Jump to content
House Price Crash Forum
Dave Beans

I'm £85K In Debt But Don't Care... I'll Just Go Bankrupt Like Kerry..

Recommended Posts

I'm quite stunned that the Sun have a "Business Editor"

http://www.thesun.co.uk/sol/homepage/woman/real_life/3117936/Wannabe-WAG-in-85k-debt.html

IRRESPONSIBLE British women are spending more than ever trying to live the WAG lifestyle - with devastating consequences. They are a whopping £13BILLION IN DEBT - £3billion more than men - and more are going BANKRUPT as a way out.

Josie Stephens, 33, knows more than most about the problems caused by overspending to copy the WAG lifestyle - the admin assistant has built up debts of £85,000 with her decadent lifestyle.

However, Josie has an alternative to simply paying back the money.

She says: "I'm just going to go bankrupt - it's so easy these days. It will clear all my debts and there are hardly any repercussions.

"Kerry Katona did it and even though she spent cash she didn't have, all her debt is now totally wiped clean.

"It's a brilliant option and means I can spend far more than I earn."

Recent shocking statistics show that Josie is not alone in her attitude. The number of British women going bankrupt has risen tenfold in the past decade.

Figures released by the Insolvency Service also show that the biggest culprits are women aged 25 to 44. Experts are putting the rise down to "irresponsible spending" of women trying to copy glamorous celebrity lifestyles and seeing bankruptcy as a "quick fix".

Josie, from Finchley, north London, admits she has spent a fortune trying to emulate the WAG lifestyle on an annual salary of £25,000. Josie, who seems unaware of the dangers of bankruptcy, says: "A few of my friends are the same as me and are in huge amounts of debt.

"We all want the WAG lifestyle, which means expensive clothes, holidays and nights out.

"I see my credit and store cards as free cash and only pay off the minimum so the companies don't cancel them. The rest of my salary goes on rent and bills but I spend around £400 on shopping a week."

She says: "I realised I was never going to marry a rich man and be looked after like a WAG, so I started spending money to cheer myself up.

"I had a good credit rating at the time so was handed two personal loans, nine credit cards and three store cards.

"One of the first things I bought was a £1,700 Louis Vuitton handbag. It cost more than my monthly salary and the excitement of buying it was fantastic.

"The shop assistant treated me like a celebrity and I loved the whole experience. That is when I became addicted to spending."

Josie's debts continued to spiral out of control, without her feeling any responsibility for her crazed spending. The most Josie has ever spent in one purchase is £4,500 on a Gucci coat. Bankruptcy could cost Josie her job, home and a secure future and see her in court but she thinks she can hide her debts from her family.

She says: "My parents don't even have a credit card and would be devastated to know about my looming bankruptcy.

"They think I buy nice things with bonuses from work - which don't really exist."

Over the past three years, Josie has spent £33,000 on clothes, £32,000 on clubbing, drinks and gifts for friends and £20,000 on holidays.

"When you break it down, the amount I spend looks scary but I don't feel guilty because the banks were happy to hand me the cards.

"I realise that when I go bankrupt there will be a note on my credit file but once I'm discharged I can start again.

"It will be a clean and easy way for me to get out of debt.

"There isn't much stigma attached to it any more, as celebrities are openly doing it. The moment I can't pay back the minimum payments on my cards, I will be filing for bankruptcy.

"I already have the forms ready to fill in. For me, bankruptcy is the perfect route to living the lifestyle I desire."

Case study: Katy Cronnolley

ADMINISTRATOR Katy Cronnolley, knows the horror of mounting debts and going bankrupt. The 23-year-old faced the trauma in October last year after being more than £30,000 in the red. Three months earlier, her partner had suffered the same fate and the financial stress broke them up.

Katy, from Bolton, says: "Standing in front of a judge while he told me that I had debts of £32,000 was the scariest day of my life.

"My ex-partner and I owed £10,000 each on our mortgage, we had a joint £20,000 loan and my own debts included another £5,000 loan and nearly £3,000 outstanding on a credit card.

"When we got our mortgage, my ex was working as a truck driver and had a steady income. But in April 2009 he was in a serious car accident and couldn't work. He wasn't entitled to statutory sick pay because he was self-employed and I had £1,800 of monthly outgoings even though I was only earning £1,100.

"Our debts spiralled out of control and put a massive strain on the relationship. We separated and my ex filed for bankruptcy.

"I was terrified of doing the same but there weren't any other options. I felt so ashamed. I moved back in with my mum and felt humiliated.

"Waiting in court while they decided whether to grant me bankruptcy was so nerve-racking I was nearly sick.

