At what point would you throw the towel in ?

earwig

ilovegreatdanes wrote: »

earwig-
i dont believe anyone on this thread was referring to a case like your.the op was saying about the guy they konow who deliberately went for br after racking up as many debts as he could.everyone has to search themselves for their own answer.i admire anyone who deals with their debts and learn the hard way how to survive,whether they choose br or iva or dmp for many years.it is a personal choice after much sole searching and either of the 3 options takes as much dealing with.i for one, would never dis someone who chooses the br route as any of the 3 options takes great courage and it depends on your personal circumstances.
however,i can understand what the op meant whem they were angry about the misuse of br in the case they had quoted.i think far too often people are too quick to judge without knowing all the facts.

i know thankyou but it just makes me mad that people say such silly things with out beening in the situation them selfs the thing is for most of us there is no choice even our judge said somtimes you just have to know when to throw in the towle and walk away its not as easy as some people think

ZTD

I think this may be germane to the discussion.

wherediditallgo

ZTD wrote: »

I think this may be germane to the discussion.

I bet I'm not the only one who doesn't realise that whole sentence is a link. At first I just thought you'd changed the colour of the text, so I kept reading it & wondering "WHAT is germane to the discussion?" Only after ye olde cursor happened to hover over the sentence did I realise it leads to an interesting article.

southernscouser

I would post something but I remember what happened last time! :rolleyes:

:rotfl:

GirlRacer_2

southernscouser wrote: »

I would post something but I remember what happened last time! :rolleyes:

:rotfl:

Yes SS I think it best you keep your mouth shut or your harem of women will be sending search parties out for you again :rotfl:

Toto

go on i dare you;)

beanielou

tomterm8 wrote: »

I can understand how bankruptcy can happen once or even twice... s*it happens, and all that. But how can bankruptcy happen a third time? It takes six years after bankruptcy to build up a decent credit record, and you'd think they would be wary about credit after their second bankruptcy.

Is it due to drink / drugs / gambling addiction?

In most cases not.
just due to spending a lot more than income & knowing that they can go bankrupt again.

earwig

southernscouser wrote: »

I would post something but I remember what happened last time! :rolleyes:

:rotfl:

yeah so do i

mrsspendalot

When we were at our highest debt point a few years ago I did do some reading up on bankruptcy, as we had no assets and therefore nothing to lose really. However, we decided not to as we would have had to make payments anyway probably based on the income at the time, and also we do want a mortgage eventually as we are only mid twenties now. We decided it was better in the long term to suffer in the short term and pay it off, and we are getting there!

However, my in laws went bankrupt in 2004. It really was their only option to be honest. My MIL had been on incapacity benefit and DLA for years with ill health, they had no assets and a really low income. The stress of bailiffs calling, debt collectors calling and letters and CCJs was too much for them to handle with the poor health too. The minute they left the court they seemed so relieved as the burden had been lifted. I was really pleased for them.

BUT ......

Then I was quite cross because they then let slip that they had not declared a doorstep loan company to the court so they could keep them on for Xmas money etc. So, they borrowed more within a month of going bankrupt to be able to have computers, mobiles, jewellery etc. for Xmas. We couldn't quite believe it. So now, coming up 3 years later, they are back in debt and struggling to repay it, and I now have little sympathy for them.

tomterm8

mrsspendalot wrote: »

Then I was quite cross because they then let slip that they had not declared a doorstep loan company to the court so they could keep them on for Xmas money etc.

YEACH! They could go to jail for that:eek:

BTW, I find ZTD's article very disturbing, given where we are in the economic cycle, and the danger of the buy-to-let market collapse I see in the near future...