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What do people think of this....thoughts, opinions please..
Comments
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There is a moral side to it. If a person makes himself unemployed for the purpose of being unable to pay a debt, that is intentionally defrauding those who have loaned him money, and whom he has agreed to repay.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
deemy2004 wrote:And there is a chance if not there and then, but maybe sometime later on they cancel the whole debt, since you have tried your best to honour the agreement with them.
Tried your best by quitting your job so you can't pay them? Are we talking the same language here? He has, after expenses including the debt payments he is making, over £1K a month for going out, etc. He probably doesn't, he undoubtedly has other expenses he wasn't thinking of when he posted that, but there is a LOT of money here towards reducing that debt, with some self-discipline.
To "do his best" is clearly to tighten his belt for a couple of years and pay the debt as quickly as possible, not to look for an easy out.
There is more than the financial side of this, as well. He's a recovering addict. Everyone knows that recovering addicts need to do all they can to undo the damage they have done with their addiction, NOT run away from it. And he has set out to do it, and is finding it hard, but he CAN do it. And that is a vital part of recovery.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
DeemyIts better to take control of the debt rather than the creditor push you down their preferred route.
If someone is in debt and with no assets and no income, then you have the advantage and can literally dictate terms, once done dusted and agread, then you can get back to work
I agree entirely. But this is not the position of the OP (DonMonster)Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Donmonster,
I really don't understand why its going to take you so long to pay it all back.
Firstly as been said yiou need to cut back on the spending.
No canteen meals make sandwiches yourself
Get rid of the mobile or change tariff (you can get 12months 200 min x network calls for £15 a month from dialaphone and there is no way you need more than 200 minutes!)
scrap the gym... waste of money - try more general exercise (walking, jogging etc and consdier purchaing a second hand excercise bike or multi gym from the local paper!)
Holidays - You can gety a decent holiday for a couple for £300 pounds so there is no way you need £1000 for this.
Football - why pay £40 a week????? join an sunday league team and play for free, also consider an arrangement with a local school to use their facilities with your mates (we used to hire the school pitch or sports hall for £15 for an hour ... split between a dozen people its peanuts).
Restrict yourself to say £150 a month for spending money (including clothes, entertainment etc)
There is no point saving when you have debts.
Now on those figures you should have nearly £1100 a month on top of the amount you are already paying to clear the debts. So you would be clear inside 3 years.
Sorry but you have to face your responsibilities and pay back what you owe before "enjoying yourself"
Also the bike - if its for commuting then get a 125 or 250 as they are far more ecconomical, ok not fun but practical....
The amount you have left over after the "essentials" is far more than many of the people on this board who have "problems" earn in the first place.... really I think you need a reality check and re-examine what you really need to spend money on and what you don't. You will suffer for 2 or 3 years but then think how much you will have to spend once its all paid back.0 -
Firstly, the guy want's help-let's not bicker!
Ok...my 1st tip is go to http://www.debtquestions.co.uk/forum/index.php3
, post on there asking for advice. The guy who runs it is an insolvency/debt expert-he REALLY knows his stuff.
My other 1/2 recently went bankrupt-1/2 an hour in Court (did not even have to see a judge) then a 2 hour interview 2 weeks later with someone from the official receiver-job done. £18k in debts wiped off. With the new enterprise act insolvency laws most people are automatically discharged after JUST ONE YEAR. In practice, most are discharged after just 6 months!
Downside is that your credit rating is knackered for 6 years-but if you already have somewhere to live so what!
Now I'm not a legal expert BUT after looking in to this for my other 1/2 & reading many, many posts on that web-site I think you'll find if you mention at the meeting you had problems in the past you'll be fine. Again the expert on the site will tell you. They have no need to contact your employer or your landlord.
The best thing to happen is if your Outgoings exceed your income then NO order of payment monthly by you to them (to pay your creditors) is made. This is not anywhere as bad as it sounds as loads of things can be put down on your outgoings quite legitimately (again we got this information from that site) & the allowences are quite generous in my opinion (can pm these to you if needed). If you have an excess after ALL your essential outgoings then 50-60% will go to your creditors & you'll carry on with this for 3 years-where as if you have NO surplus income then you'll be clear in 6 months to 1 year-although it stays on file for 6 years.
I really, really think you should look in to this. If you have no assets like a house, porshe (!) etcit's the way to go.
The releif from my other 1/2 was immense. 4 weeks on & NO phone calls/letters-the official receiver deals with all that! Do think about it & check out that site.0 -
But he has the means to pay off his debts. Its not as though his monthly debt repayments exceed his income, he has a fair chunk of available money each month to increase his debt repayments - but it looks as though he doesnt want to even try & take the easy way out, and advice like "go bankcrupt" really makes me sick - especially when you have someone who is 27, with a good wage, living a already comfortable lifestyle already.
If only I had a grand a month to spend on "me".!!!
How about you work a little harder, grow up & pay off the debt that you have so rightly run up, and be financially responsible.0 -
Ok....Understand your point of view....BUT if the debt is really worrying him & he want's to get rid of it without years of saving (even if it is only 3 years or so) & he's willing to take the consequnces (ie buggered credit file, etc which I would think is probably not that good anyway) then why not?
It's the best thing my other 1/2 did.....all gone now for about 2 1/2 hours in total time.
I'm guessing you're referring to your own circumstances when it makes you angry-but remember we're talking about the original poster!
I'd say it's a good option for him & he should seek advice on it.0 -
I know we are talking about the original poster. And yes he is in a lot of debt, but he is 27, a good wage, still living the high life from the sounds of it - its not as though he cant afford to pay back the debt or that its the only way out.
""BUT if the debt is really worrying him & he want's to get rid of it without years of saving (even if it is only 3 years or so) & he's willing to take the consequnces (ie buggered credit file, etc which I would think is probably not that good anyway) then why not?""
I read that as "But if the debt is worrying him & he wants to get rid of it without AFFECTING HIS CURRENT LIFESTYLE........"
Through paying off my debt I have learnt a valuable lesson, I know the value of money now, I know how to budget, I know how to live below my means & I know that material things dont matter in the scheme of things - how does banckrupcy teach you any of these things. I suspect that if the poster does go banckrupt that he will run up another debt again in the future, because he still will not understand the importance of money & the value. And if he doesnt get his gambling problem sorted out, it WILL continue to happen.
Just my 2p's worth!!!0 -
Ms_London
It's a difficult one. I fully understand and personally agree with what you say. But if a Board is to do it's job, I think we have to cover the pros & cons of each option.
We also need to bear in mind that we can't make moral decisions for the OP. He has a conscience and so must do whatever he feels is acceptable.
CheersWarning ..... I'm a peri-menopausal axe-wielding maniac0 -
Folks thanks for all these replies and opinions - I am at work at the moment but will take the time to read through them all properly and reply. Thank you all for all the advice and opinions it is great to talk about this and have other peoples advice.
Regards
Donmonster0
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