"It is not the easy option, there are lots of restrictions when you're bankrupt.

"I'm only allowed a bank cash account and can't pay for anything with a debit card or get credit for the next six years.

"I'd say anyone considering bankruptcy should think very carefully."

By STEVE HAWKES

Sun Business Editor

JOSIE may not be picking up the bill - but millions do when she goes bankrupt. Someone has to pay, be it the bank, their shareholders, or ultimately customers in higher fees. It's a sad but shocking example of the "never-never" culture that was everywhere before the credit crunch began. It wasn't just Josie that maxed out the plastic. Personal debt is more than ONE TRILLION POUNDS. And the Government threw around money like it was going out of fashion.

Banks have to shoulder part of the blame for feeding the frenzy. There are countless examples of people almost encouraged to carry on spending.

But the recession showed what happens when we don't live within our means. And Josie's debts WILL catch up with her - be it through a dire credit rating or even putting her own house at risk. That glittering dress won't look so good then.

By ADAM COOPER

Bankruptcy expert

BANKRUPTCY is far from an easy option, even for those who find themselves unable to repay their debts through no fault of their own.

It costs £600 while all your income, including money raised by the sale of your home or other assets, will go to the Official Receiver to repay creditors. All your bank accounts will be frozen. The Receiver will leave you with enough money to live on for the next 12 months but it will be basic.

Most people are discharged after one year but the bankruptcy will stay on your credit record for six years, which will not only seriously restrict your ability to get credit but will affect many other aspects of your life such as when you apply for a new job or try to rent or buy a flat, or hire a car. The job of the OR is to balance the interests of creditor as well debtor, and there are penalties for those who act in a blatantly irresponsible way.

Edited by Dave Beans

Share this post


Link to post
Share on other sites

They are a whopping �13BILLION IN DEBT - �3billion more than men - and more are going BANKRUPT as a way out.

I find that astonising. If true.

It was only a few weeks ago the Feminazis kept going on about women, being the non-risk takers, have done well over the last couple of years.

Sometimes wish i had this blaise attitude, but i honestly dont know what id spend it on. Hate shopping, hate all this IPOD-app ********, hate the whole eating out thing.

Share this post


Link to post
Share on other sites

I reckon Josie shows a fairly acute understanding of how the economy of Britain in 2010 works. If she can mug the banks for 85 grand, good for her. I'd probably do the same if I were young and asset free. It beats living on pot noodles and saving a deposit for a house you'll never be able to afford.

Josie = 21st century Rosa Luxemburg

Share this post


Link to post
Share on other sites
Josie's debts continued to spiral out of control, without her feeling any responsibility for her crazed spending. The most Josie has ever spent in one purchase is £4,500 on a Gucci coat. Bankruptcy could cost Josie her job, home and a secure future and see her in court but she thinks she can hide her debts from her family.

By announcing them in The Sun? :blink:

Josie, from Finchley, north London, admits she has spent a fortune trying to emulate the WAG lifestyle on an annual salary of £25,000. Josie, who seems unaware of the dangers of bankruptcy, says: "A few of my friends are the same as me and are in huge amounts of debt.

What dangers? It seems to me these people have the right idea. They're the oil in the engine of our economy. I used to scorn people like this but since the crunch I've come to realise I should have joined them a long time ago. Hard work and savings don't get you anywhere in bankrupt Britain.

What a fkn mess.

Share this post


Link to post
Share on other sites

I reckon Josie shows a fairly acute understanding of how the economy of Britain in 2010 works. If she can mug the banks for 85 grand, good for her. I'd probably do the same if I were young and asset free. It beats living on pot noodles and saving a deposit for a house you'll never be able to afford.

Josie = 21st century Rosa Luxemburg

i like pot noodles and always bring a few back with me when i come to the uk as they dont sell them here, the swiss just dont have the required sophistication to appreciate their true noodlyness and it annoys the wife too which is a bonus

Edited by Tamara De Lempicka

Share this post


Link to post
Share on other sites

It was only a few weeks ago the Feminazis kept going on about women, being the non-risk takers

It recalls well-known female chauvinist and hypocrite Harriet Harman's comment about Lehman "Sisters".

Harriet Harman yesterday laid the blame for the financial crisis on the male domination of the top jobs in banks. The deputy Labour leader suggested that the presence of more women in the boardrooms of financial institutions could have eased the impact of the meltdown.

Share this post


Link to post
Share on other sites

The banks have a "liquidity" problem.

The Country has a "deficit" problem.

individuals are shafted to the Bankruptcy court and given a public record for 6 years, and may be criminally investigated.

