A Happy Bankrupt...

[TheCountOfNowhere]

Have a read at this:

http://forums.moneysavingexpert.com/showth...d=1#post7202003

I was a bit shocked, they are happy to be bankrupt. What is wrong with people in this country...run up debt, walk away, be happy that you dont have to worry about it and f**k anyone you've inadvertently screwed over.

Edited December 12, 2007 by TheCountOfNowhere

[Mr Nice]

Have a read at this:

http://forums.moneysavingexpert.com/showth...d=1#post7202003

I was a bit shocked, they are happy to be bankrupt. What is wrong with people in this country...run up debt, walk away, be happy that you dont have to worry about it and f**k anyone you've inadvertently screwed over.

unfortunately it's not just the people, it's a lot of the major businesses as well.

luckily for them there are government bailouts to keep them going.

for the average person just coming away not in debt for the rest of your life almost makes you a winner.

Im not a huge fan of bankruptcies, but if your taxes are going to be used to bailout a business that misled and profited off of your bad situation, you might not feel so guilty about taking a bankruptcy yourself.

Edited December 12, 2007 by Mr Nice

[Ipodjunky]

You dont have to worry about it and f**k anyone you've inadvertently screwed over.

Criminals at the top criminals at the bottom. Hope they rot.

[Bloo Loo]

Have a read at this:

http://forums.moneysavingexpert.com/showth...d=1#post7202003

I was a bit shocked, they are happy to be bankrupt. What is wrong with people in this country...run up debt, walk away, be happy that you dont have to worry about it and f**k anyone you've inadvertently screwed over.

I read that, and yes, I can understand the feeling of elation one would get as months of threats and being frightened to open letters/answer the phone, is suddenly releived.

However. she is gonna get a shock once she visits the OR and finds how much she will be restricted in the coming year.

Lets hope shes learned her lesson, but it is hard to come off the adrenelin that is debt.

[Paddles]

Let it go, Count, let it go.

There are support/encouragement websites for anorexics too. These bankrupts are not much different to that level of "living".

Comfort yourself that she will probably fall straight back into learned habits as soon as some daft credit card company send her a piece of plastic again.

Edited December 12, 2007 by Paddles

[Guest mSparks]

Heh, my parents were just saying at one point they had the potential to spend £100,000 in unsecured credit!

What I exclaimed,

Why the hell didn't you just transfer the house to my brother and me, buy yourself a large boat pay off the first few minimum payments and disappear around the med for 7 years!

could see my dad cogs turning.

I dont care what you say, most of the companies lending money right now deserve to lose every penny, its not even their money they are lending.

[Bloo Loo]

Not forgetting that in the current economy, with fractional reserve banking, it is INEVITABLE that acertain percentage of entities and people MUST go bust, as some money is always used to pay INTEREST to the banking system.

[A.steve]

I think it is a wonderful heart warming story.

Bankruptcy plays into the hands of anyone who despises high asset prices... because it forces up risk premiums.

[Damik]

Have a read at this:

http://forums.moneysavingexpert.com/showth...d=1#post7202003

I was a bit shocked, they are happy to be bankrupt. What is wrong with people in this country...run up debt, walk away, be happy that you dont have to worry about it and f**k anyone you've inadvertently screwed over.

this is actually quite good. f.ck the lenders!!! it is their stupidity to give plastic or mortgage to any looser ...

next time they will be more careful !!!!

[nickd]

That whole story either sounds like a complete troll, or else bankruptcy is far too easy in this country.

She had no shortage of fags, got back in the car after going to court, and went home and went back online using her computer?

It sounds like a joke to me.

If it is true you can declare bankruptcy and your creditors can't take away your car, computer and funds for fags, well then, people should be even more wary of lending to people. ;-)

[The Ayatollah Buggeri]

next time they will be more careful !!!!

Today's Torygraph reports that roughly half of all credit card applications are now being rejected, compared with 30-35% during the summer: so thankfully, it would seem that lenders are now being more careful.

The problem with this MSE story is that we don't know the circumstances which led her to become bankrupt in the first place. It could be just terribly bad luck (e.g. having to stop work to care for elderly relative, spending getting out of control etc.), it could be that she blew a load of money she didn't have on consumer crud or it could be somewhere in between.

It seems to me that as with divorce, the problem is with the principle of 'no fault' bankruptcy. What I'd like to see is judges making value judgments as to the level of personal culpability in each bankruptcy case, and setting the terms of the bankruptcy accordingly. For example, if she did blow thousands on consumer crud without bothering about how she was going to pay it back, then I'd set the bankruptcy 'sentence' at 10 years until discharge plus other stringent conditions. On the other hand, if unavoidable circumstances played a major role, I'd set the conditions more leniently. Likewise, if the bankruptcy is the result of mortgage defaulting, then someone who was honest but naive, and deceived by a predatory lender, should get far more lenient conditions in bankruptcy than a lie-to-buyer.

[Unexpected]

I think it is a wonderful heart warming story.

Bankruptcy plays into the hands of anyone who despises high asset prices... because it forces up risk premiums.

Exactly. This is all good from the bears point of view.

Banks have to put their lending rates up to compensate for the money they lost due to bankruptcy.

