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

going2die_rich

livinginhope wrote:

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

So for the sake of "one off's" like your father, we as a society should risk people who have claimed bankruptcy once already to be given back their credit to do try again?

I think you'll find not many people can make a million once, let alone twice. I also think you are selling your father short as if he can bounce back from bankruptcy and betrayal once, he could do it 7 years further down the line. Some people just have that talent. I think it shows a true sense of responsibility for someone to pay back something they've had wiped clean and therefore didn't have to pay it back. But I still believe even with the exceptional people like your father that the bankruptcy term needs to be longer as a deterant and also as a punishment.

PS:If I had been your father I'd have used my first lot of money in finding the partner so that he could help in repaying the debt by selling his organs on the black market

harrest

livinginhope wrote:

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

i find debt extremly worrying never owed a penny then divorse put 2 kids through collage before loans re married greedy husband thinks money grows on trees struggaling to pay every one but who cares its not ok to be pompas i never thought it would happen to me

Zulu_Dawn

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?

Perhaps we could burn the letter B into their foreheads, then everyone would know and we would literally have our pound of flesh.


OK sarcasm aside, I do sympathise with your opinion that for those people who set out to deliberately fleece the system, knowing that bankruptcy gives them a fresh start, the penalty may not be sufficient.

I think the reality is that that sort of behaviour is fraud and should be treated appropriately.

You are not able to put everyone in that boat and for those people for whom bankruptcy was a last option, I have nothing but sympathy.

My debts are huge. I am not going bankrupt and will pay it all back over the next fifteen years if I am physically able to do so. I am on a self-administered DMP and have had interest frozen for the time being. I also take total responsibility for my actions which led my into the place I am today.

It was incredibly easy for me to borrow way beyond my means and to gamble it all away. It could not have been made any easier if the representative of the bank had been standing next to me, passing over money (that any fool could see I could not afford to pay back) from a silver salver. I believe the banks have a duty to act responsibly and in my case they did not do that. I hope that when the banks and the government get burnt from overcommitting so many of us through the easy availability of credit (as they undoubtedly will) what will come about is a more mature, responsible and frankly decent approach to the lending of money by these institutions.

I have a similar view on the way in which the state has encouraged gambling but perhaps I should leave that for another time. I need to go back to my job to enable me to pay some more of these debts of mine.


Take care,

ZD

going2die_rich

Zulu Dawn, I just think that bankruptcy should be reformed. The debt should never be wiped but obviously you couldn't continue the huge interest payments on them so they just be put on hold. The debt then can be repaid slowly over time (even if it's just £10 a week till you die). That way each person bares a responsibility and is held accountable for their debt and you never just forget about the incident 5 years down the line as it's always at the back of your mind.

2 decades ago the only loan most people would ever take would be to buy their home or maybe a car. Now 20 years on people take loans just so that they can go on holiday! If it's turning like this so quickly how bad will it be in 10 years time?

Harsh enforcement now will curb future issues.

sillygirl_3

I would just like to point out that taking out an IVA is not 'walking away from it' as richardvc states. I am trying very hard to pay back my debt whilst keeping my home (complete with a big mortgage) and paying my bills by myself. I appreciate that I have got myself into this mess however i have faced this and am trying to sort it out, I guess i could always have tried for a council house and would then have been critcized for sponging off the state?!?

There is help available for all sorts of people but if you are trying to do the right thing ie. own a house, work full time etc there are not a lot of options.

richardvc

Going2die_rich you have possibly answered my dilemma.

If you look back to the original post my complaint is that I will repay all of my debt through sacrifices, hard work and dedication.

My rant is someone can behave irresponsibly with money, be declared bankrupt and then have it all wiped off with less consequences than my honest endeavour to actually pay back my debts.

Perhaps the law needs tightening to stop people borrowing too much and then writing it off to the detriment of everyone else and that they are held accountable for it even if it is just a token payment for 20 years etc etc

I still do not feel as though justice is being done.

going2die_rich

Zulu_Dawn wrote:

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.;)

Thank's for the spelling help, I can but hope that MSE doesn't introduce a spell checker on it's threads as it would put you out of your "spelling corretion business"

As for your question, I'd never touch drugs, I'll leave that to the scum of life.

When I grew up 7 to 17 I came from a very bad area, the sort where there was a police car every day on the street for some reason or other, but I still stayed away from drugs. If you can't say no then you can't just blame the person dealing, but you are also to blame.

So my next comments aren't from someone who wouldn't understand the drug problem because I was never around it. It was all around me but I was never stupid enough to even try it the once.

...Yes I would see a business opportunity - have these junkies cut up, organs removed and donated to someone who is more worthy of belonging in society

Zulu_Dawn

...and there I depart from thinking you are a sane man.

Oh and there are two c's in correction.

Beany982

Zulu Dawn, We are in a similar position in that I recently found out that my husband had run up some shocking gambling debts & things had become very bad without me knowing. I find it amazing that the credit card companies will allow a person to go over their limit by almost double when it is obvious where the money is going & this is what happened to my husband. People who don't understand addiction may see this as being reckless but unfotunately mu husband was scared of losing me & so kept going to try & get back what he had lost! Anyway, its been a struggle but he is now in a DMP with payplab and we aim to slowly & surely pay back the money over the next 8 years rather than go down the bankrupcy option becasue of our jobs and also the fact that this is money that we owe & we certainly intend, like you, to do our best & pay it back!!

going2die_rich

richardvc wrote:

Going2die_rich you have possibly answered my dilemma.

If you look back to the original post my complaint is that I will repay all of my debt through sacrifices, hard work and dedication.

My rant is someone can behave irresponsibly with money, be declared bankrupt and then have it all wiped off with less consequences than my honest endeavour to actually pay back my debts.

Perhaps the law needs tightening to stop people borrowing too much and then writing it off to the detriment of everyone else and that they are held accountable for it even if it is just a token payment for 20 years etc etc

I still do not feel as though justice is being done.

If the law has to be applied to stop you mistakes wont that just mean you make a mistake somewhere else where their aren't any laws to stop you making mistakes?

People say they don't want a nanny state, therefore people need to be responsible for their own actions and be held accountable in repaying the debts they owe. You borrow it you pay it back till you are in your grave if needs be.

The government isn't there to bring you up when your meant to be able to make your own decissions. Surely your parents should have brought you up with knowing the value of money.

Something to consider before handing out money to your children, grandchildren, nieces nephews, etc. - what sort of message does it give your children about money if its just handed out everytime you see them or want them to give you some piece and quiet?

It's much better to be brought up knowing how to spend AND SAVE money and to rely on themselves to make it and not just go to the bank for it (Mummy and Daddy). What they learn as children is what they take to adult life.