Been advised to take bankruptcy as 'the golden opportunity'

wherediditallgo

savagevixen wrote: »

Sorry but the tone of that post really annoyed me. If a judge declares BR they will have considered the evidence and discuss it with the person petitioning. If it looks like the debtor can repay they will question the decision to go bankrupt.

Exactly, & they'll do that whether the amount is £10k or £10m. Chris Eubank went bankrupt last year, & he had millions at one point.

I have health issues to take into account & may have to give up work in a few years. Why should I increase the likelihood of that by giving myself additional stress, when I can't pay the debts now & know I definitely won't be able to pay them once I'm no longer working? I've struggled for years - yes, I've made some bad decisions, but I don't see why I should carry the weight of those for the rest of my life. If I didn't have a sort of payment plan in place (&, believe me, I've tried to reason with my creditors), I'd be paying off my debts for at least 12 years - if I give up work in say 3-5 years, the only things that will be different are that I'll be bankrupt at that point instead of now, & I won't have any earning power either.

Going bankrupt now takes that extra pressure off me. For all I know, the difference losing that pressure makes may mean I end up being able to work for a normal lifespan, instead of living on state benefits. :j The worst case scenario for me is that the judge imposes an IPA - even if he does that, I'll be free of my debts in 3 years, rather than at least 12. When I look at it like that, it seems a nonsense for me to do anything else but go bankrupt.

I totally agree that bankruptcy isn't something to take lightly. It does have repercussions on your life, & maybe if someone made cutbacks in other areas they could manage to deal with their debts another way. However, I'd like to think that by the time most people consider bankruptcy, they've already done a lot of that. I probably wouldn't go bankrupt for £10k, but that's me in my situation. I certainly wouldn't ever call someone "mad" for thinking it was the right decision for them, in their circumstances.

savagevixen

Our DMP suggested was 34 years!!!

wherediditallgo

I've seen posts on the DFW part of this forum where some people who haven't gone for bankruptcy will be in debt for another 50 years. :eek:

NekoZombie

wherediditallgo wrote: »

I've seen posts on the DFW part of this forum where some people who haven't gone for bankruptcy will be in debt for another 50 years. :eek:

I always wonder in those situations what's keeping them from going bankrupt? 50 years on a DMP is clearly a debt that has spiralled waaaaay out of control. I think in some cases its a matter of pride: 'I spent the money; I'll damn well pay it back even if it, literally, kills me.' I really admire people who make such choices; I have come across some who owe far more than I do and have gone the DMP route. My repayment terms were 10 years, and I think life has to be worth so much more than that. Sometimes, its best to know when to let go.

NekoZombie

NekoZombie wrote: »

I always wonder in those situations what's keeping them from going bankrupt? 50 years on a DMP is clearly a debt that has spiralled waaaaay out of control. I think in some cases its a matter of pride: 'I spent the money; I'll damn well pay it back even if it, literally, kills me.' I really admire people who make such choices; I have come across some who owe far more than I do and have gone the DMP route. My repayment terms were 10 years, and I think life has to be worth so much more than that. Sometimes, its best to know when to let go.

As long as you let go and learn your lesson, of course.

tight_jock

NekoZombie wrote: »

Sometimes, its best to know when to let go.

You have just made my point for me. Thanks. :beer:

Richard_S

NekoZombie wrote: »

I always wonder in those situations what's keeping them from going bankrupt? 50 years on a DMP is clearly a debt that has spiralled waaaaay out of control. I think in some cases its a matter of pride: 'I spent the money; I'll damn well pay it back even if it, literally, kills me.' I really admire people who make such choices; I have come across some who owe far more than I do and have gone the DMP route. My repayment terms were 10 years, and I think life has to be worth so much more than that. Sometimes, its best to know when to let go.

Hi Neko

I admire people who are determined to repay what they've borrowed but when that negatively impacts on relationships and children's upbringing then I think it's a seriously misplaced commitment. A bank's cost of capital is 5-6% and it loans money out on credit cards at 15-25%, they charge the merchants 2-3% for every transaction that goes through a card terminal and £300-£500 p.a for the use of the terminal. It's a little difficult for me to have too much sympathy for them.

Bad debts are all a part of doing business and you can be certain that the banks and other financial institutions will have factored that into their business plans. Look how quickly all the banks had collection procedures and debt collectors in place when personal debt problems started to spiral out of control a year or so ago.

The most significant difference between us and an ape is that conscious thought process that allows us a higher level of thinking, but what a price we pay in terms of a "guilty conscience". Would an ape feel guilty about borrowing a banana from another ape and not being able to repay it, er probably not.

Rich

NekoZombie

Richard_S wrote: »

Hi Neko

I admire people who are determined to repay what they've borrowed but when that negatively impacts on relationships and children's upbringing then I think it's a seriously misplaced commitment. A bank's cost of capital is 5-6% and it loans money out on credit cards at 15-25%, they charge the merchants 2-3% for every transaction that goes through a card terminal and £300-£500 p.a for the use of the terminal. It's a little difficult for me to have too much sympathy for them.

Bad debts are all a part of doing business and you can be certain that the banks and other financial institutions will have factored that into their business plans. Look how quickly all the banks had collection procedures and debt collectors in place when personal debt problems started to spiral out of control a year or so ago.

The most significant difference between us and an ape is that conscious thought process that allows us a higher level of thinking, but what a price we pay in terms of a "guilty conscience". Would an ape feel guilty about borrowing a banana from another ape and not being able to repay it, er probably not.

Rich

Rich

absolutely right. I'm certain in most cases, they will have been advised to go BR but can't deal with the idea of it, hence a DMP for the rest of their lives. As you suggest, its probably not the wisest choice, but we all have to do what we think is best. Some people will avoid bankruptcy at all costs.

I would like to point out that the ape that stole the banana would probably be beaten severely, unless it was the groups leader, in which case it can steal as many bananas as it likes.

Richard_S

NekoZombie wrote: »

Rich

absolutely right. I'm certain in most cases, they will have been advised to go BR but can't deal with the idea of it, hence a DMP for the rest of their lives. As you suggest, its probably not the wisest choice, but we all have to do what we think is best. Some people will avoid bankruptcy at all costs.

I would like to point out that the ape that stole the banana would probably be beaten severely, unless it was the groups leader, in which case it can steal as many bananas as it likes.

Thanks for that Neko,

If I ever find myself covered in hair, swinging from trees and lose my conscience I'll be certain to make sure I'm the leader :j

Hmmm, just thinking about it, all I need is to grow some hair and I think I'm already there :wave:

Rich

Bakeybadoo

NekoZombie wrote: »

I always wonder in those situations what's keeping them from going bankrupt? 50 years on a DMP is clearly a debt that has spiralled waaaaay out of control. I think in some cases its a matter of pride: 'I spent the money; I'll damn well pay it back even if it, literally, kills me.' I really admire people who make such choices; I have come across some who owe far more than I do and have gone the DMP route. My repayment terms were 10 years, and I think life has to be worth so much more than that. Sometimes, its best to know when to let go.

Amen to that.

Very well put.