How much should you owe?

Peter_Pan

I am in the middle of a free online Vision2learn course, i think doing this has made my urge to get back to work even greater, actually doing something for myself for the first time in some years and it feels good. Going to enjoy a family Christmas and who knows what the New Year may bring. OH is looking on his bankruptcy as a fresh start and having the New Year as well is always another good reason to do just that.

Broken_hearted

I would think anything under £10,000 isn't enough to warrent going BR as even on benefits you could pay it off in 2-3 years. People need to learn how to manage their money properly from school age, it's time we were taught life skills instead of pointless arts and music.

squirrel_pigeon

Broken_hearted wrote: »

I would think anything under £10,000 isn't enough to warrent going BR as even on benefits you could pay it off in 2-3 years. People need to learn how to manage their money properly from school age, it's time we were taught life skills instead of pointless arts and music.

I agree with your second sentence BH but the first one is rubbish! What benefits have you been on that give you that much money? Let me know cos I'll quit my job and sign up

Toto

Broken_hearted wrote: »

I would think anything under £10,000 isn't enough to warrent going BR as even on benefits you could pay it off in 2-3 years. People need to learn how to manage their money properly from school age, it's time we were taught life skills instead of pointless arts and music.

:eek: :eek: :eek:

Toto

She should certainly get advice, I'm struggling to put bankruptcy and being given a house together. Surely there must be some scope within this house situation to clear the debt?

ClaireLR

I do agree with BH (shock horror!) that there should be some sort of lessons from a young age for people to learn life skills and managing money etc, kids are taught everything other than the important stuff and knowledge is power and all that

But I do fail to see how you could pay off £10000 in 2-3 years on benefits? I know people who live on less than £100 a week for 1 adult and 1 child, theres no way that after food/clothes/bills etc that there would be over £3000 per year to pay towards debts as well

It doesn't matter whether you owe £1000 or £10000, if you can't afford to pay it and aren't likely to in the future then bankruptcy is usually the only way out

Broken_hearted

We get £11,000 a year and last year I paid £5,000 off my debts without struggling. This year I paid over £3,000 off however most of that was capital overpayment on the mortgage to shorten it's length.

ClaireLR

£100 a week is just over 5 grand per year.

not £11000

Statistician_2

Broken_hearted wrote: »

I would think anything under £10,000 isn't enough to warrent going BR as even on benefits you could pay it off in 2-3 years. People need to learn how to manage their money properly from school age, it's time we were taught life skills instead of pointless arts and music.

My Dear Soul, life would be so terribly tedious and monotonous without the pure exuberant joy of arts and music. I have been reading your posts for quite some time now and you have had some awful bad luck, but money really isn't everything.

Yours,

Julian

Broken_hearted

ClaireLR wrote: »

£100 a week is just over 5 grand per year.

not £11000

Yes but I'm not a single parent with one child so I don't get £100 a week.