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Mega

Thank God...pay Back At Last!

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Most people take having a bank account for granted, but without access to one, basic tasks such as receiving wages or benefits and paying bills can become huge and costly obstacles to overcome, particularly for people who are often at a vulnerable point in their lives.

Not as vulnerable as those who you owed money to before going bust.

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Only two out of 17 banks allowed the recently bankrupt to open a basic bank account, a Citizens Advice report found.

problem solved then

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Not as vulnerable as those who you owed money to before going bust.

Indeed.

One would have thought that the BBC, with its obsession for impartiality and presenting both sides to any debate, would have mentioned the poor wretched orphans thrown on the street because someone left their parents without any money*.

* although, to be fair - my parents got into a spot of bother and lost a tidy sum to someone who went bankrupt. As a kid, I found it fun to live in a caravan for 6 months! So it's not the end of the world. But I wouldn't wish it on anyone <_<

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Most people take having a bank account for granted, but without access to one, basic tasks such as receiving wages or benefits and paying bills can become huge and costly obstacles to overcome, particularly for people who are often at a vulnerable point in their lives.

Not as vulnerable as those who you owed money to before going bust.

Possibly, but unlikely. How about a basic banking facility that takes a small percentage of the bankrupts income and repays it to lenders? Does that sound more reasonable than social and financial exlusion?

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I would have more sympathy but I met a bankrupt recently and he was the most loathsome creature. The big thing for him in his piss poor future is the great difficulty he will have in renting. There is renting, and there is lodging with your sort of mates mother in your late forties. If ever there was a bloke on the take who would not pay you back, he is it.

Edited by Tonkers

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It's not the people/firms that have gone through bankruptcy who are the problem, it's the ones who are effectively insolvent but being bailed out by zero interest rates/government paying their mortgage/banks not repossessing. They are tying up capital which could be productive if released for somebody else to make use of at a more appropriate price.

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Possibly, but unlikely. How about a basic banking facility that takes a small percentage of the bankrupts income and repays it to lenders? Does that sound more reasonable than social and financial exlusion?

The Official receiver would organise that.

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It's not the people/firms that have gone through bankruptcy who are the problem, it's the ones who are effectively insolvent but being bailed out by zero interest rates/government paying their mortgage/banks not repossessing.

That too

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problem solved then

exactly...2 banks did...and they only asked 17....course, walk into a bank, talk to a teenage clerk, mention the B word and they will blush and throw up on the floor...

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The thing is........."They" woken up!

The Ponzi money spining machine is kaput, these "Ponzi operatives" are now of no further use...........they are now behold use!

Mike

Edited by Mega

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As I've said on here before to the general assumption that all bankrupts are just incontinent spenders of other people's money on consumer tat.

When I went to a bankruptcy court (this was in the nineties recession but probably still applies to quite a few cases) other people there were several people who were terminally ill and couldn't work and re-pay mortages and loans, pub landlords who couldn't make ends meet on their tenancy and builders/tradespeople who had been left unpaid for work themselves.

It's also worth pointing out that if the sort of people HPCers are assuming this applies to are forced to live a cash-in-hand existence. Not only will they have had a lot of money they've not paid back. They'll also probably never pay much tax again.

Edited by Soon Not a Chain Retailer

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dont know why they wont allow a cheque book....oh yes I do, they know they cant honour an excess amount below 0 and charge £35 for the privilege and 20% interest and fees...cos giving the bankrupt any credit would....well, cause the World to explode.

Banks HATE bankruptcy.

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Guest sillybear2

dont know why they wont allow a cheque book....oh yes I do, they know they cant honour an excess amount below 0 and charge £35 for the privilege and 20% interest and fees...cos giving the bankrupt any credit would....well, cause the World to explode.

Banks HATE bankruptcy.

Taxpayers hate bankrupt banks.

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Taxpayers hate bankrupt banks.

thing is, it wasnt defaulters that done it for the banks....it was Mr Ponzi.

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IMO, pay back would be a modern equivalent of the poor house, rather than just having a current account refused. dry.gif

And watch as private sector business start up's and job creation vanishes overnight.

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Not as vulnerable as those who you owed money to before going bust.

+ 1

I read today in another thread that someone MEWed some 10k to take the "missus" on a 6 months around the world holiday.

I hope the Citizens Advice Bureau won't start arguing that credit is now a "Human Right"... :angry:

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Possibly, but unlikely. How about a basic banking facility that takes a small percentage of the bankrupts income and repays it to lenders? Does that sound more reasonable than social and financial exlusion?

It does, I agree.

But no more credit, until and unless they pay back their debts.

Isn't this reasonable too?

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It's not the people/firms that have gone through bankruptcy who are the problem, it's the ones who are effectively insolvent but being bailed out by zero interest rates/government paying their mortgage/banks not repossessing. They are tying up capital which could be productive if released for somebody else to make use of at a more appropriate price.

"They" are probably the same person. Bailout for 2 years, then bankrupt.

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The whole bankruptcy idea is a nonsense. What has it got to do with anyone else if you don't honour a debt. It should be strictly be between you and the lender. The fact that it even has any legal status shows just how badly our economy/lives are captured by the banking system.

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There simply isn't an exclusion problem here.

There are loads of prepaid credit cards on the market, they have visa/mastercard facilities and you can get your wages paid into them, so you can do all the normal things people need cards for, you can even use them abroad.

They are easy to get hold of, and have taken off big time as they are used by east europeans who have difficulty proving a UK credit record.

One of the best ones is Virgin, very useful if you have a friend in foreign climes you need to send money to, miles cheaper than other cash transfer options:

http://uk.virginmoney.com/virgin/prepaid-card/faq.jsp

but there are loads of others.

There are two minor drawbacks;

1. They have small fees on all transactions.

2. You can only spend up to the limit of the real money you have paid in to the account.

If you don't like these conditions, well you should have thought about that before going bankrupt.

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The whole bankruptcy idea is a nonsense. What has it got to do with anyone else if you don't honour a debt. It should be strictly be between you and the lender. The fact that it even has any legal status shows just how badly our economy/lives are captured by the banking system.

Does anyone know if the whole bankruptcy process is cost neutral - how much is typically recovered?

If banks and credit card companies have lent money to people that haven't paid it back I'm not keen on having to pay tax to fund a government run service specifically to deal with the aftermath of banks who've been negligent in their lending decisions.

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  • 259 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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