people who dont). Too right. I must admit I do have a credit card, but its 29.9% and I have it so I can "re-build" my credit history (if thats at all true) and I pay it off in full each month and havent accrued ANY interest since I've had it. But I also have savings (see signature). This is the point that really gets to me. Aside from a mortgage, I never want to have any debt ever again in my life, and never will - and I have learnt that lesson through repaying my debt, I am just not convinced that everyone learns this, hence why you are mentioning the need to have credit incase anything goes wrong. Its madness!! Yes, I WAS like it, but not anymore, and I do admit I am a little harsh on people similiar to the old me, I cant help it sorry!!

Lady S - yes I usually go "under the banner" of if you dont have anything nice to say dont say anything at all. But as I dont agree with the OP, you dont (as well as the others) agree with me and have voiced your concerns, so surely I have the right to do so to? This is a public forum isnt it? Should we all have the same views and keep the ones that might not be the norm to ourselves?

This is a subject that winds me up. An example:-

A friend of mine, similiar age, had around £25,000 of debt, I think they were making minimum repayments, but not really getting anywhere with it, I tried to help when asked for advice. They took on a 2nd job (which I found them) and it lasted all of a month. The boyfriend had around £15,000 of debt, but they decide to get married within the year, so cue more debt (they wouldnt have had savings and I know the parents wouldnt have paid for it). And then they move overseas meaning that the friend cant work and has to rely on now hubbie's income. So she has gone bankcrupt and not working. It annoys me that they didnt even TRY to get out of debt and put the wedding on the credit cards knowing full well of their move and pending job situation.

Doesnt this amount to fraud? How can they be aloud to get away with it? There ARE people who run up debts KNOWING they will go bankcrupt. I believe that some cases are declined if it looks fraudulent, but not all.

I know I sound bitter, and I am, but I would much rather have my life. The last 3 years were hell, and the 5 before that when I never had any money and running up the debt, but I have god knows how many years left to enjoy my money and be financially independent.

So thank you for your "kind" comments - but I have an opinion as do you and I am entitled to it!!

Oh well, none of this will matter when I have a year out - mwahahahahahahahahaha!! Going bankcrupct wouldnt have given me the freedom to do that.

xx

southernscouser

My personal opinion, and this isn't directed at the OP, is that too many people who don't deserve bankruptcy get it. If you run up huge debts through neglegent spending (like myself) then I don't think people deserve the oppurtunity of bankruptcy.

Fair enough if there are circumstances beyond your control, illness, redundancy that sort of thing and also for failed businesses but it does rub me up the wrong way when for example someone in my position is allowed to go bankrupt. I don't particularly blame the person for taking that easier route, I lay most of the blame to the system which I think needs addressing! :think:

Well thats my penny's worth!

lynzpower

I think we all agree here that bankrupcy is not an easy route. I do tend to agree with Spud30s comments. Lots of people on DMPs on here have got many many years on first projection, but we hear of people knocking years off DMPs by saving up lump sums. or getting better jobs. Or whatever.

James, I do urge you to post an SOA, if only so that these disagreements dont occur. I dont think its a question of being backed into a corner but i know if I were in your shoes I would post one just to say- you know what, lok there REALLY isnt anywhere else to cut back. If you cant make cutbacks then IM sure that will put this matter to rest once and for all.

Earwig knows what shes on about, she has had to go through this and she knows the impact. I will be keeping a credit card when Im debt free, partly to boost my CR, partly for emergencies. That isnt an option for many experiencing bankrupcy. YOu cant do a number of things. I worry at your (estimated) young age, you will be restricting yourself unneccesarily.

Lynz