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an_turtar

"bankruptcy Is Nothing To Be Ashamed Of"

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I don't post much, but seeing this post on moneysavingexpert's debt forum made me somewhat annoyed:

"Bankruptcy is nothing to be ashamed of, the government cahnged the law recently to make it easier and to make it last for a shorter time than the recent three years. I have recently been discharged. No one knew apart from my family really either. If anyone looked me up - well, how sad would that be."

http://forums.moneysavingexpert.com/showthread.html?t=86266

I don't know, maybe it's ok to rack up huge debts and declare yourself bankrupt, it's renting that is really shameful behaviour.

PS I'm moving back to Britain on Wednesday, hoping to rent in South/West Wales, should be great!

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I don't post much, but seeing this post on moneysavingexpert's debt forum made me somewhat annoyed:

"Bankruptcy is nothing to be ashamed of, the government cahnged the law recently to make it easier and to make it last for a shorter time than the recent three years. I have recently been discharged. No one knew apart from my family really either. If anyone looked me up - well, how sad would that be."

My grandparents went bankrupt in the early seventies. They were so ashamed they left Britain (missing my parents' wedding) to live overseas and did not come back for about 5 years. I think it was a big deal back then.

frugalista

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My grandparents went bankrupt in the early seventies. They were so ashamed they left Britain (missing my parents' wedding) to live overseas and did not come back for about 5 years. I think it was a big deal back then.

frugalista

I know a property developer (part time) who went bankrupt in 1992 (after the 1990 crash) then has overstretched himself again in 2005 and will probably go under a second time. He's the sort that is eternally optimistic. He'll probably go bankrupt a third time, perhaps around 2020 when the next boom and bust comes around.

Note for G Brown: Pah!

VP

Edited by VacantPossession

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Guest Charlie The Tramp

Heard of case two years ago where a guy went bankrupt working for a big company. Ask to have his wages paid in cash because he no longer could have a Bank Account.

A month later his job went to outside contractors and he was made redundant. Strange that. :(

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I don't post much, but seeing this post on moneysavingexpert's debt forum made me somewhat annoyed:

"Bankruptcy is nothing to be ashamed of, the government cahnged the law recently to make it easier and to make it last for a shorter time than the recent three years. I have recently been discharged. No one knew apart from my family really either. If anyone looked me up - well, how sad would that be."

http://forums.moneysavingexpert.com/showthread.html?t=86266

I don't know, maybe it's ok to rack up huge debts and declare yourself bankrupt, it's renting that is really shameful behaviour.

PS I'm moving back to Britain on Wednesday, hoping to rent in South/West Wales, should be great!

I don't think that bankruptcy is something you should necessarily be ashamed of. It can come about for valid reasons, such as starting a risky business. Many successful entrepreneurs have been bankrupt in their lives ( I even heard of a venture capital company that will only fund a start up if one of the directors has been bankrupt twice on the grounds that they have learnt from their mistakes and are now likely to succeed if they come back for more. Might be urban myth though.)

B.

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I think for people who've run up debts spending like there is no tomorrow should feel shame and if they don't then they won't learn their lesssson.

Perhaps if its too easy and shamefree then people will keep doing it.

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I don't think that bankruptcy is something you should necessarily be ashamed of. It can come about for valid reasons, such as starting a risky business. Many successful entrepreneurs have been bankrupt in their lives ( I even heard of a venture capital company that will only fund a start up if one of the directors has been bankrupt twice on the grounds that they have learnt from their mistakes and are now likely to succeed if they come back for more. Might be urban myth though.)

B.

I am guessing that the original reason it was shameful, (e.g. with my grandparents in the 70s) was that in those days to get credit you had to turn up at an office in shirt and tie (i.e. looking "respectable"), look someone in the eye, shake them firmly by the hand and give them your word that you knew what you were doing and you could manage things well enough that they would get their money back. By declaring yourself bankrupt you were effectively seen as saying "sorry, I am not really a person of integrity and I don't really keep to my word". Bit like a medieval pledge of fealty. If you break your oath, you are regarded as a scoundrel.

Nowadays you are really just filling in a form the details of which get processed by a credit scoring algorithm deep in the bowels of a server subroutine somewhere. So it's more like space invaders or pac-man. Can you beat the computer? If it's game over, no real problem, you just walk away from the arcade with slightly lighter pockets.

frugalista

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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