Share this post


Link to post
Share on other sites

I reckon Josie shows a fairly acute understanding of how the economy of Britain in 2010 works. If she can mug the banks for 85 grand, good for her. I'd probably do the same if I were young and asset free. It beats living on pot noodles and saving a deposit for a house you'll never be able to afford.

She has probably bought two dresses and spent the rest on gold which is buried in her garden.

Share this post


Link to post
Share on other sites

even the press condemn the people:

"Figures released by the Insolvency Service also show that the biggest culprits are women aged 25 to 44."

And yet Austerity, the reduction of debt, is widely condemned too.

And Bankers who are totally insolvent, headed by the Best of the Best, are given handouts, payoffs and other lifelines, nothing happens at all.

Yet it was BANKERS who created the schemes to AVOID legal control and regulation, it was BANKERS who Busted the entire SYSTEM, and it was BANKERS that kept and still do lend and lend and lend.

And the PRESS are constantly reporting that LENDING MUST increase.

And who has made Bankruptcy such an attractive procedure? the same people that lend the money and regulate the bankers.

Then people are CULPRITS, Irresponsible and EVIL when they spend too much, or lose their jobs, or become ill.

The thing is, Bankers and the GOVERNMENT dont for one second see themselves as CULPRITS...its business....and so is failing to pay a debt..

Share this post


Link to post
Share on other sites

Indeed, the hypocrisy of the article is not lost on me! :huh:

Share this post


Link to post
Share on other sites

Wahey! Am I too late to go on a credit binge? Having spent my ******ing savings whilst unemployed now?

Bitter? Very.

Edited by Tonkers

Share this post


Link to post
Share on other sites
She says: "I realised I was never going to marry a rich man and be looked after like a WAG, so I started spending money to cheer myself up.

No Sh!t Sherlock. When was that epiphany, when someone bought you a mirror ?

Share this post


Link to post
Share on other sites

Isn't deliberate bankruptcy considered fraud? Now that she seems to have given her name, age, and approximate location let's see if anything gets done about it...

edit: sorry, I mean "borrowing money knowing that you aren't going to pay it back" is fraud I think

Edited by bazzer

Share this post


Link to post
Share on other sites

Isn't deliberate bankruptcy considered fraud? Now that she seems to have given her name, age, and approximate location let's see if anything gets done about it...

edit: sorry, I mean "borrowing money knowing that you aren't going to pay it back" is fraud I think

well, now she has declared her intention, yes it could be.

but up to today? maybe she has just realised the merrygo round has gone up in price...bankers would need to prove otherwise...I mean, they have serious checks and controls in place...dont they...protecting savers and investors funds...right?

And to counter...surely lending money and not caring if its paid back or not, because YOU have convinced investors they cant lose and selling the debt to them....surely thats the same side of the coin.

Edited by Bloo Loo

Share this post


Link to post
Share on other sites

Isn't deliberate bankruptcy considered fraud? Now that she seems to have given her name, age, and approximate location let's see if anything gets done about it...

edit: sorry, I mean "borrowing money knowing that you aren't going to pay it back" is fraud I think

You forget that fraud is a minor crime. Rarely prosecuted, and sentences are low, so not much point in prosecuting.

The prision are full apparently, so they let the non-violent offenders out early.

So fraud is a great crime free way to make money.

Share this post


Link to post
Share on other sites

well, now she has declared her intention, yes it could be.

but up to today? maybe she has just realised the merrygo round has gone up in price...bankers would need to prove otherwise...I mean, they have serious checks and controls in place...dont they...protecting savers and investors funds...right?

And to counter...surely lending money and not caring if its paid back or not, because YOU have convinced investors they cant lose and selling the debt to them....surely thats the same side of the coin.

Surely you can't expect people as badly paid and unmotivated-by-bonuses as the investment banking industry to do a professional job?

Share this post


Link to post
Share on other sites

As someone who was doing the dating thing until recently - I have given up and am contemplating becoming gay - one of the things you have to be very careful of when sizing up a new date is just how much she enjoys spending.

I think this has always been there for men in the post-WW2 years but some of the stories you hear about spending from women is truly scary.

Share this post


Link to post
Share on other sites

Also I love the intelligence of I'll hide from my family and then gets her picture in the paper stating she's going to go bankrupt!!!

If she does go bankrupt would that mean all of her possessions would be auctioned off to pay some of the money back?

Share this post


Link to post
Share on other sites

Also I love the intelligence of I'll hide from my family and then gets her picture in the paper stating she's going to go bankrupt!!!

If she does go bankrupt would that mean all of her possessions would be auctioned off to pay some of the money back?

Yes, but hopefully her name and face will be imprinted on the minds of all single men.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 238 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.