I got into debt trying to keep a roof over my head and yet....

livinginhope

richardvc wrote:

Whilst I do agree with you totally that the credit companies make it very easy to give you money and those same companies offer no / little advice regarding debt I guess I am still a believer that we are all ultimately responsible for our own actions.

Let's remember that the banks etc don't point a gun at our heads forcing us to accept credit.

Could I just point out that banks CAN be very forceful when it comes to taking out credit.
Two days after our house fire,I went to the bank to ask advice about what we could do,we had NOTHING,no clothes,shoes or food.I had very little money and had nowhere to live until the house was rebuilt.I went into the bank,spoke to a lady who told me the only option was a loan,I didn't want this,just an overdraft extention,she scared me into how much money I would need in the following few months,so she persuaded me to take out 35K loan,she also unknown to me upped my overdraft to 6.5K,upped my credit card limit to 19K and my husbands also.
Over the next few months,we realised she was right,we NEEDED this money,we had to rent a house with deposits and rent up front,the insurance company were VERY slow in any payments and we got 4K back,nothing compared to the expense.
I AM NOT paying this back through guilt of the debt,I DO NOT feel guilty,I am VERY ANGRY that life has fired this terrible blow to us,but it has so we have to get on with it.
As already said in this thread,there are many reasons for debt.If people choose the bankruptcy route then it normally is the last resort,they will lose pretty much everything along with their dignity,I don't see it as the quick fix,and I don't think it should impact their life for many years,as long as they have learned through the experience,they should be able to live again.
BTW,I have not/will not choose the bankruptcy route!

livinginhope

going2die_rich wrote:

I think it just shows poor character if you don't live within your means and do just live the lifestyle of "I'll put it on the card and pay tomorrow".

Let's hope one day you don't find yourself jobless,homeless and starving with a credit card in your hand!
It's not always a case of not living within your means.

going2die_rich

mlmoneysaver wrote:

Talking of recouping losses, a similar example could be downloading 'free' music off the net, then being surprised when the music companies charge more for CDs etc.

I saw a discussion on here earlier today that was relevant to this...

I don't blame CD companies for moarning on or charging more to recoup costs, they should do more to protect themselves by all means. Same way banks can take away everything you own if you don't keep up payments, which is THEIR RIGHT!

If you are caught for piracy you pay the price in terms of fines or prision, just like if you can't keep up bank repayments you pay the price. But giving bankruptcy as an escape route is wrong, at least in it's current form of only lasting a few years. It should be decade or two. Wiping out debts of thousands of pounds and only punishing the person for 3 to 5 years?

going2die_rich

livinginhope wrote:

As already said in this thread,there are many reasons for debt.If people choose the bankruptcy route then it normally is the last resort,they will lose pretty much everything along with their dignity,I don't see it as the quick fix,and I don't think it should impact their life for many years,as long as they have learned through the experience,they should be able to live again.
BTW,I have not/will not choose the bankruptcy route!

But those that lose money from you claiming bankruptcy should surely be given some sort of pound of flesh in that this will hang over you for years to come and not just last 3 years? They after all lost money and if after 3 years or so you are back to everyday life will it really deter others from worrying about borrowing too much?

livinginhope

going2die_rich wrote:

But those that lose money from you claiming bankruptcy should surely be given some sort of pound of flesh in that this will hang over you for years to come and not just last 3 years? They after all lost money and if after 3 years or so you are back to everyday life will it really deter others from worrying about borrowing too much?

As said,but you obviously didn't read it properly,I AM NOT REPEAT NOT GOING BANKRUPT,I am repaying the debts over 58 years.

Zulu_Dawn

going2die_rich wrote:

I personnally would blame the junkies as everyone knows the effects of drugs, so you know from the first time you take it, no excuses. It just shows you are stupid and with stupidity like that you were bound to end up in some gutter unless you were put in a padded cell for the rest of your life.

Even a 10 year old knows nothings for free, so why would an 18+ year old think banks are giving away free money?

I think it just shows poor character if you don't live within your means and do just live the lifestyle of "I'll put it on the card and pay tomorrow".

So to clarify Mr going2die_rich, if you came across a bunch of "stupid", "gutter bound" junkies, and you had a bit of crack about your person, would you see this as a business opportunity?

I'm sure you could make a few quid from the poor pathetic losers.


ZD

PS you don't spell personally with two n's.;)

going2die_rich

mlmoneysaver wrote:

Well it seems you don't 'buy' downloadable music as well.

http://forums.moneysavingexpert.com/showpost.html?p=3241300&postcount=15

But on the bankruptcy thing, I don't expect it seems like an easy way out for the people doing it. It is annoying if it's used as an easy escape route after leading a lavish OTT life but most of the reasons I've seen on this site seem to be due to people getting into unexpected problems (normally big problems).

Didn't say I did "buy" any sort of music

But the people on here are the one's trying to fix things therefore are more like to be due to circumstance than poor financial decisions. The one's that do it by living beyond their means are probably waiting for it to reach 5pm so that they can go and spend more money they can't afford.

I just think wiping the amounts of £20k to even hundreds of thousdands off for a 3 or 5 year punishment is far too leiant.

It should at least last the decade forcing them to change their lifestyles and face punishment through such restrictions as having no credit. Forcing them to use Debit Cards instead therefore only spending what they have.

livinginhope

going2die_rich wrote:

It should at least last the decade forcing them to change their lifestyles and face punishment through such restrictions as having no credit. Forcing them to use Debit Cards instead therefore only spending what they have.

I would like to tell you the story of my father,he was a multi millionaire,he was screwed by a partner who fiddled the VAT,my father was forced to go bankrupt,the partner has vanished off the face of the earth.When he was discharged from bankruptcy,he started his business again,he is now a millionaire again,he HAS REPAID ALL the debt from before the bankruptcy and his partners :eek: so he could start with a clean slate,if he had had to wait 10 years to be discharged he would have been too old to have got his life back on track and secure a future for himself and my mother,not me as I don't get a penny from them

going2die_rich

livinginhope wrote:

Let's hope one day you don't find yourself jobless,homeless and starving with a credit card in your hand!
It's not always a case of not living within your means.

I hardly meant people living hand to mouth. I actually mean many students who decide to buy everything with their student loans such as Ipods flash clothes, drinking every weekened etc, and then have to really on credit to pay for living costs. Then wonder why they come out of university with so much debt.

I also mean parents that instead of thinking of the families wellfare, buy expensive xmas presents buy putting them on their cc even though they will struggle to pay it off come January.

Along with many younger people 20-35 who take a holiday each year yet struggle to pay off their credit card each month.

Yes some are due to circumstances beyond what they could see, but many aren't. Surely you save then buy. Never buy and then pay it off over a few months as that leaves you vunerable. A decade ago credit cards were for emergency's only, now it's turning into a daily activity to swipe them as many times as you can.

livinginhope

Thanks for making your thoughts clearer going2die_rich,I think I now understand what point you were making ,but it did come across as a sweeping generalisation.