Going Bankrupt...

The Mad Rapper

The Mad Rapper

The Mad Rapper

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18 Oct 2002
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No, not me - I am fine :)

I happened across this thread and I am a little stunned how someone can be so happy about running up thousands of pounds worth of debt, then using the law to not have to repay it!

I know this will provoke a multitude of responses, but I have to go on record as saying if you borrow then you repay. If you can't then don't borrow in the first place!

The comments of support in the same thread are equally horrendous in my view, where's the stigma of being a bankrupt gone?
 
Stinky said:
if you go bankrupt. what does that effectivly stop you doing??
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It should mean you can't get credit full stop, but from the (little) research I have done it seems that people are having the bankruptcies discharged far too quickly, and lax lending by financial institutions just encourages them to take on debt again, when that's the absolute last thing they should be doing!
 
Hilarious, OAP's who worked all their life can't afford to heat their homes, (yeah a shock horror Daily Mail Winter time story, but true) and then muppets like this overspend by thousands and there is ZERO consequence, lethal injection tbh.
 
Getting any form of credit for a fairly long time.

Re the thread, without knowing how she got so badly into debt (I can think of several reasons people might end up bankrupt without it eactly being their fault) I won't comment on it, for some people it's the easy way out, for others it's literally the last resort.

One thing I do think, is that at the moment there are a lot of very very irresponsible lenders out there who are more like traditional loan sharks in their business practices than they should be, it's far to easy to get credit, and there are far too many companies advising silly borrowing (you owe 10k in credit cards...take out a loan secured on your house, that way when you can't make the repayments we can repossess your house...).
 
They're banging on about how negative posts regarding the morality of what she's done shouldn't be in that thread, someone else should start one about how she's a stupid, irresponsible moron who's taken the lazy sods way out of paying back debts she's accumulated.
 
helmet said:
Hilarious, OAP's who worked all their life can't afford to heat their homes, (yeah a shock horror Daily Mail Winter time story, but true) and then muppets like this overspend by thousands and there is ZERO consequence, lethal injection tbh.
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grow up, life isn't always simple.
 
I don't understand people who get into massive debt like that. Borrowing is fine but if you can't keep track of what you owe then you shouldn't be borrowing anything.
 
How do you know she's a chav?

The thread makes no comment on her age, what she does for a job (just that she has one), or how she got so badly into debt.

There are quite a few "respectable" people who have ended up bankrupt in the past.

I really do despair of the generalisations I see on the forums at times.


I know a few people who have been damned lucky not to have gone bankrupt due to various things, such as losing a previously well paid job (suddenly the debts that were being repaid are unaffordable), illness, relationship breakups leaving them with the lions share of an ex's debts as well as their own etc.
 
Werewolf said:
grow up, life isn't always simple.
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I never said life was simple and my examples don't even belong in the same context, but they both happen.

I think you learn that life is not simple in the queue for the sweet shop at Primary School where you see what you have to spend and how much things cost, that generally sets you in good stead in terms of spending. Some people can hold on to those lessons, some can't.
 
gurusan said:
I don't understand people who get into massive debt like that. Borrowing is fine but if you can't keep track of what you owe then you shouldn't be borrowing anything.
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Lack of education/understanding, this unlimited lending is a new thing, should be in the curriculum of how to manage your money, a decent part of learning that will help you with the rest of your life.
 
The credit culture which we live in has to be partly to blame. It's now considered normal to have thousands of pounds worth of debt, be it credit cards or personal loans.

I have had my fair share of debt issues in the past, which are thankfully all behind me. Banks and finance companies are all too happy to loan people unrealisitic amounts of money, and become ruthless when things start to go bad.

There needs to be a greater awareness of the consequenses of bad debt and poor financial management. This should start in school, especially when you consider how many students are thrust into debt with student loans these days.

EDIT [DW]Muffin - beat me to it..just, but I totally agree.
 
Well when I went to highschool in California we had to take a year of economics...an extremely boring class as a teenager but definitely a useful one.
 
Werewolf said:
How do you know she's a chav?

The thread makes no comment on her age, what she does for a job (just that she has one), or how she got so badly into debt.

There are quite a few "respectable" people who have ended up bankrupt in the past.

I really do despair of the generalisations I see on the forums at times.


I know a few people who have been damned lucky not to have gone bankrupt due to various things, such as losing a previously well paid job (suddenly the debts that were being repaid are unaffordable), illness, relationship breakups leaving them with the lions share of an ex's debts as well as their own etc.
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Chav does not equal people who wear hooides, it can mean anything, but usually people who are a bit rough, thick, ugly, fat, aggressive, the word has evolved somewhat.

I've read some of the thread and her others, she accumulated 34k, its hardly a Punto on 5k credit, and shes 34. She was unemployed from June till September, its another classic case of people living outside of their means.
 
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