Pro's and con's of personal bankruptcy

[Fuzz]

Any one here declared themselves bankrupt?
As in - Personal bankruptcy...
To throw in the towel of your own accord so to speak.
Not those who have been made bankrupt by a bank or other third party.
What are the pro's and con of doing so.
How long are you bankrupt for.
Are you allowed a bank account
Who's in control of the money you do earn whilst under the that bankrupt roof

 

[Fuzz]

I don't qualify for a DRO on a number of points in the list on the link provided there.

 

[Fuzz]

beginning to think that myself, now I am starting to read up on it :/

I spoke to a debt management company the other day to see what they could offer but I think the majority decision on those companies are that they are a bunch of scammers lol

 

[Fuzz]

I have been selling my assets since the beginning of the year..
PC just went to a mate today for 600 notes.
There's not a lot left to sell now.

 

[Fuzz]

Cheers for your input malc.
It's nice to get some thoughts and opinions of others involved and gives me avenues to look down if nothing else. I wouldn't blindly go with what's written here without first investigating it thoroughly myself.
Just bouncing ideas around..


I can see that ringing the non profit / impartial advice help lines are definitely a first step in the RIGHT direction.

Also been reading the "money expert" website... plenty of good info and links to follow there too.

 

[Fuzz]

I can indeed wait a week because on Saturday I am jetting off to Ibiza for a weeks holiday

 

[Fuzz]

There is no baby.
The holiday was booked and paid for in cash many months ago.
The BMW is the cheapest way I could find of having something to do beside sit behind this computer every day.
It's the cheapest car I've bought, I was on the verge of scrapping it but managed to put it back together at minimal cost because that's what I do for a living and parts are easy to come by.
If you want to have a pop at my "frivolous spending" have a go at the fact I spent 40 grand on my last car, the Impreza, as that's what got me in this position in the first place.

Oh and I am not on the verge of bankruptcy. I have been paying the debts that are due...
What I am at odds with is the banks and Credit Card companies hiking the interest rates up for no reason, so I feel I'll never get out of the debt I am in.
I feel I need to find a way to "shove two fingers up at the system" because they are starting to take the ****

 

[Fuzz]

Not if you think her losing it is funny.. :/

 

[Fuzz]

For what purpose.. Please explain.

 

[Fuzz]

Quite. Not sure what I can say really - if she truely lost the baby then I am deeply sorry. But there was a lot of doubt in the thread as to whether she was lying to him in the first place so who knows what really happened, I think its best we leave it though.

I don't really know for sure if it was all true or not to this day, I was about to go to a solicitor about it but she text me Monday I think saying "I'd be pleased to know she lost it" :/

Yes, a line under the whole debacle would be best all round I think. Lesson learned there.

 

[Fuzz]

Something always seems fishy about nokinidea's posts. Like the pregnancy test at the GP which they don't do anymore.

I was only going off what she said to me.. Maybe it was all BS, I have no idea as said above... this is not the thread for that topic though

 

[Fuzz]

You do realise that you can refuse the interest rate hike without any negative effect to your credit rating but on doing so you will no longer be able to borrow any further money against the card. The account will be closed. This does not mean you have to pay the money back instantly you have a "reasonable period of time".



http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

I was looking at the money expert site earlier, although looks like I didn't take some of it on board. Trying to do 20 things at once this evening..

All the cards are cut up and binned anyway so I don't use them, so that could well be an option if it's as simple as "I want to close the account and pay you back *** pounds a month with no interest.

 

[Fuzz]

You're the guy with the £40k 400bhp impreza? I read your thread thinking 'how the hell can people afford to do all this?'.

Did you do it all on tick?

On 22b.. That's me..

 

[Fuzz]

I'm sure you were the same person the other day who was trying to buy £200 worth of clothes for your holiday but your card declined.

Yes that was me. As I said I am not in direct "dire straights" as it currently stands I am just sick of seeing what I do pay back to the card companies get swallowed up by interest.

 

[Fuzz]

As I said already, twice in fact.
I am quite happy to pay back the debt I have accrued. What I take objection to is having cards I signed up to at 9% "for the life of the balance" slowly get raised to 20 odd %.
If it was still at 9% I'd be paying off the actual debt but now all I am doing is paying interest and tiny bit of capitol. It's ridiculous.