Bus Pass Decline for Bankrupts

MikeJO

alastairq wrote: »

Sadly displaying a complete lack of comprehension about what a bankruptcy petition is, and does.

Quote in his signature is appropriate....

"Any more posts you want to make on something you obviously know very little about?"

philnicandevan

MikeJO wrote: »

Quote in his signature is appropriate....

"Any more posts you want to make on something you obviously know very little about?"

Hmm I noticed that....shame is if I've heard the rubbish spouted so many times before....if I had a pound for every one wouldnt have needed to go BR in the 1st place :rotfl::rotfl:


(thank you fyp...she's been gone over 2yrs now still not the same without her)

Dimey

alastairq wrote: »

Sadly displaying a complete lack of comprehension about what a bankruptcy petition is, and does.

Yep. I have to admit I did post on something I know nothing about.

The OP said he was being screwed as a bankrupt. But my thinking was that a person goes bankrupt because they can't pay their debts. ie they owe people money.

So that's why I said about there being a contradiction.

Edit: -Why is that rubbish? Why would contradiction make you go into bankruptcy?

alastairq

Bankruptcy is a Court process whereby a person [or company] that is insolvent [ie, cannot meet their debts as they fall due]...hands over control of all their financial affairs to an Official Receiver [an officer appointed by the Court]. The Receiver then realises that person's assets for the benefit of creditors.

Oh dear OP. Contradiction here. - You don't get screwed for being a bankrupt. You did the screwing by becoming a bankrupt.

Creditors are dealt with equanimity...cannot be fairer than that?

Whether a creditor suffers financial loss or not will depend on the value of assets controlled by the Official Receiver...and how many other creditors are discovered.

In any event, if the debtor does not hold assets of significant value, the creditor still 'loses'..since there is nothing to repay with?

Regardless of whether there is a Bankruptcy petition or not.

What the Bankruptcy does do, is ensure whatever asset value does exist is used for the benefit of creditors.

Hardly one person 'screwing over' others....quite the contrary, really.

John1993_2

arcon5 wrote: »

Probably because travel for many is not a choice, it is a necessity - and frankly an expensive one!

So is eating, but no-one seems to expect Tesco to give potatoes on credit.

arcon5

John1993 wrote: »

So is eating, but no-one seems to expect Tesco to give potatoes on credit.

If Tesco give you credit then it's hardly like they can repossess the food. If the bus company do so, they can suspend your transport. Especially since you pay IN ADVANCE of receiving the service!

The two are simply not comparable. Especially since the poorer end of society can manage their food costs by choosing where they shop and what they eat whilst public transport is frankly overpriced and very limited in many areas of the country.

lazer

alastairq wrote: »

Bankruptcy is a Court process whereby a person [or company] that is insolvent [ie, cannot meet their debts as they fall due]...hands over control of all their financial affairs to an Official Receiver [an officer appointed by the Court]. The Receiver then realises that person's assets for the benefit of creditors.



Creditors are dealt with equanimity...cannot be fairer than that?

Whether a creditor suffers financial loss or not will depend on the value of assets controlled by the Official Receiver...and how many other creditors are discovered.

In any event, if the debtor does not hold assets of significant value, the creditor still 'loses'..since there is nothing to repay with?

Regardless of whether there is a Bankruptcy petition or not.

What the Bankruptcy does do, is ensure whatever asset value does exist is used for the benefit of creditors.

Hardly one person 'screwing over' others....quite the contrary, really.

Of course you are screwing people over - of you lend someone £1000 due to be paid back at £10 a month for 100 months (or more if you want interest), and after 5 months they are in the position that they can't pay you or their other creditors back - but whatever they do have and whatever payments they do make in the next year will be divided among their creditors, so instead of £10 a month - you get £1 - so you get £50 plus 95 months at £1 (or a settlement of a simialar low value) -would you not think you have been screwed out of your other £855??

The fact that they can't pysically pay you (possibly through no fault of their own) doesn't change the fact that they have screwed you over.

BR is a necessary process and has its place but don't think that by going BR you are being fair, it is not fair on your creditors who lend you money in good faith. I recognise that it is not an easy step for many to take, and that it brings a lot of difficulties for the BR, but it is not stress free for the creditors either as at the end of day they do lose money.

alastairq

The fact that they can't physically pay you (possibly through no fault of their own) doesn't change the fact that they have screwed you over.

Why so? You take that chance when money [or services in lieu] are lent out.

At least, with Bankruptcy, it allows creditors to have a share of assets realised by the OR. Sometimes a creditor may suffer losses..that is a chance all creditors take when lending.....but, as often again the creditors receive full remuneration.

Money isn't lent out in good faith..it is a calculated risk.

Without BAnkruptcy, the alternative for creditors is probably even more stressful...as the Courts [if the debtor handles them correctly] will not offer anything like the return over a short time that BR can.

lazer

alastairq wrote: »

Why so? You take that chance when money [or services in lieu] are lent out.

At least, with Bankruptcy, it allows creditors to have a share of assets realised by the OR. Sometimes a creditor may suffer losses..that is a chance all creditors take when lending.....but, as often again the creditors receive full remuneration.

Money isn't lent out in good faith..it is a calculated risk.

Without BAnkruptcy, the alternative for creditors is probably even more stressful...as the Courts [if the debtor handles them correctly] will not offer anything like the return over a short time that BR can.

That depends on who is lending money - if you get some building work done, with payment on completion but then go BR and don't pay - do you not think that builder has done the work in good faith?

It is not only the large financial corporations - banks, credit cards etc that lose money when a customer goes bankrupt - it can also be smaller organisations.

Bankruptcy is a necessary evil and for some it is the only option, but that does not mean that people don't lose out becasue someone goes BR - the creditors do lose out, and its not just the creditors that lose out, it is the other customers too as the bad debts have to covered someone - which results in increase costs or increased interest for customers.

Dimey

emmarbos wrote: »

>>>>

Due to my bankruptcy I had a letter declining my bus pass because of credit score!!!! That is just ludacris!!!!

I believe gas, electric and water are the same, quarterly bills. So you would loose your direct debit discount!!! Basically you get screwed left right and centre for being bankrupt. When all you want to do is get back on track and start being responsible with money again!!!!!

Fuming.com

OK I can see that there is a world of difference in the way some people think about bankruptcy.

So the view from the people who said I spoke rubbish is that it's fair to complain about a bus company not allowing credit to a bankrupt person and this is viewed as the bus company unfairly screwing the poor bankrupt person.

The view is that its perfectly normal and OK to owe people money and not pay it back then have to go bankrupt to either never pay it back or work a plan to gradually pay back.

Consequently it was unfair of me to say that the bankrupt person was contradicting himself. He hasn't done anything as bad as the bus company.

OK I get the message.