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

Justindebt

I think the banks themselves must take some responsibility here.

They go in for irresponsible lending in the sure and certain knowledge that a vast amount of people will fall for it and tie themselves down with a millstone for the rest of their lives.

Sure....let the debtor live with the consequences of his or her actions.

But let the reckless creditors carry a good portion of the can as well.

I wish I was in a position to go bankrupt....I certainly would consider it.

donnalove

stop going on about holiday
it was op's g/f that went bankrupt not him and he would not be liable for her debts.
so even if he had paid for it (which he didn't) it was his choice and his money that took them away.
do not slate him for that.

AnnieP_3

Why are you all so moral, surely the loan companys and banks should be held resonsible. Most don't even check with your employer that you earn what you say you do, they ask for it, if they can't even be bothered to check.

skintchick

AnnieP wrote:

Why are you all so moral, surely the loan companys and banks should be held resonsible. Most don't even check with your employer that you earn what you say you do, they ask for it, if they can't even be bothered to check.

Oh come on - the OP'S GF made a conscious decision to borrow money she knew she would not be able to pay back. She has a moral duty to take responsibility for that.

Just because someone offers you something, doesn't mean you have to take it.

Yes, lenders are not behaving ethically by offering lots of credit, but it is their business.

I think the responsibility is shared between the borrower and the lender, but ultimately the borrower is more responsible because they don't have to borrow the money.

Disclaimer: assuming it is borrowed for social reasons not because they have lost their job/become ill/had an accident, etc.

Blimey! Posting in this thread is a bit like being on a battlefield!

Thefunkygibbons

Question, to no-one in particular

If you had been bankrupt and won the lottery would you go back and repay what you owed although it was now written off?

mr218

my question for holidayguru is how did she run up these debts and over what period. what did she use the money for? i assume that the debt was not accrued to pay for any serious needs but rather she fell into the trap of buying things on credit even if she could not afford it ultimately.

i cant blame you for trying to get the best option for you. in your position i would be looking for a way out as well. although bankruptcy has its pitfalls, atleast it enables you to make a new start.

do you think your g/f has learnt her lesson and changed her spending patterns. is she a more mature perosn now

jazzyjustlaw

Jacster wrote:

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.

Oh so we have to agree with people on this forum so we dont upset them yes that sounds like a democracy to me not!!!!! This thread is balanced and that is a good thing if you ask me.

shellsuit

Thefunkygibbons wrote:

Question, to no-one in particular

If you had been bankrupt and won the lottery would you go back and repay what you owed although it was now written off?

I would! I'd feel too guilty to spend spend spend without paying back whatever I owe/owed in the past.

It would make me feel much better too and be my way of an apology for letting people/companies down, 'Sorry I couldn't repay you then, but I can now' sort of thing.

holidayguru

If you won the lottery WHILST you are bankrupt the official receiver would have access to all your money & it would be used to clear monies owed. Once you are discharged from Bankruptcy then it's yours to do with as you will...the monies owed/card accounts/loan accounts would be closed anyway so even if you WANTED to pay them back it'd be a job....

Also re: g/friend....she accrued it over 4/5 years, mainly through banks saying 'we're stopping your overdraft but can give you a loan' it'll be cheaper...etc...& also applying for so called consolidation loans. It got to the stage where one card paid off another...etc effectively all monies going to make the monthly repayments then drawing it out on the credit cards, etc....I helped her with c/card bills by direct debit from my a/c & when I noticed how BIG the minimum payments were I talked it through with her & discovered the mess...she's from a tiny village in the mountains in France & very 'un-streetwise' if you get what I mean! Some bank staff members told her in the UK it was 'normal' to be in this situation (!!!!)

CTT_2

I could be really unkind and suggest you both had a good spend up while on holS courtesey of your friends creditors. I admire her style.