Bankruptcy

james32_uk

If my IVA or DMP goes through then I will be cut right back to the bone, and I wont be able to make my payments any higher. If you're talking about how long I make repayments for then I could pay forever as could anybody else. I could spin it around and say why should anyone get away with stopping interest when paying back through a DMP. That's what they signed up to so why cant they spend 20 years paying it back instead of the 10 due to stopped interest.

PeachPickle

james23_uk wrote:

If my IVA or DMP goes through then I will be cut right back to the bone, and I wont be able to make my payments any higher. If you're talking about how long I make repayments for then I could pay forever as could anybody else. I could spin it around and say why should anyone get away with stopping interest when paying back through a DMP. That's what they signed up to so why cant they spend 20 years paying it back instead of the 10 due to stopped interest.

If I thought I would have to make repayments forever at the rate I am now, then I would consider more drastic action, definitely. Like I said, if bankruptcy was the only viable option then it has to be the way forward. I'm not morally opposed to it and it seems that for some people it's a lifeline

I don't think people should be punished forever for getting into debt, whether it's through their own daftness or crippling circumstances. But I do think people need to learn from debt.

As for the interest comment, that's a valid point. But I'd have to answer that as much as we risk things by getting credit, banks take risks by giving it. If people get into trouble but then work themselves ragged trying to get back out of debt I think it's fair that the banks suffer in their own minute little way If the interest charges didn't stop in a dmp I think there'd be a heck of a lot more people heading towards the bankruptcy court and I admit I'd probably be at the head of the queue :rolleyes:

gallygirl

You borrowed the money.

Now you want to decide how much you pay back, and over what time scale.

You can't understand why some people disagree with this.

2 questions -

1. Am I missing something?

2. Ever heard of personal responsibility?

james32_uk

ali007 wrote:

You borrowed the money.

Now you want to decide how much you pay back, and over what time scale.

You can't understand why some people disagree with this.

2 questions -

1. Am I missing something?

2. Ever heard of personal responsibility?

No, you've missed my point entirely. If it's alright to go on a DMP and for almost everyone on this board to renague on their contract then why pick on me over everyone else just because I want to understand all my options? Duh!

skylight

I really think that the time has come to draw a line under this argument.

There are lots of options for all of us to take - some choose options through personal preference and some of us are forced into certain directions.

Whatever is the case, this is not the place to argue out whether Bankrupcty (or any other method) is a moral or legit way of doing things.

A person cannot make an informed decision without being informed first!

sparkle84

charlotte664 wrote:

I really think that the time has come to draw a line under this argument.

There are lots of options for all of us to take - some choose options through personal preference and some of us are forced into certain directions.

Whatever is the case, this is not the place to argue out whether Bankrupcty (or any other method) is a moral or legit way of doing things.

A person cannot make an informed decision without being informed first!

Oh to be honest this annoys me - noone is being abusive no bad language is being used why shouldn't we argue about bankrupcy or DMPs or IVAs it makes a change from everyones debt diaries. Don't take this the wrong way but I really find this forum has become a bit bland over the past couple of months I am well aware we are here as a shoulder to cry on and to offer help I hope I have done both during my time here but can we have a bit argument every now and then!!??

Toto

sparkle84 wrote:

Oh to be honest this annoys me - noone is being abusive no bad language is being used why shouldn't we argue about bankrupcy or DMPs or IVAs it makes a change from everyones debt diaries. Don't take this the wrong way but I really find this forum has become a bit bland over the past couple of months I am well aware we are here as a shoulder to cry on and to offer help I hope I have done both during my time here but can we have a bit argument every now and then!!??

Yes to a point, but if people want to argue over bankruptcy or whatever I think perhaps it should be in a thread designed for that purpose. The OP did ask for an opinion and he has received one but I'm not sure how helpful it has been. I think the arguments for and against bankruptcy are very personal and those feelings are being mixed up here with opinions about the OPs intentions. People are taking comments personally when really they are aimed at one individual.

My concern, which has been raised here by others, is that the OP won't learn the lessons from this round of debt. He does seem to be going for a quick fix. The lack of a SOA has made people feel that he doesn't really want to alter his lifestyle, he just wants out of this current hole. So, although people are mentioning bankruptcy being the easy out they aren't meaning it in general, just in this case.

james32_uk

sparkle84 wrote:

Oh to be honest this annoys me - noone is being abusive no bad language is being used why shouldn't we argue about bankrupcy or DMPs or IVAs it makes a change from everyones debt diaries. Don't take this the wrong way but I really find this forum has become a bit bland over the past couple of months I am well aware we are here as a shoulder to cry on and to offer help I hope I have done both during my time here but can we have a bit argument every now and then!!??

Sod off! :rotfl:

Addicted2Chocolate

James, for bankruptcy information see https://www.insolvency.gov.uk, the leaflets are on there including 'guide to bankruptcy'. if you have any more specific questions post a new thread with bankruptcy in the title.

james32_uk

Toto wrote:

Yes to a point, but if people want to argue over bankruptcy or whatever I think perhaps it should be in a thread designed for that purpose. The OP did ask for an opinion and he has received one but I'm not sure how helpful it has been. I think the arguments for and against bankruptcy are very personal and those feelings are being mixed up here with opinions about the OPs intentions. People are taking comments personally when really they are aimed at one individual.

My concern, which has been raised here by others, is that the OP won't learn the lessons from this round of debt. He does seem to be going for a quick fix. The lack of a SOA has made people feel that he doesn't really want to alter his lifestyle, he just wants out of this current hole. So, although people are mentioning bankruptcy being the easy out they aren't meaning it in general, just in this case.

My 'lifestyle' is a pile of pants, but thanks anyway.