Pete Posted February 1, 2006 Share Posted February 1, 2006 AMEN. Pete for Chancellor of the Exchequer. Yay - Free Icecream on Fridays for everyone with a job. Quote Link to comment Share on other sites More sharing options...
black cat Posted February 1, 2006 Share Posted February 1, 2006 Yay - Free Icecream on Fridays for everyone with a job. id work for you, but youd sack my arse for being on here all day........ Quote Link to comment Share on other sites More sharing options...
Gaz Walker Posted February 1, 2006 Share Posted February 1, 2006 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. I see, thanks for clearing that up Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 1, 2006 Share Posted February 1, 2006 id work for you, but youd sack my arse for being on here all day........ You'd love anything that he'd do with your a*se. Quote Link to comment Share on other sites More sharing options...
black cat Posted February 1, 2006 Share Posted February 1, 2006 You'd love anything that he'd do with your a*se. no...............you would................ Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 1, 2006 Share Posted February 1, 2006 I see, thanks for clearing that up sorry, didn't mean to sound all high and mighty then! Quote Link to comment Share on other sites More sharing options...
lambertpig Posted February 2, 2006 Share Posted February 2, 2006 pete, this is your best reply ever. well said! Quote Link to comment Share on other sites More sharing options...
geoffvalenti Posted February 2, 2006 Share Posted February 2, 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. Top post Thank goodness that I'm not alone in thinking this. I'm sick to death of hearing about people who run up ridiculous debts by just squandering their money, and then expect to be bailed out and given a new start. It's a real slap in the face to those of us that work hard to get the things that we want, to see these people living the high life, knowing that they can virtually just walk away from their debts. Bankruptcy for those that have tried, but unfortunately failed, in business, is a completely different thing. Quote Link to comment Share on other sites More sharing options...
tbourner Posted February 2, 2006 Share Posted February 2, 2006 I've got about 30k of debt, basically because I could - I'm not ashamed because I did the things I wanted to do and I knew I could afford the repayments (easily). But now I want a house, so I'm working towards getting a house with a cheap offer and doing it up, to try and make some money straight away on it (and live in it somehow!!), sell the Supe and sort myself out. I don't know if it'll work, but my mate did the IVA thing through the police, saying it was great because he wouldn't have to pay the interest on his debts etc. but TBH it hasn't helped him much he's still got no money spare, no credit on his phone (grrr) etc., so I want to try and do it my way first. I'm working 9 hours a day in my job, have a part time job for 3 hours in the evening and doing a uni course at weekends!! I'll feel a hell of a lot better about myself in 3 years owning my own home in positive equity with no debt, having worked my balls off rather than pleading a solicitor to help me out. Quote Link to comment Share on other sites More sharing options...
Pete Posted February 2, 2006 Share Posted February 2, 2006 I'll feel a hell of a lot better about myself in 3 years owning my own home in positive equity with no debt, having worked my balls off rather than pleading a solicitor to help me out. Good luck with it dude. Wish more people had this attitude. Quote Link to comment Share on other sites More sharing options...
Pete Posted February 2, 2006 Share Posted February 2, 2006 pete, this is your best reply ever. well said! Erm...Thanks? Quote Link to comment Share on other sites More sharing options...
JohnA Posted February 2, 2006 Share Posted February 2, 2006 Every man and his dog can get credit nowadays. Hell, even *dogs* get credit cards, we've seen them on Watchdog. But these are fickle balances, and nobody knows if this credit cornucopia will go on for ever. There are application forms where you have to answer the question: "Have you ever been declared insolvent/bankrupt?" Think ahead. If lenders get their fingers burnt and things suddenly change (it only takes a few strategic court sentences to send shivers down the spines of lenders), credit ratings will still be based on existing data -- but calculated differently of course. So that notion that after one year you'll be Free as a Bird, clean slate and all that, might not be 100% accurate. It could turn to a form of criminal record, always staining your background, always putting you in the 'other' credit list. I could be wrong of course, and willy-nilly bankruptcies might become the Next Big Thing after cosmetic surgery. We'll see. Quote Link to comment Share on other sites More sharing options...
Bill Prawn Posted February 2, 2006 Share Posted February 2, 2006 Ok, I've been there and done that with debts. I had loads of advice concerning bankruptcy. Quite amazing what you are told to do, sell all belongings and put the cash in a shoebox was one. In the end I contacted these people they were fantastic. They handled all the debts, froze interest and they don't charge a penny as they are a charity. They help YOU not like some who help the cc firms, banks and store cards and end up giving you a loan to consolidate all debts. WSB get your mate to contact them, don't let him go down the bankrupt route, I have a friend who did that and four years later they still regret doing it. Because no matter what, the credit reference companies keep these facts and make it hard for you to get another mortgage, loan, etc. Hope this helps. Quote Link to comment Share on other sites More sharing options...
