What's The Point in MoneySavingExpert?

stacey21_2

Hi all,

Not a question personally from me as such but just general observations from the forum.. In reading the forums, it seems that there is quite a bit of contradictions between the forums/sub headings. For example, people are 'congratulated' on becoming bankrupt etc, but then on other parts of the forum we are pushing to cancel Payment Protection Policies etc, that may have paid out in some of the circumstances that have made the other members bankrupt? Also on the bankruptcy issue, the costs of these surely get passed on to other financial products in society (i.e bank charges reclaimed so now some banks starting to charge for general accounts), so therefore why do people congratulate when somewhere down the line this may hurt them in the pocket??

Floss

Re bankruptcy "congratulations", and not having gone through that experience myself, I would say it is probably because it is a traumatic experience that those people do not undertake lightly, with knock-on effects to the family concerned.

With regard to PPI, it is something that does not suit every product it has been sold for, with some people paying for something they will never be able to use because they were not told of the eligibility and exclusions when it was sold.

Burlesque_Babe

Hi there Stacey - interesting points.

I know there is some crossover between DFW and the Bankruptcy board, but you'll probably get some first hand opinions from those who are part of the bankruptcy 'crew' on their board.

Although I've not been bankrupt (which is why you'll get more 'real' thoughts on the BR sub board) I think the 'congratulations' comes from support shown by other MSE'ers when someone has taken the final step and had their BR hearing. It must be a very difficult decision to take and go through with, whatever the circumstances.

pandapaws

I'd say that the point of it is to make every individual as aware as possible of all the financial options to them, then they can make their own decisions.

And I love it!!!

Lucy1982_2

I agree with Panda.

That and I would say that the point is to offer support to everyone no matter what their situation is. Well that's what I find anyway.

stacey21_2

Thanks for the replies guys, wasn't meaning it in a 'finger pointed at you' kind of way. I do realise taking on board something like being bankrupt must be a huge step but it is no secret that it is becoming more and more abused. With the issue of PPI, there is independant cover available to cover your house/loans etc.. are these not recommended either? I do admit that I don't have this on my loan, and the reason for that was purely cost, but the more I think about it the more I think I should have something?


edited to say that maybe my title isn't the best I could have thought of!

daphne_descends

Without it, I don't doubt that most of us would be in worse debt, wasting money, unable to manage our finances, and generally struggling.

This goes for everyone whether debt free or not, and bankrupt or not.

Larumbelle

pandapaws wrote: »

I'd say that the point of it is to make every individual as aware as possible of all the financial options to them, then they can make their own decisions.

And I love it!!!

That's it in a nutshell for me. And I would congratulate anybody who faces their problem full on and takes steps to rectify them, whether or not it is something I would do personally and regardless of what the problem was or how they got into it. That is the same whether it is financial problem or not.

As for the financial products point, I see what you are saying, but the people who really, undoubtedly and inevitably profit from debt are the banks. Barclays bank recorded £7.1 billion profit for last year. The banks could easily absorb the odd bad debt without screwing the rest of us, sorry, passing on the cost. Every one of us is being screwed by them already.

lunar

the point for me is that it has completly turned my life around, its amazing to have such support from people we dont even know.

As for being congratulated on bankruptcy, i think if i was in that position it would be nice to have some support and to know that from there on in they can look to the future and see it as a new start. it must be a really traumatic time for people who have to go through it.

fermi

* Congratulations because it sometimes marks an important point in getting your life and finances sorted out, despite it being a hard choice.
* Congratulations for going bankrupt rather than throwing yourself under a bus.
* Congratulations for making a massive positive step.
* Congratulations because you will now be able to get your stress levels down to something manageable.
* Congratulations for showing other people that there is a light at the end of the tunnel.

etc..... etc....

It's not meant flippantly or with a lack of respect.

Broken_hearted

The forums are here so those who need to talk can. It keeps those who are trying to get debt free focused, gives help and support.Yes there are many who play the system and a lot of people who don't need to go bankrupt but if just one genuine person is saved from a life of misery or worse still suicide then this site is worth its weight in gold.