Massive CC debt / Cunning plan / Prison?

Nightwish_2

Sooler wrote: »

Have you had any professional advise on your debts? Contacting the CAB now may be very useful.

It is something we are considering actually... hmmm..will give it some more thought

Cheers!

jillie1974

could you ask them for a settlement figure now? you are not tied to anything but some creditors will settle for a lot less than you would think

CannyJock

I blame the credit card companies for giving us money when we apply for it.

No wait, I blame the media for glamourising rich lifestyles.

No wait, I blame the education system for not teaching budgeting in home economics.

No wait, it's the government with their stealth taxes.

No wait, it's the global corporate monsters and their rampant capitalism.

FWIW if you're looking to be absolved of responsibility for your debts and you've already trashed your credit file for the foreseeable then bankruptcy may be your only option. Wonder if you'll come back older and wiser for the experience.

jimbobc_2

I think your in a similar situation to me, lots of debt and nothing much to show for it. Mine is partly the result of a business failure, but also living the high life "Champagne taste, Lemonade pockets" as my sister calls it, but such is life.

It's easy for people to take the moral high ground and say you should pay it off, people get into debt and have done for hundreds of years. Ultimately your relationship with your partner is more important, than the one with your Bank Manager.

All I would say is that if you spend all the redundency money paying off the debt, and your credit history file is still ruined, it seems a bit of a waste.

I would definately speak to the CCCS or similar, they were really helpfull. They can't wave a magic wand and make everything OK, but they are good to bounce ideas off, the guy I dealt with was an absolute Gentleman.

epsilondraconis

Nightwish wrote: »

Hi !
If anyone has ever learnt anything from a mistake (or series of), it is us.
We have both changed as people in terms of our outlook and how we spend what money we have.
We have gone from being care free spenders to quite prudent savers. We could probably create our own website giving hints and tips on how to become tight-fisted blighters.
We actually enjoy finding bargains and spending as little as possible on things now...this a is quite a contrast to how things used to be.
Consider our wrists well and truly slapped

Sounds good, well done... :T

ahs1982

So how does bankruptcy actually work anyway?

TighterThanTwoCoatsOfPain

i dont know what the general tone of the other replies was, but !!!!!! get a grip... ok so you were leant more than you ought to, BUT the responcibility lies with you to pay them

!!!! it, lets all just stop paying the money we borrowed... just out of interest, did you enjoy the 50k you borrowed? What did you buy? Big TV, swanky holidays? If you can pay it off by living minimalistic for 5 years then so beit. imo of course

dmg24

A poor credit record will stop you being able to rent anywhere through a letting agent.

Looks like you'll have to find a private landlord who will accept lying scum.

(For the record I've got no problem with people who go bankrupt, that takes guts and honesty. Being a liar is a whole different issue).

Nightwish_2

TighterThanTwoCoatsOfPain wrote: »

i dont know what the general tone of the other replies was, but !!!!!! get a grip... ok so you were leant more than you ought to, BUT the responcibility lies with you to pay them

!!!! it, lets all just stop paying the money we borrowed... just out of interest, did you enjoy the 50k you borrowed? What did you buy? Big TV, swanky holidays? If you can pay it off by living minimalistic for 5 years then so beit. imo of course

Work for a bank / credit card company by any chance? Sounds like it.

Sooler

Contact the CAB, they will advise on how to resolve your situation in the most efficient and manageable way