My Bankruptcy

was_bankrupt

I have been reading through some of the threads about debt and thought it would be interesting to get your view on my bankruptcy.

I went bankrupt early in the year due to student debts of about £33,000 and an insolvent business. As a student I did not go wild on the spending but I did have a social life. When the business was up and running servicing the student debt was difficult but I managed. As soon as I resigned I decided that the company was not going to recover and that the best course of action was to petition. I was liable for about £450,000 through the company.

I have come to realise that people go bankrupt for many reasons. My experience of bankruptcy has been no easy ride. I lost my partner because of it and she left me with unpaid bills and without furniture I could not afford to replace. My grandmother also passed away and to be honest I've had more than enough.

I am now discharged from my bankruptcy but the financial hardship is still there and I have about £8,000 of student loan debt remaining.

What is your view on the current debt problem and rising insolvencies?


I believe there are 3 main contributors to serious debt problems.

1. The individual
2. The government
3. The lenders

The individual obviously has to take responsibility for their problem, however, until recently the government has done nothing to educate us about financial management. The lenders have been all too keen to take advantage.

Bestthingsinlifearefree

Hi Was-Bankrupt,

Good topic / discussion, but I notice your post has a link at the bottom of the page through to a site that takes commercial adverts i.e a money making site I don't think that is allowed.

I am sure you are not posting on here just to generate traffic / punters for your site but it may look that way.

Bestthingsinlifearefree

Posts are not monitored so please: Report Spam, Offensive, Racist or Libellous Posts/PMs or other illegal content

" Don’t post links for personal gain. Except in the referrers section and always declare any interest."

Hi Wasbankrupt,

I think one of the rules is don't post links for commercial gain (see above) and as your blog takes advertising I think your link breaches that rule.

I have flagged it for the mods attention and I am sure they will clarify the issue.

I wish you well.

was_bankrupt

I am certainly not posting here for financial gain. There is google adsense on my blog but I am not looking to profit from this forum. I am interested in this forum because it is directly related to my predicament.

More to the point - what are your views on my post?

Bestthingsinlifearefree

was_bankrupt wrote:

I am certainly not posting here for financial gain. There is google adsense on my blog but I am not looking to profit from this forum. I am interested in this forum because it is directly related to my predicament.

More to the point - what are your views on my post?

Well I will leave it to the mods to decide but just thought I would bring the rule breach to your attention and to err on the side of respecting the forum rules maybe it would be an idea to remove the link sending traffic to your site which takes commercial adverts.

As a newby I am sure it was an innocent over sight on your part.

This is a fantastic site lets not abuse it.

In regard to your post I feel the individual has to take responibility for the money they borrow.

But the govt / banks have a responsibilty to have a sensible, just lending system in place.

Pobby

With regards to the government,I think for the short term,it benefits them.We borrow,we buy that generates service industry jobs,taxes go to the government government spends the taxes.Gordon Browns Economic Miracle.Which is fine and dandy except the debt has to be paid back.Shocking enough to see debt totaling a trillion pounds but it has way gone over this figure.

I am no economist but the party surely has to end at some point and then what?

Emmzi

Just wanted to say I found your blog interesting and hope you keep it going.

was_bankrupt

Thanks Emmzi - it's appreciated.

I agree Pobby. Obviously not all individuals are going to be subject to the slightest change in economic factors such as inflation etc. Some will feel the pinch as interest rates creep back up. I can't help but feel that the UK economy is going to go against a number of unfortunate people soon.

God help us if there is a recession!

Interest rates have already increased to try and curb inflation. Unemployment is up, housing market is surely reaching its peak, repossessions are up and insolvencies are up. Sounds like there could be a bit of a ride ahead when considering the policitcal instability that surrounds the world.

I wonder how many people know how a quarter % interest rate rise will impact their monthly budget???

southernscouser

Hi was_bankrupt.

Please don't take it personally but people are just looking out for the site which has in many cases been a saviour to them.

You can find a list of people who are allowed links in their signatures here. You can by all means contact the forum mods and request permission for you to have one but in the mean time it would be greatly appreciated if you could remove the link from your signature! :beer:

Cheers ears!

Mike_St_Helens

There may be a small ad on the blog site, dont think that can be avoided.

The Blog is fantastic, I too am going through Bankruptcy and it scares me. That blog really helps.

Thanks

was_bankrupt

For the sake of respecting the forum and it's members I will remove my signature. Didn't mean to break the rules and since it was brought to my attention that the adverts were a problem I removed them.

I am more interested in sharing my experience than making money.

I will ask permission as suggested by southernscouser - no offence taken. I understand why these rule exist.

Mike - Glad you like it. Remember it's just my experience though. Yours may well be different.