Views on bankruptcy...
19-07-2007, 08:19 AM
#41
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Originally Posted by Cosworth Rallyesport
there is work out there for anyone with depts,if your stupid enough to get your self in the shit financially then you should sort it out like a man,if it means getting an extra job and grafting for a few years then so be it,opting out and taking the pussies option is a no go in my book,these iva's etc are legalised theft,think of the poor bloke trying to run a business etc that your iresponsible actions are going to affect,live of beans and toast and stop wasting money but get your depts paid the honest way,nothing else is fair or decent.if your prepared to do the crime,make damn well sure you can serve the time, £15k could be paid off in 24-36 months with abit of hard work.its nothing.
19-07-2007, 08:39 AM
#42
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Originally Posted by Ginge !
a bloke on 20k a year should not be allowed MORE than 2k worth of credit and not allowed a morgage for more than 40% of his salary
giving people 5 times there salary to get a morgage is fucking stupid and should not be allowed
giving people 5 times there salary to get a morgage is fucking stupid and should not be allowed
19-07-2007, 09:00 AM
#43
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i think a lot of peoples views on bankruptcy are so interesting, Smit half of the facts you have stated are totally incorrect, and im speaking from experience so i know
Bankruptcy is a last resort, and tbh, it aint half as bad as people seem to think, it doesnt totally fuck your life up, in the majority of cases where people have been in so much debt they are severely depressed and cant get out of it, its like a weight has been lifted and is a fresh start to do things the right way round
if he cant afford his debts and has no equity then id say to do it, if you need any more info though pm me
Bankruptcy is a last resort, and tbh, it aint half as bad as people seem to think, it doesnt totally fuck your life up, in the majority of cases where people have been in so much debt they are severely depressed and cant get out of it, its like a weight has been lifted and is a fresh start to do things the right way round
if he cant afford his debts and has no equity then id say to do it, if you need any more info though pm me
19-07-2007, 09:11 AM
#44
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I used Payplan (www.payplan.co.uk)
They dealt with my 15k of debt and helped make arrangments with the people I owed money to.. I then paid it all off which is a much better feeling
They dealt with my 15k of debt and helped make arrangments with the people I owed money to.. I then paid it all off which is a much better feeling
19-07-2007, 10:12 AM
#45
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i circulated a lump sum around creditors to gain their trust.
i then in total, including cards and personal, unsecured loans withdrew £45k in pound notes.
then went bankrupt.
thing is, it takes meticulous planning as you get an interview afterwards.
i was in business, and had to transfer it all months before i went pop, also had to hide assets, attend councelling saying how depressed i was, i had to reshuffle direct debits etc
a lot, LOT of hassle, but i worked the system, i didnt do it because i couldnt pay big debt.
im 2 months away from being a 'discharged' bankrupt, which gives me more freedom. there are banks who will give you bank accounts during bankruptcy so it's not ENTIRELY inconvenient. im changing my name slightly in 6 months and buying a house. i will then get a couple of things on credit to build up my history again, the name/address change will mask my 'colourfull' history.
in my opinion, i wouldnt do it again (id possibly go to prison if i did!) i would ring the debt helpline and contact the creditors and bring the payments down. it is SO much hassle to go pop, it's not a case of just writing off debt and not being able to get credit for a couple of years, you have to know what your doing, i have a couple of asian mates who push the 'boundaries' of the law, so i knew how to do it properly, without this knowledge i'd be in such a shit position now, with no assets and certainly not the 2 businesses i have now.
dont do it. plus, your name goes in the local paper.
DONT contact any "we can write off 90% of your debt!" that advertise on the radio etc...they will charge you £40-50 a month for the privellege of a couple of letters at the start of the 'agreement'. contact the free debt helpline, they will advise you on what to so. YOU can contact creditors direct and say "im going through a bad patch i will pay you £10 a month for the nest 9 months" etc...thats all these other companies do, apart from the fact they charge you £40-50 for doing so, when that £40-50 could go towards what you owe.
i then in total, including cards and personal, unsecured loans withdrew £45k in pound notes.
then went bankrupt.
thing is, it takes meticulous planning as you get an interview afterwards.
i was in business, and had to transfer it all months before i went pop, also had to hide assets, attend councelling saying how depressed i was, i had to reshuffle direct debits etc
a lot, LOT of hassle, but i worked the system, i didnt do it because i couldnt pay big debt.
im 2 months away from being a 'discharged' bankrupt, which gives me more freedom. there are banks who will give you bank accounts during bankruptcy so it's not ENTIRELY inconvenient. im changing my name slightly in 6 months and buying a house. i will then get a couple of things on credit to build up my history again, the name/address change will mask my 'colourfull' history.
in my opinion, i wouldnt do it again (id possibly go to prison if i did!) i would ring the debt helpline and contact the creditors and bring the payments down. it is SO much hassle to go pop, it's not a case of just writing off debt and not being able to get credit for a couple of years, you have to know what your doing, i have a couple of asian mates who push the 'boundaries' of the law, so i knew how to do it properly, without this knowledge i'd be in such a shit position now, with no assets and certainly not the 2 businesses i have now.
dont do it. plus, your name goes in the local paper.
DONT contact any "we can write off 90% of your debt!" that advertise on the radio etc...they will charge you £40-50 a month for the privellege of a couple of letters at the start of the 'agreement'. contact the free debt helpline, they will advise you on what to so. YOU can contact creditors direct and say "im going through a bad patch i will pay you £10 a month for the nest 9 months" etc...thats all these other companies do, apart from the fact they charge you £40-50 for doing so, when that £40-50 could go towards what you owe.
19-07-2007, 12:38 PM
#46
garibaldi
Thread Starter
Re: Views on bankruptcy...
Originally Posted by staffi
Originally Posted by Garage19
Originally Posted by The Sludge
I have a mate of mine....
especially when his Saff is in the for sale forum... come on Sludge, own up.. 
Deffo NOT me i can asssure ya. Only reason my car is for sale is to get a house to live in after my relationship split.Lucid> in terms of where he is, I honestly dont know. i think its a case he has overborrowed, he cant afford to go out due to massive payments and sees this as a way out, i dunno.
19-07-2007, 01:33 PM
#47
Originally Posted by DanRSturbo
It's a tricky situation to be in, there could be many different reason's as to why is 15k in debt, so let's not all judge before we know the facts eh ?
Bankrupty would be the extreme last resort, and as said, anything on finance will be taken back, houses, car's etc. etc. There will be a period of 6 - 9 years without being able to get credit / mortgage, and it's possible it could hurt getting a mortgage further down the line as well.
Best to speak to someone in the know about financial stuff really, bank manager or CAB for help.
Bankrupty would be the extreme last resort, and as said, anything on finance will be taken back, houses, car's etc. etc. There will be a period of 6 - 9 years without being able to get credit / mortgage, and it's possible it could hurt getting a mortgage further down the line as well.
Best to speak to someone in the know about financial stuff really, bank manager or CAB for help.
19-07-2007, 02:43 PM
#48
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Originally Posted by foreverwhite
im 2 months away from being a 'discharged' bankrupt, which gives me more freedom. there are banks who will give you bank accounts during bankruptcy so it's not ENTIRELY inconvenient..
19-07-2007, 04:06 PM
#49
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Originally Posted by costina
The reasons are unimportant if u owe money you should pay it back,there are too many people playing the system and in the end its the working class who suffer IMO
What if somone borrows in good faith and knows they can pay it back from their present wage, then out of the blue they lose their job? They are then facing court etc and I'll tell you what the stress can destroy people. It's not always a case of someone borrowing money then suddenly realising they have gone overboard so fuck it let's fuck off the credit companies.
19-07-2007, 06:33 PM
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i know of someone who has recently gone bankrupt and hes told he will be discharged by this xmas!!!!
I know where we are the courts dont look kindly on people who go bankrupt for less than £18k
At the end of the day you need to seek proper advise before doing anything and wiegh up all your options
I know where we are the courts dont look kindly on people who go bankrupt for less than £18k
At the end of the day you need to seek proper advise before doing anything and wiegh up all your options
19-07-2007, 07:17 PM
#51
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Originally Posted by foreverwhite
i circulated a lump sum around creditors to gain their trust.
i then in total, including cards and personal, unsecured loans withdrew £45k in pound notes.
then went bankrupt.
thing is, it takes meticulous planning as you get an interview afterwards.
i was in business, and had to transfer it all months before i went pop, also had to hide assets, attend councelling saying how depressed i was, i had to reshuffle direct debits etc
a lot, LOT of hassle, but i worked the system, i didnt do it because i couldnt pay big debt.
im 2 months away from being a 'discharged' bankrupt, which gives me more freedom. there are banks who will give you bank accounts during bankruptcy so it's not ENTIRELY inconvenient. im changing my name slightly in 6 months and buying a house. i will then get a couple of things on credit to build up my history again, the name/address change will mask my 'colourfull' history.
in my opinion, i wouldnt do it again (id possibly go to prison if i did!) i would ring the debt helpline and contact the creditors and bring the payments down. it is SO much hassle to go pop, it's not a case of just writing off debt and not being able to get credit for a couple of years, you have to know what your doing, i have a couple of asian mates who push the 'boundaries' of the law, so i knew how to do it properly, without this knowledge i'd be in such a shit position now, with no assets and certainly not the 2 businesses i have now.
dont do it. plus, your name goes in the local paper.
DONT contact any "we can write off 90% of your debt!" that advertise on the radio etc...they will charge you £40-50 a month for the privellege of a couple of letters at the start of the 'agreement'. contact the free debt helpline, they will advise you on what to so. YOU can contact creditors direct and say "im going through a bad patch i will pay you £10 a month for the nest 9 months" etc...thats all these other companies do, apart from the fact they charge you £40-50 for doing so, when that £40-50 could go towards what you owe.
i then in total, including cards and personal, unsecured loans withdrew £45k in pound notes.
then went bankrupt.
thing is, it takes meticulous planning as you get an interview afterwards.
i was in business, and had to transfer it all months before i went pop, also had to hide assets, attend councelling saying how depressed i was, i had to reshuffle direct debits etc
a lot, LOT of hassle, but i worked the system, i didnt do it because i couldnt pay big debt.
im 2 months away from being a 'discharged' bankrupt, which gives me more freedom. there are banks who will give you bank accounts during bankruptcy so it's not ENTIRELY inconvenient. im changing my name slightly in 6 months and buying a house. i will then get a couple of things on credit to build up my history again, the name/address change will mask my 'colourfull' history.
in my opinion, i wouldnt do it again (id possibly go to prison if i did!) i would ring the debt helpline and contact the creditors and bring the payments down. it is SO much hassle to go pop, it's not a case of just writing off debt and not being able to get credit for a couple of years, you have to know what your doing, i have a couple of asian mates who push the 'boundaries' of the law, so i knew how to do it properly, without this knowledge i'd be in such a shit position now, with no assets and certainly not the 2 businesses i have now.
dont do it. plus, your name goes in the local paper.
DONT contact any "we can write off 90% of your debt!" that advertise on the radio etc...they will charge you £40-50 a month for the privellege of a couple of letters at the start of the 'agreement'. contact the free debt helpline, they will advise you on what to so. YOU can contact creditors direct and say "im going through a bad patch i will pay you £10 a month for the nest 9 months" etc...thats all these other companies do, apart from the fact they charge you £40-50 for doing so, when that £40-50 could go towards what you owe.
20-07-2007, 10:32 AM
#52
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Originally Posted by CRABBY
i know of someone who has recently gone bankrupt and hes told he will be discharged by this xmas!!!!
I know where we are the courts dont look kindly on people who go bankrupt for less than £18k
At the end of the day you need to seek proper advise before doing anything and wiegh up all your options
I know where we are the courts dont look kindly on people who go bankrupt for less than £18k
At the end of the day you need to seek proper advise before doing anything and wiegh up all your options
and was never in any money bother, perfect credit rating til i was finished from work for medical reason, had no income and a lot of outgoings with absolutely no assets whatsoever
was the only way i could do anything about it
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