Bankruptcy advice for Student-to-be

savagevixen

debtmonkey1 wrote: »

Julie,

Hi-did the deed today. Please ignore savagevixens bit about 'living beyond your means'-as Martin has said on the sticky there is no judgement on here! I too was guilty of 'living beyond my means' when I was younger (I'm 41 now) & wished I'd gone BR before-years ago!

Get of your high horse.
I to lived way beyond my means, as most of us bankrupts have. It is a fact not a judgement. I am glad I went bankrupt at 31 (3 months ago) and find your tone offensive and slightly ridiculous.
I read it in a very straightforward way. Look at the SOA. The girl is in a lot of debt having 'lived beyond her means' (just like me) and is pulling herself out, yet relying on her parents to support her and bail her out.
As she currently pays little keep, and is repaying a loan to her mum at £108 per month, we can safely assume that they have bailed her out before.
I was suggesting she take stock and get back on track, before embarking on 3 years of no money (well very little) with only her parents for support (no savings/overdraft).
So read it all properly and don't be so condescending.

savagevixen

Anyway Skinto. Go bankrupt. It's fab, no more debts, fresh start. I've certainly no regrets. If your parents are happy to support you for 3 years and write off your debts then good luck to you.
With no house or assets, it's definately an excellent option that I would highly reccomend.
No more stress or worry. Debt free overnight and only the OR to answer to.

savagevixen

debtmonkey1 wrote: »

Julie,


I'm fairly new to the boards but IGNORE any judgemental posts. It's YOUR call what you do. I can quite easily put my hands up & say that I've taken out some credit in the past knowing that I'd struggle to pay it back &/or thinking I just would not bother to pay it back ( Iwas younger & dafter then!) BUT the reality gets you in the end-phone calls, people coming to your house, CCJ'S, etc & in the end my mental health (& a claim for £78000 on a house I had repo'd 18 years ago!) & well-being is more important so I went BR. There really is hardly any stigma to it these days-honest!

I most certainly was not judging her on spending the money in the first place or saying she had taken it knowing she couldn't pay it back, unlike your good self. I was saying that she clearly had and really should go bankrupt and get back on track. If you posted here often you would know that I had recently gone bankrupt. I never took money, not intending to pay it back, but we did unintentionally, live beyond our means.

And there is stigma whether you like it or not and it is not a very nice feeling. And it knocks you self esteem and facing a judge you feel pretty cr@ppy.

savagevixen

debtmonkey1 wrote: »

Julie,

-if say you are paying your parents £200 keep you could easily 'raise' this on the BR form to £350 & the Official receiver would not query it******-remember the aim is ON additional income or a negative-I beleive as well that you can have up to £90 disposable income & the OR is not interested until it goes OVER £90-again one of the experts on here will confirm/deny this).

Don't worry about the bit in the paper-how many sad gits scour the tiny 'court/bank' notices in the back of the paper??! It will only appear once though in the local rag.?? You'll be surprised.

You can get a basic bank a/c with web banking & electron visa from Co-Op -called cashminder-I'm doing mine tomorrow.

*****This is a lie. And if the OR does check her parents will have to lie. And the OR will query it, as if her total income is under £500 and she gives her parents £350 she will certainly not have enough for uni and most definately not enough for a car.
A person whose sole income is under £500 per month will no way get an IPA/IPO anyway. That is ridiculous.

Richard_S

Bloody hell Foxy,

I'm pleased you're not my mum :rolleyes: :rolleyes:

I get the feeling I might be sweeping chimneys to pay for my keep :rotfl: :rotfl:

You and Broken hearted are starting to sing from the same hymn sheet, :eek: :eek: and I do enjoy your posts B.H, that wasn't a dig :T

debtmonkey1

Hello all,

As said fairly new here.....did not read the OP'S original post thoroughly enough. Must be the 3 pints of extra strong cider I had to celebrate my BR yesterday (at 41 can not cope as well as I did!).

Just saw the 'living beyond means' bit & got a bit rattled.

Savagevixen-let's leave it there shall we? Original poster needs advice & i certainly don't want to put her/anyone else off posting.

tracy1_2

Skinto123 wrote: »

Hi there. I do hope someone can help me. I am a 27 year old office assistant, and have (somehow!) managed to run up debts of nearly £20,000. This has been ongoing for a lot of years now and, as I'm sure most people will understand, I've been burying my head in the sand for so long now. I earn £900 per month, and long ago have defaulted on the payments for all my debts, and am currently paying off token payments of between £5 and £25 - depending on how understanding the company is. However, I know this can't go on forever and constantly avoiding the phone calls is really getting to me. I know I feel a sense of relief already that I have taken the first step by asking for advice.

My situation is - I live at home with my parents still, and I have a car, but no other assets. In September, I am going back to University full-time, which is really worrying coz, although I am following my dream, I still have debts on my back. The question is - would it be worthwhile for me to declare myself bankrupt?? I am going to be living at home for the next 3 years at least, therefore I am not caring as to whether I will be able to obtain a mortgage or any other credit. I just want to be debt free. What would be the main implications of bankruptcy for me? I live in Northern Ireland, so am not sure if the law is different over here. I do apologise if my question has been asked elsewhere in this forum, but had thought that as every situation is different, I should post my own thread.

Thanks very much,

Julie.

have you thought about working instead of going to uni and pay off your debts first?

tracy1_2

savagevixen wrote: »

Anyway Skinto. Go bankrupt. It's fab, no more debts, fresh start. I've certainly no regrets. If your parents are happy to support you for 3 years and write off your debts then good luck to you.
With no house or assets, it's definately an excellent option that I would highly reccomend.
No more stress or worry. Debt free overnight and only the OR to answer to.

:mad: please oh please tell me you are joking

savagevixen

:rotfl::rotfl: Just a response to being totally hacked off at being fired down for suggesting she sort herself out before she goes to uni!

tracy1 wrote: »

:mad: please oh please tell me you are joking

savagevixen

Richard_S wrote: »

Bloody hell Foxy,

I'm pleased you're not my mum :rolleyes: :rolleyes:

I get the feeling I might be sweeping chimneys to pay for my keep :rotfl: :rotfl:

You and Broken hearted are starting to sing from the same hymn sheet, :eek: :eek: and I do enjoy your posts B.H, that wasn't a dig :T

:rotfl::rotfl:Actually I am a complete softy and was bailed out by both mine and OH's parents many times, and will for sure let my kids walk all over me:rotfl::rotfl:I just really found it odd that she mentioned her parents weren't well off and she repaid a loan of £108 per month to them, and yet she has made an adult decision to leave her job and go back into education for 3 years without any extra income or savings, and if bankrupt, without the usual overdrafts etc.I could just imagine these lovely little parents, trying to be supportive and do the right thing by their poor daughter, who frankly appears to be having her cake and eating it.
Obviously I was completely wrong and I apologise. She is a mature adult and is obviously capable of making the right choice.