23K 'wiped-off' in 6 months...drastic but quick way to get rid of debt

Jacster_2

Loads of people on this thread appear to be exerting moral judgements. This upsets me. I believe the OP posted in order to help others by sharing his GFs experience.

Isn't that what the debt-free wannabe board is about?

Bankruptcy is an option. End of.

We do not know the full circumstances of the OP's GF situation.

As someone famous once said, 'Let he who be without sin cast the first stone'

Time to start supporting people again? That's what inspires me about this board. Threads like this one will only deter new people from posting about their own situations and asking for the help that the vast majority of people here can give, if only they will stop judging.

robowen

Am I missing something here ??

The 2 people I know who have gone through bankrupcy....will still have to pay everything back !.

Bankrupcy for them has meant a freezing of the interest on the total ammount owed.

1 of them has come through it and paid almost all of it back. It was the same procedure as the others posted before...notice in the papers etc etc..declaration of bankrupcy etc etc.

anyway, back to the OP.
I wouldn't take any comments personally.
You posted a rather contentious issue which incited a good debate. I think you could have rephrased your comments better....

When you jump into a new forum it takes time to get to know the personalities of the other posters. I can sometimes tell who's going to reply to one of my posts on certain subjects and their opinion too ! :doh:

I had plenty of rowdy discussions when I first started......
After a while, we'll all get to know your personality. I'm sure you will have plenty of good advice to give in the Travel, Trips & Holidays board.

You could turn out to be a great bloke....willing to give up his free holidays to his good friends on MSE.com !! :j :rotfl: :rotfl:

I need flights to USA next year.....I'm first !!!!!!

rob

robowen

Jacster wrote:

As someone famous once said, 'Let he who be without sin cast the first stone'

Jacster ! :doh:

Let him who is without sin cast the first stone.
Jesus Christ.

rob
someone famous ! :rotfl:

Jacster_2

robowen wrote:

Jacster ! :doh:

Let him who is without sin cast the first stone.
Jesus Christ.

rob
someone famous ! :rotfl:

Ah, rob, knew I should have checked my holy quotes with you first...lmao;):D

CTT_2

robowen wrote:

Jacster ! :doh:

Let him who is without sin cast the first stone.
Jesus Christ.

rob
someone famous ! :rotfl:

ok everyone deserves a second chance, but would most of y0u feel the same if you say go into a car showroom and pay for that nice car and then go and collect it the following week and find the company has been bankrupt. They have your money and you have no car. Would you feel so liberal minded then - I dont think so buddies.

Sofa_Sogood

Dammam wrote:

This sort of post always raises many moral arguments. For example, the first thing I noticed in your post was that you had both come back from holiday which would probably fan the flames a little.
It seems that nowadays bankruptcy is such an easy option - my father-in-law took that route, unfortunately he hasn't learned a thing and I can see him going the same way again (not to mention his son & one daughter have also been bankrupt).

Whether the silly ones are those of us that struggle to pay our debts or those who find the easiest route, I really don't know.

The little gem about holidays used to always get to me as well. I'd often read posts that were making a mockery, as I thought, of the way things worked.

It still does occasionally. But when I read 99% of the Wanna Be Debt Free board, I just thank my lucky stars that I'm not in some of their positions.

Maybe it's time some posters stopped using and abusing this new way to get out of debt quick scheme ... but just as I'm not silly, you're not silly, sometimes people in debt aren't silly either.

I just wish they'd shut up about their holidays they've had though. It garnishes no sympathy imo - just a slight contempt unfortunately

Sofa_Sogood

jazzyjustlaw wrote:

I do think its not very nice but it worked out for your OH. If she had knowingly ran up debt knowing she could sort it out this way then it would be wrong. I think people must deal with the problems in the best way that suits them. I am sure the holiday was a welcome after such a worry, and although on first reading your post your sounding like your gloating I do think it was probably awful at the time for your OH.

I just hope she has learned her lesson. Good luck for the future.

It's an idea to remember who the debts are owed to first and foremost jazzyjustlaw.

Some people work for themselves all of their lives, without defaulting. Yet other people, by not paying their debts, leave people who might have worked all of their lives, in jeopardy.

The apparent gloating gets my goat up too ... but as I've said, there's some sorry stories on this site.

I'm not sure the OP's one of the greatest btw ... but I've learned to live with the saying "who am I to say" ...

It's a really grey area that can't suit all of the people all of the time - unfortunately.

But I see your point of view.

holidayguru

Hello all...again...thanks for your replies.

Just a couple of points-1 poster said 'it's a cop-out'. We it certainly is not. She's b******d for 6 years for normal credit. She can get a mortgage-this will be standard base rate with a 2% loading approx (which after a 3-5 year period could be 'redeemed' to normal rate once the redemption period was over). So in effect she's got the 6 years plus any 'lock-in' on the mortgage.

To the poster that has a customer struggling....YES there are bank accounts (allbeit with only a cashcard/electron-no chq book/o/drafts) that even undischarged bankrupts can have that do accept direct debits/salaries. My g/f is with nationwide & also has a co-op a/c with a visa electron, as long as you tell them you are bankrupt.

And stop goinig on about this bloody holiday-i get then free!!!

I have tried to change the original title of this thread but can't seem to!

I posted on here as I thought the info was usefull & a professional & well known free debt company reccommended this route.If you have no excess income, assets, no chance of paying it off, then why not? It's the most pain free way IF your circumstances suit. Again-it's a personal choice.

Just as an aside-when I found out the TRUE level of debt I asked to see aBank Manager with her to explain how suggesting a 10 year loan for £9000 ot ,, I quote 'clear your overdraft-we would have cancelled it next month so you'd have had to pay it back straight away, the loan is a better interest rate' (?!!) for someone who only has an 8 month contract & is on £750 a month good advice??! They just said 'she's been with us a while & is reliable, we don't discuss internal lending policy'??!

Looking back it WAS the best thing to do-a fresh start. Yes, you could take the martyr/moral ground that 'you've borrowed it/you must pay it back' but you have to look at individual circumstances. I'd bet there are loads of people reading this for whom it would be the best option. You just need to be armed with all the facts & get PROPER advice.

itsbeef

Points taken Holidayguru...........

I think this discussion has given a pretty wll rounded over view of the whole debt/bankruptcy situation.

These forums are designed for just that purpose and work very well.

I think thought that anyone posting on here should be prepared for a complete mix of responses on be prepared to take some stick. Its not meant to be personal, just opinions.

On reflection the holiday thing is a complete side issue and nothing to do with anyone else but it didnt help your post that it "could" have sounded a little gloating.

I hope everything works out for you both and that you enjoy your time on MSE!

ceegee

Good morning, everyone. :wave: