Whitesupraboy2 Posted February 1, 2006 Share Posted February 1, 2006 Ok i got a mate and he 15k in debt due to having no career and poor paying jobs. I watched a program on a proper debt advisors who can declare you dont have to pay it all back if you are unable to and can right it off etc... He wants to declare he's bankrupt im trying to talk him out of it. Any advice or link the site of the debt people im on about be great Thanks Quote Link to comment Share on other sites More sharing options...
Kopite Posted February 1, 2006 Share Posted February 1, 2006 Similar thing happened to my mate but she was £40k in debt and there was nothin else she could do Quote Link to comment Share on other sites More sharing options...
jamesmark Posted February 1, 2006 Share Posted February 1, 2006 i woudl go for the bankrupt idea without a doubt now your not even black listed for 6 years your only blacklisted for 1 year but you have to prove yourself even to get made banckrupt that there is no way at all that you can pay any of it back Quote Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted February 1, 2006 Author Share Posted February 1, 2006 i dont think there is anyway he can pay it back, he works as a hotel reception / security night guy. Quote Link to comment Share on other sites More sharing options...
Kopite Posted February 1, 2006 Share Posted February 1, 2006 PM Todd, his wife/bird deals with things like this Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted February 1, 2006 Share Posted February 1, 2006 Bankrupt will be the best. 1 year bad credit and your tax free for a year Quote Link to comment Share on other sites More sharing options...
jamesmark Posted February 1, 2006 Share Posted February 1, 2006 getting made bankrupt is not the big deal it was in the old days, to be honest its like a fasion but yes i think he should go for it and he will be guided through every step, i am not sure who he has to apply to but if he has got more going out and not enough coming in then he should go for it Quote Link to comment Share on other sites More sharing options...
Homer Posted February 1, 2006 Share Posted February 1, 2006 Bankruptcy should be the last resort! What type of debt is it? Credit card/overdraft? There are agencies that can help you how to restructure debt and reduce interest rates on existing loans. There was a very good thread in Members only a while ago posted by Rob, lots of great advice and I believe a good outcome in the end. Quote Link to comment Share on other sites More sharing options...
CJ Posted February 1, 2006 Share Posted February 1, 2006 Try this site. Seems to have good advice. http://forums.moneysavingexpert.com/ Quote Link to comment Share on other sites More sharing options...
SimonB Posted February 1, 2006 Share Posted February 1, 2006 Tell him to talk to the CAB as soon as possible, they will advise him. Quote Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted February 1, 2006 Author Share Posted February 1, 2006 whos CAB sorry my ignorence? Ive told him to get bank statements for last yr, i swear he wasting money the money he got, just found out the bulk of money is finanace on a car he bought 11k. and rest personal loan Quote Link to comment Share on other sites More sharing options...
CJ Posted February 1, 2006 Share Posted February 1, 2006 whos CAB sorry my ignorence? Ive told him to get bank statements for last yr, i swear he wasting money the money he got, just found out the bulk of money is finanace on a car he bought 11k. and rest personal loan Citizen Advice Bureaux (sp) Quote Link to comment Share on other sites More sharing options...
Kopite Posted February 1, 2006 Share Posted February 1, 2006 Edit: CJ beat me Quote Link to comment Share on other sites More sharing options...
SimonB Posted February 1, 2006 Share Posted February 1, 2006 whos CAB sorry my ignorence? Ive told him to get bank statements for last yr, i swear he wasting money the money he got, just found out the bulk of money is finanace on a car he bought 11k. and rest personal loan Citizens Advice Bureau. Tell him to phone up and make an appointment with the local one, they will give good free advice. Debt is mostly what they deal with. Quote Link to comment Share on other sites More sharing options...
Guest Rach Posted February 1, 2006 Share Posted February 1, 2006 if its any help i'm a personal banker but i agree in the scheme of things 15k is not a lot of debt, although its bad enough, and there could be a number of alternatives! Quote Link to comment Share on other sites More sharing options...
Branners Posted February 1, 2006 Share Posted February 1, 2006 I believe the government has setup a special agency to help people with their debt. It is possible to get a lot of the debt written off and not have to pay it back afterwards and just pay a small amount towards whatever is left. I have no more details than that so the CAB will be able to help more. JB Quote Link to comment Share on other sites More sharing options...
CJ Posted February 1, 2006 Share Posted February 1, 2006 getting made bankrupt is not the big deal it was in the old days, to be honest its like a fasion but yes i think he should go for it and he will be guided through every step, i am not sure who he has to apply to but if he has got more going out and not enough coming in then he should go for it I disagree strongly. As others have said there are far better ways of looking at this debt than bankruptcy. Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted February 1, 2006 Share Posted February 1, 2006 Any reason why it's a bad idea? Quote Link to comment Share on other sites More sharing options...
CJ Posted February 1, 2006 Share Posted February 1, 2006 This is interesting and somewhat changes my perception on bankruptcy. http://forums.moneysavingexpert.com/showthread.html?t=144591 Quote Link to comment Share on other sites More sharing options...
Pete Posted February 1, 2006 Share Posted February 1, 2006 I can't believe people are thinking of bankruptcy as a way to "wipe the slate clean" as someone said in that thread linked. Does it really make such a small effect to your future as they suggest? I can understand a businesses where you've tried to make a go of it and not been able to succeed, but for personal loans and general overspending lifestyle its ridculous. Why should people have this choice to be effectively let off for their piss poor money management? £15k is nothing compared to most peoples problems. I'm a firm believer that you make your own destiny in this world and there's way to many freeloaders out there expecting to be bailed out. I've worked sodding hard at my education and career to be in a good position I'm in today. I've not relied on anyone or their money to do so. My parents gave me very little and I didn't ask. Tell your mate to buck their ideas up and sort themselves out. Quote Link to comment Share on other sites More sharing options...
Gamer Posted February 1, 2006 Share Posted February 1, 2006 I believe the government has setup a special agency to help people with their debt. It is possible to get a lot of the debt written off and not have to pay it back afterwards and just pay a small amount towards whatever is left. I have no more details than that so the CAB will be able to help more. JB It is called an IVA... http://www.insolvencyhelpline.co.uk/debt_solutions/iva.htm It is much better then Bankruptcy. Quote Link to comment Share on other sites More sharing options...
SimonB Posted February 1, 2006 Share Posted February 1, 2006 I think your chances of ever getting a mortgage after you've declared yourself bankrupt are pretty slim. Quote Link to comment Share on other sites More sharing options...
Gaz Walker Posted February 1, 2006 Share Posted February 1, 2006 I think your chances of ever getting a mortgage after you've declared yourself bankrupt are pretty slim. Erm once you are discharged from bankruptcy theres no record on your file - so how will the mortgage lender know? Gaz. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 1, 2006 Share Posted February 1, 2006 I can't believe people are thinking of bankruptcy as a way to "wipe the slate clean" as someone said in that thread linked. Does it really make such a small effect to your future as they suggest? I can understand a businesses where you've tried to make a go of it and not been able to succeed, but for personal loans and general overspending lifestyle its ridculous. Why should people have this choice to be effectively let off for their piss poor money management? £15k is nothing compared to most peoples problems. I'm a firm believer that you make your own destiny in this world and there's way to many freeloaders out there expecting to be bailed out. I've worked sodding hard at my education and career to be in a good position I'm in today. I've not relied on anyone or their money to do so. My parents gave me very little and I didn't ask. Tell your mate to buck their ideas up and sort themselves out. AMEN. Pete for Chancellor of the Exchequer. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 1, 2006 Share Posted February 1, 2006 Erm once you are discharged from bankruptcy theres no record on your file - so how will the mortgage lender know? Gaz. No. When you buy a house your solicitor has to do a bankruptcy search on behalf of the lender and if it shows up anyone ie with the same name as you it has to be declared to the lender or you have to sign it to say its not you. Quote Link to comment Share on other sites More sharing options...
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