Bankrupt for less than 5 Months - Discharged

Richard_S

barnaby-bear wrote:

And loads of those shareholders will be pension funds, so the cost gets passed on to some old boy, who scrimped for his pension and fought in the war.

Very emotive analysis barnaby,

Given that an 18yr old soldier in 1945 would have retired in the early 1990's then todays stock market returns are not going to affect his pension, and don't forget private pensions linked to the stock market didn't really take off until the late seventies / early eighties.

As for other pension fund holders then the concept of a diversified portfolio should ensure that decreasing returns in one sector are offset by increasing returns in another.

Toto

If bankruptcy were the easy route then EVERYONE would be doing it, but they're not. Most people struggle for years to try to pay back the debt before they find they have no choice but to declare bankrupt. Even people such as Mike who I remember from his very first post on this forum, came here with a failed business through no fault of his own, but he still came here looking to find a way to pay, in the end after much soul searching and a whole lot of pain he resigned himself to the inevitable.

I am so sick and tired of hearing the 'I'm alright Jacks' bleating on about the poor lenders and shareholders who are having their crumbs stolen off their table by this mass of lazy immoral bankrupts. You forget, the banks do !!!!!! all to help people when they find themselves in difficulty, in fact, the banks make things a thousand times worse by loading bank charges and interest to the point where there is no viable way out, they see there is potential for more profit and they grab it. How often has anyone had a bank call them and offer assistance? At best the banks will offer further lending at a higher interest rate, compounding the problem further. I have very little sympathy with them to be honest.

I’m not bankrupt and I don’t have a failed business but I did have to sell every last thing I owned to get my business and my personal finances healthy. I have the utmost respect and empathy with the likes of Mike, Richard and Rog, I know how damned hard it is to sustain a business and keep yourself afloat, I almost went down with them, despite having a thriving growing company.

I have found there will always be people who love these bankruptcy threads, they love to puff up their chests and blow a lot of hot air about how awful it is for them, the innocent victims who suffer rising interest rates and reduced availability of borrowing because of the bankrupts. Who cares, only the people who have ever really been in the situation can really understand the full impact, the rest have little room for comment.

Sisyphus

scootw1 wrote:

But what I'm saying is that the costs increase for people to maintain the CC companies profits. The cost would not go up for everyone else because of risk from other customers who are paying their bills.

Yes, but to maintain those profits they charge a higher rate to all their customers if the overall risk has increased. Can you negotiate an individual overdraft rate with your bank? or do you get the same rate as everyone else?
If more customers default, they will charge you more for your overdraft.

scootw1

Sisyphus wrote:

Yes, but to maintain those profits they charge a higher rate to all their customers if the overall risk has increased. Can you negotiate an individual overdraft rate with your bank? or do you get the same rate as everyone else?
If more customers default, they will charge you more for your overdraft.

What's the risk? that they will start losing money and their fat cat bosses won't get any fatter. But you are right with the rest.

Sisyphus

scootw1 wrote:

What's the risk? that they will start losing money and their fat cat bosses won't get any fatter. But you are right with the rest.

agreed, but they expect to get paid more for the risk. There is no emotion on their part.

Richard_S

Toto wrote:

If bankruptcy were the easy route then EVERYONE would be doing it, but they're not. Most people struggle for years to try to pay back the debt before they find they have no choice but to declare bankrupt. Even people such as Mike who I remember from his very first post on this forum, came here with a failed business through no fault of his own, but he still came here looking to find a way to pay, in the end after much soul searching and a whole lot of pain he resigned himself to the inevitable.

I am so sick and tired of hearing the 'I'm alright Jacks' bleating on about the poor lenders and shareholders who are having their crumbs stolen off their table by this mass of lazy immoral bankrupts. You forget, the banks do !!!!!! all to help people when they find themselves in difficulty, in fact, the banks make things a thousand times worse by loading bank charges and interest to the point where there is no viable way out, they see there is potential for more profit and they grab it. How often has anyone had a bank call them and offer assistance? At best the banks will offer further lending at a higher interest rate, compounding the problem further. I have very little sympathy with them or to be honest.

I’m not bankrupt and I don’t have a failed business but I did have to sell every last thing I owned to get my business and my personal finances healthy. I have the utmost respect and empathy with the likes of Mike, Richard and Rog, I know how damned hard it is to sustain a business and keep yourself afloat, I almost went down with them, despite having a thriving growing company.

I have found there will always be people who love these bankruptcy threads, they love to puff up their chests and blow a lot of hot air about how awful it is for them, the innocent victims who suffer rising interest rates and reduced availability of borrowing because of the bankrupts. Who cares, only the people who have ever really been in the situation can really understand the full impact, the rest have little room for comment.

Toto,

That was a superb, excellent post.

We had a really successful business in the eighties that suffered horrendously with the increase in interest rates towards the end of the decade and we only just avoided going under then. We had to sell houses, investments and work 80+hour weeks to struggle through, but we did it and moved on again.

This time we fully expected to follow a similar course but some self centred, arrogant p***k thought he was going to show how ruthless he / they could be. We'd got agreement from almost 95% by value of our creditors to our proposal and made a very generous offer on the morning of our bky hearing to the petitioner - all to no avail.

Nobody will get a penny now - oh the irony of it all.

Richard

barnaby-bear

Richard_S wrote:

Very emotive analysis barnaby,

Given that an 18yr old soldier in 1945 would have retired in the early 1990's then todays stock market returns are not going to affect his pension, and don't forget private pensions linked to the stock market didn't really take off until the late seventies / early eighties.

As for other pension fund holders then the concept of a diversified portfolio should ensure that decreasing returns in one sector are offset by increasing returns in another.

But that's the point, ordinary people are affected even if they aren't shareholders themselves but have a pension, likewise governments don't have money to spend only our money taken by tax.... it's all the money going round, you spun it as a faceless corporation taking a loss, I spun it back as deliberately sappy emotive, I could say but if the banks make less profit they'll give less interest on the deposit savings of a FTBer couple with their baby crammed living at home with the parents.... whose prospective mortgage rate just went up because of the increased risk....

backtomum

Sisyphus wrote:

I was in debt for years. I paid off every penny + interest + charges. Why did I bother?

I agree as I did the same - the whole family suffered and for what. Doesn't anyone have any decency or shame about being declared bankrupt anymore.

James240

can i refer you all to this please http://forums.moneysavingexpert.com/announcement.html?f=76

scootw1

backtomum wrote:

I agree as I did the same - the whole family suffered and for what. Doesn't anyone have any decency or shame about being declared bankrupt anymore.

Please refer back to Mike's post:

because sometimes there is just no other way out.