At what point would you throw the towel in ?

Snaggles

ZTD wrote: »

Do you? Never knew that...

Didn't you? I don't talk about it much, but only for the reason that it's work, and I don't like to bore people by going on about my job all the time (I already do that with all the talk of babies :rolleyes: ).

It's quite an interesting job although it can be quite challenging and stressful, as you are making judgements about relatively large sums of money, and being torn between the need to make good commercial decisions which make money for the bank, whilst at the same time not wanting to expose the bank to unnecessary risk. And if the debt goes bad, you are, to some extent, held accountable for it (they wouldn't take it out of my salary , but a very bad decision would certainly hold back my career considerably).

Snaggles

Storm wrote: »

p.s. if anyone from the BR board looks over here, please don't think we're talking about you guys personally, rather those that abuse the system

Yes, agree with this 100% - the vast majority of those on the bankruptcy board do NOT fall into this category at all.

ZTD

Skint_Catt wrote: »

Interest rates are predicted to rise next month - I think they might keep going for a bit!

They'll go up until there is a recession, then there will be pressure for them to drop like a stone.

Whichever way, the BoE will cop the blame, and the treasury, who are printing money at twice the target inflation rate will deny all responsibility.

ZTD

Snaggles wrote: »

And if the debt goes bad, you are, to some extent, held accountable for it (they wouldn't take it out of my salary

But you'd be doing the washing up for a while...

chevalier

I have never 'got' the need people have to get loads of new things on credit . This is not a dig at anyone I hasten to add. But I go by the 'my trousers have worn out so I will buy another pair' philosophy rather than ' my trousers are 6 months old so I will get another pair'. Same with appliances etc. My OH keeps on talking about upgrading my computer. WHY? It works fine, it suits me, does what I want it to. Why do I need another one? Especially as it seems every time I upgrade, I can't play a favourite computer game any more.

So I guess if things are going to go bad, we will be ok, because we are cutting back already. I just hate to think what will happen to all the people who have debts they are servicing happily now, but who won't be if interest rates go up another couple of percent:eek:

Nice to know we are doing the right thing!
chev

Sassers

deliciosa wrote: »

Never. Even if I had to starve, I would never, ever throw the towel in. My dignity is worth more.

:T Me too Deliciosa. And it's a bleedin' hard slog at times isn't it?:rolleyes:
I am in two minds about having my debt.

I'm not ashamed to have it, I'm proud to have helped two people who are my most loved nearest and dearest (see below) but I can't help feeling really scared at the amount I'll be repaying sometimes. It feels like forever!;) :rolleyes: :eek:


Love Sassers xx

(And please don't think I'm a martyr to my debt situation either, before peeps get angry!!
My getting into debt saved my mum and O/H from losing their homes when they lost their jobs through redundancy and illness)

Snaggles

Sassers, what a lovely thing you have done - I hope I would do the same in those circumstances too.

skylight

We faced bankruptcy last year and although we submitted the forms online, never actually had the nerve to go through with it. (Coward that I am as opposed to how I thought people would think of me) Now with a new baby - this equals a small rise in tax credits, plus OH getting a pay rise, has meant that including all CTC and CB, our total income is about £25k a year.

We may have 5 kids in the house, but extra income means we can now start to pay back what we owe - and we are!

However, if OH were to come home tonight and told me he had lost his job, we would be down the courts tomorrow. No questions asked.

Interest rises would not worry me - all debts are with DCA's and all that goes with it (defaults etc), but it does mean all interest has stopped, therefore does not affect me. (Would be pleased on the basis of our meagre savings though!)

Bestthingsinlifearefree

I think as long as you deal with your debts in a lawful manner whether it is paying them back, IVA, bankruptcy or anything else that is all that matters.

If the law allows you legally to take a particular option it is your right to take it.

If people don't like it, they should blame the law makers not the people i.e you or others who exercise their legal right.

beanielou

I work in a CAB & have for longer than I remember & we sometimes have clients who are going through bankrupcy for the second or third time.
Sometimes that makes me a wee bit cross.I do try very hard not to be judgemental though as thats not my role.