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Phil Waters
Guest
I am considering declaring myself bankrupt. Has anyone ever been bankrupt? Did you enjoy it?
Desert Orchid
Senior Jockey
- Joined
- Aug 2, 2005
- Messages
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Tell us more, Phil.
I know someone who has been declared bankrupt/insolvent (not sure of the difference) twice and thye are (outwardly at least) laughing up their sleeve and cocking a snook at everyone around them, boasting about how taxpayers are paying their debts for them.
I know someone who has been declared bankrupt/insolvent (not sure of the difference) twice and thye are (outwardly at least) laughing up their sleeve and cocking a snook at everyone around them, boasting about how taxpayers are paying their debts for them.
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Phil Waters
Guest
Not much to tell except I have debts that, if I met the monthly repayments, I'd have no money for anything else.
So, I pay nothing.
I want to start paying but I am way over my head. It doesn't cause me any worry or stress though, just want to start paying. I owe around £17,000 and want to pay back £60 per month.
I think that's fair considering I am paying nothing at the moment.
So, I pay nothing.
I want to start paying but I am way over my head. It doesn't cause me any worry or stress though, just want to start paying. I owe around £17,000 and want to pay back £60 per month.
I think that's fair considering I am paying nothing at the moment.
I'm never sure when or when not to take seriously what you post Phil, but on this occasion I'm prepared to believe you're not indulging in a bit of leg pulling, so won't make the obvious suggestion in view of the other thread you're running.
I know people are increasingly declaring themselves bankrupt and it does come with other costs, but it's not as punitive as is often imagined, and can be a sensible way out under certain circumstances. Most people in such trouble often talk about the stress and worry and find bankruptcy removes that even if it stores up other problems in later life. You're not suffering this though so that's at least one blessing.
I suspect alot depends on who you owe, and what they can recover or would be prepared to accept, as there reaches a point where the debtor calls the shots in some circumstances
I know people are increasingly declaring themselves bankrupt and it does come with other costs, but it's not as punitive as is often imagined, and can be a sensible way out under certain circumstances. Most people in such trouble often talk about the stress and worry and find bankruptcy removes that even if it stores up other problems in later life. You're not suffering this though so that's at least one blessing.
I suspect alot depends on who you owe, and what they can recover or would be prepared to accept, as there reaches a point where the debtor calls the shots in some circumstances
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Phil Waters
Guest
There are no houses at stake, or any items for that matter so I cannot think of a situation, in this instance, where the creditors will ever have the upper hand.
I am prepared to pay them £60 per month as a goodwill gesture.
I am prepared to pay them £60 per month as a goodwill gesture.
All you may keep is the 'tools of your trade' and basic items like a bed.
If you use a computer for work you should be ok there. The main problems are not being able to have a bank account - not sure if that is the case still, but if so it's a severe annoyance not be able to use plastic these days - and esp not being able to own a car
The laws were changed very recently to make it much easier to get discharged, so it's now something of a 'lifestyle choice' esp for people who are being dunned by ex-spouses :laughing: as the conditions and consequences are far less onerous than they were. Your local Citizens'Advice Bureau can give you all the ins nd outs, or just ring up an insolvency practicioner for advice. There is a halfway house - 'voluntary receivership of something - but I'm not sure if that is available to private people or only to businesses.
If it's just credit card companies, then get a debt advisor to go with you to make a deal, they are often willing to accept anything - it will b*gger up your credit rating for a long time though, and that's tough with cash going out of use so fast, and everything so computerised
If you use a computer for work you should be ok there. The main problems are not being able to have a bank account - not sure if that is the case still, but if so it's a severe annoyance not be able to use plastic these days - and esp not being able to own a car
The laws were changed very recently to make it much easier to get discharged, so it's now something of a 'lifestyle choice' esp for people who are being dunned by ex-spouses :laughing: as the conditions and consequences are far less onerous than they were. Your local Citizens'Advice Bureau can give you all the ins nd outs, or just ring up an insolvency practicioner for advice. There is a halfway house - 'voluntary receivership of something - but I'm not sure if that is available to private people or only to businesses.
If it's just credit card companies, then get a debt advisor to go with you to make a deal, they are often willing to accept anything - it will b*gger up your credit rating for a long time though, and that's tough with cash going out of use so fast, and everything so computerised
Irish Stamp
Forum Moderator
What would happen if say Phil gave his TV, digibox, computer etc to a relative?
Surely they wouldn't be able to take those into consideration if it came to taking them away.
Surely they wouldn't be able to take those into consideration if it came to taking them away.
Bailiffs could check the bills and note that he'd 'given away' these belongings once the bankruptcy petition was filed. It's not quite such a cute scam as some people think. He could sell them to something like Cash Converters to pay off some of the debts, but £17K is a big lump and isn't going to get paid off flogging off the odd bit of electronic equipment. Drop in the ocean.
Phil, if you're really serious about paying off the debt, you can call a debt management company and see what they advise, or the CAB, as is suggested. Don't try to tackle it yourself.
Phil, if you're really serious about paying off the debt, you can call a debt management company and see what they advise, or the CAB, as is suggested. Don't try to tackle it yourself.
trudij
Senior Jockey
Its an IVA youre thinking of Headstrong - and they are available to the public - you need to be in debt of more than £15k and in full tim ework.
Anyone like Debtbusters direct will be able to help out - most of them have a freephone number to canll and are very forthcoming. In ther last couple of yers it has become harder to get accepted for an IVA though, as a lot of people were having them as an easy way out.
Anyone like Debtbusters direct will be able to help out - most of them have a freephone number to canll and are very forthcoming. In ther last couple of yers it has become harder to get accepted for an IVA though, as a lot of people were having them as an easy way out.
I was declared bankrupt on May 15th, due to debts I was left with after a bad marriage five years ago which were getting out of control.
You can opt for an IVA if you have capital to pay your creditors with - you basically offer them a lump sum to settle the debt. I didn't have any assets so this was not an option for me.
Personally I haven't lost anything as I need my car and PC for work, and both are cheap and nasty already! I don't have any expensive gadgets in the house either. And I have been able to open a basic cash card account with Barclays to have my wages paid and direct debits set up for bills etc.
It's been a weight off my mind. Yes, it's screwed my credit rating but that was already pretty dire.
However it took a LOT of thought and a lot of advice to be sure I was doing the right thing, I would wholeheartedly recommend the Consumer Credit Counselling Service for the advice, they are a free service who can really help out.
You can opt for an IVA if you have capital to pay your creditors with - you basically offer them a lump sum to settle the debt. I didn't have any assets so this was not an option for me.
Personally I haven't lost anything as I need my car and PC for work, and both are cheap and nasty already! I don't have any expensive gadgets in the house either. And I have been able to open a basic cash card account with Barclays to have my wages paid and direct debits set up for bills etc.
It's been a weight off my mind. Yes, it's screwed my credit rating but that was already pretty dire.
However it took a LOT of thought and a lot of advice to be sure I was doing the right thing, I would wholeheartedly recommend the Consumer Credit Counselling Service for the advice, they are a free service who can really help out.