Pete Posted February 2, 2006 Share Posted February 2, 2006 Oh Common - For 15k? That's sod all. Quote Link to comment Share on other sites More sharing options...
Bill Prawn Posted February 2, 2006 Share Posted February 2, 2006 Oh Common - For 15k? That's sod all. Don't know who this was aimed at, but to some people £15k is a lot of money. Especially if you have no income and children to support. You should never trivialise debt. People have taken their lives because of debt. Just remember it could happen to you one day. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted February 2, 2006 Share Posted February 2, 2006 I'd just add that my dad was made bankrupt in 1989 after his building business failed. It was around about the same time my mum went off with someone else (talk about kicking someone when they're down!) He literally had nothing, took the family home etc. He had to rent somewhere off a friend for a few years until he decided to go contracting abroad. He made lots of tax free money and luckily has turned himself around. It hasn't been easy, it has infact taken years. He has only over the last few years come back to this country to look at property after avoiding it for so long. Please, whatever you do, go to debt counciling, see a financial advisor but don't do the bankrupt thing IT SHOULD BE A LAST RESORT. Quote Link to comment Share on other sites More sharing options...
Supragal Posted February 2, 2006 Share Posted February 2, 2006 surely thats the worst possible thing you can ever do? for EVER he will have to declare it when he applys for a bank account, mortgage, credit card ANYTHING. Quote Link to comment Share on other sites More sharing options...
Pete Posted February 2, 2006 Share Posted February 2, 2006 Don't know who this was aimed at, but to some people £15k is a lot of money. Not to the bankers and money lenders it isn't. Nowadays anyone can get this kind of loan over a longer period to reduce the monthly payment terms and make life more managable. I came out of university owing 15k which to me then still wasn't a great deal of money. It took me 5 years to pay that off whilst accumulating much more debt along the way . You're right about people taking their lives over it. Worrying this much about money isn't worth it in the long run. They need to get proper independent advice about their situation. Quote Link to comment Share on other sites More sharing options...
GeordieSteve Posted February 2, 2006 Share Posted February 2, 2006 for EVER he will have to declare it when he applys for a bank account, mortgage, credit card ANYTHING. No it doesn't stay on your file forever Quote Link to comment Share on other sites More sharing options...
JohnA Posted February 2, 2006 Share Posted February 2, 2006 No it doesn't stay on your file forever He he... define 'file' It will stay on A file forever, and YOUR file will occasionally LINK to that file. Depending on the lender's policy at the time, that link may or may not make a difference in their decision. Quote Link to comment Share on other sites More sharing options...
geoffvalenti Posted February 2, 2006 Share Posted February 2, 2006 I'll feel a hell of a lot better about myself in 3 years owning my own home in positive equity with no debt, having worked my balls off rather than pleading a solicitor to help me out. Good for you Trev That's the right attitude. There's nothing wrong about having debts. It's expecting other people to bail you out that's wrong. Most of us borrow money at some time, and then pay it off, whats the problem? Quote Link to comment Share on other sites More sharing options...
DamanC Posted February 2, 2006 Share Posted February 2, 2006 Tell your friend to get an aditional job, sell all his toys and get another aditional job. Quote Link to comment Share on other sites More sharing options...
Ark Posted February 2, 2006 Share Posted February 2, 2006 Tell your friend to get an aditional job, sell all his toys and get another aditional job. Hear hear! About 3 years ago I was under the tune of £25K - student loans, credit cards, car loan; not frivolous spending, just lots of debt. I worked harder, got a better job, and STOPPED SPENDING MORE MONEY THAN I EARNED!!! Now I'm :rich: (I wish ) Quote Link to comment Share on other sites More sharing options...
Chiefgroover Posted February 2, 2006 Share Posted February 2, 2006 Consumer debt is starting to kick the economy. Living standard compared to 20 years ago have changed drastically. I heard on the radio last year that the average girl between 18 and 25 is supposed to have about £20K on c.cards? could this be true, the future looks bad if so. Maybe getting some other credit cards and using time planned balance transfer offers would get your mate somewhere, pay less interest and tackle the debt @ £5K a year. £11K car?, how about he sell it and get a £2K Corolla with service history, and drive that for 3 years. Then never do the debt thing again ! Quote Link to comment Share on other sites More sharing options...
Pete Posted February 2, 2006 Share Posted February 2, 2006 I heard on the radio last year that the average girl between 18 and 25 is supposed to have about £20K on c.cards? could this be true, the future looks bad if so. That can't be right surely? It's the bloody card companies to be blamed. The government needs to step up and make the greedy bankers tighten up their lending. Quote Link to comment Share on other sites More sharing options...
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