[Unexpected]

It seems to me that as with divorce, the problem is with the principle of 'no fault' bankruptcy. What I'd like to see is judges making value judgments as to the level of personal culpability in each bankruptcy case, and setting the terms of the bankruptcy accordingly. For example, if she did blow thousands on consumer crud without bothering about how she was going to pay it back, then I'd set the bankruptcy 'sentence' at 10 years until discharge plus other stringent conditions. On the other hand, if unavoidable circumstances played a major role, I'd set the conditions more leniently. Likewise, if the bankruptcy is the result of mortgage defaulting, then someone who was honest but naive, and deceived by a predatory lender, should get far more lenient conditions in bankruptcy than a lie-to-buyer.

That would be unfair because then intelligence, sneakyness, and acting ability would come into the equation. Its easy to hide a lot from the judge if you think hard enough about it.

[The Ayatollah Buggeri]

That would be unfair because then intelligence, sneakyness, and acting ability would come into the equation.

But bank and credit card statements, and other forms of hard evidence which can't be spun out of existence, would play a bigger role in it, with what I've got in mind.

[qwertyuiop]

Not forgetting that in the current economy, with fractional reserve banking, it is INEVITABLE that acertain percentage of entities and people MUST go bust, as some money is always used to pay INTEREST to the banking system.

Misleading.

Remember all the money that is spent into the economy from a banks turnover generated from FRB is debt-free money.

[Methinkshe]

Seems to me that it is unreasonable to slag off the financiers who made dodgy loans to the financially unwashed and then in the same breath slag off the financially unwashed for using the legal means of bankruptcy to give two fingers up to the dodgy financiers. Yep, it's going to hurt us all, but it's the sort of come uppance that, imho, the dodgy financiers deserve.

[mattley]

It's strange how different people react to the realisation that they are in serious debt.

If you take the typical, run up the cards, get a consolidation loan, run up the cards again, get another loan, run up the cards... ah, no more loans..... I'm buggered, scenario, there are only a few options.

Debt management plans can work, IVA's too, but if there's no assets BR can be a huge release for people whov'e been robbing peter to pay paul for months on end, so I do have some sympathy.

Society condems the tactics of the predatory drug dealer, find someone nieve and give 'em the old 'I'll give you some cheap, if you like it come back, I'll give you some more.' Offer something glamerous at a price they can afford, though beyond the means of the target in the long term.

I think the credit merhcants, and especially their marketing departments, should be tarred with the same brush, and tough shit if they loose now and again.

[HenryWeston]

Have a read at this:

http://forums.moneysavingexpert.com/showth...d=1#post7202003

I was a bit shocked, they are happy to be bankrupt. What is wrong with people in this country...run up debt, walk away, be happy that you dont have to worry about it and f**k anyone you've inadvertently screwed over.

All part of the banking game, also completely legal, people like her have kept gordon's 'miracle economy' going.

[Mr Nice]

Misleading.

Remember all the money that is spent into the economy from a banks turnover generated from FRB is debt-free money.

there IS not debt free money, it's created by debt.

I take it you are talking about the banks profits getting spent back in, but those pounds were created by the debt of government loans in the first place, so the never stopped being debt instruments.

[qwertyuiop]

there IS not debt free money, it's created by debt.

I take it you are talking about the banks profits getting spent back in, but those pounds were created by the debt of government loans in the first place, so the never stopped being debt instruments.

Nonesense. Stop watching badly researched and biased videos on youtube.

[Mr Nice]

Nonesense. Stop watching badly researched and biased videos on youtube.

then I'm sure you can direct me to a link or several that shows original money creation as being anything other that debt based?

thanks

[The Spaniard]

Nonesense. Stop watching badly researched and biased videos on youtube.

Mr Nice is correct. It is the manner of money ORIGINATION that determines whether it is debt-free or not. Only the 3% of Sterling that is M0 is debt-free. The other 97% has been borrowed into existence, almost exclusively from commercial banks. Someone somewhere is paying interest on it.

[US Citizen]

I dont actually believe her story. Just a feeling I have. I can spot BS from a mile away and she spent more time telling us about how many time she scrubed her scrawny body than the proceedings. I thing she is a sad, lonely person who has found attention from the genuinely bankcrupt.

That said. I dont have a problem with bankcrupcy anymore than I have a problem with suicide. Would I do it ? No.

I make a point of not accepting credit. Everytime I walk into the bank to pay a cheque in, they tell me how eligible I am for a card. I say I have one thanks, it works by me putting money in and then when I want it, I take it out. Easy.

I dont think Bankcrupcy is a good way to live you life, but if you are in over you head because of charges, then its better than killing yourself as so many do.

As I am not a Bankcrupt or know even of any one who has undergone, this is all I can add.

I did read a little on google about bankcruptcy facts, and if the truth be known, it doesnt sound like a soft option especially if you are a homeowner.

Great though if you are renting in a furnished house. Oh yes a cretin for getting into that state in the first place.

Edited December 12, 2007 by debt-free

[Guest mSparks]

Mr Nice is correct. It is the manner of money ORIGINATION that determines whether it is debt-free or not. Only the 3% of Sterling that is M0 is debt-free. The other 97% has been borrowed into existence, almost exclusively from commercial banks. Someone somewhere is paying interest on it.

I think that should be getting paid interest on it.

[Impartial]

Mr Nice is correct. It is the manner of money ORIGINATION that determines whether it is debt-free or not. Only the 3% of Sterling that is M0 is debt-free. The other 97% has been borrowed into existence, almost exclusively from commercial banks. Someone somewhere is paying interest on it.

It's true,

it's a known fact that all money borrowed must be paid back by someone, be it the borrower or the lender.