SetH
Member
Registered: 15th Jul 01
User status: Offline
|
pros? cons? hints? tips? pitfalls? benefits?
|
City
Member
Registered: 30th Dec 03
Location: Wakefield Drives: Red GSi
User status: Offline
|
fucks your credit for 10 yrs
plus always have to mention it in the future
cons - gets rid of all ya debts
[Edited on 04-11-2005 by City]
|
Edd
Member
Registered: 8th Nov 04
Location: Glasgow
User status: Offline
|
why would getting rid of you debts be a con
|
City
Member
Registered: 30th Dec 03
Location: Wakefield Drives: Red GSi
User status: Offline
|
quote:
Originally posted by Edd
why would getting rid of you debts be a con
good point - i fucked up
|
Jason Iles
Member
Registered: 19th Jun 01
Location: Bristol
User status: Offline
|
If you ever come back into money they still have the right to claim it back as well
|
Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
|
doesn't erase you're debts...you still have to pay..
you can only do it twice in uk
|
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
|
actually there are new laws in place now, Im not 100% clear on what they are, but it means you can declare yourself bankrupt and only suffer with bad credit for a year, then after that all is fine.
That is the reason alot of people have ran up huge debts on CC, loands, etc. declare themselves bankrupt and only have to pay a small % back and suffer for a year.
|
Jason Iles
Member
Registered: 19th Jun 01
Location: Bristol
User status: Offline
|
SetH - If your thinking of doing, try not to it fooks allot of stuff up for you.
Just try another way round it i.e. - Overtime second job anything but that
|
philrussell81
Member
Registered: 27th Dec 04
Location: Sheffield
User status: Offline
|
there is loads of bankruptcy forums onm the net.. read them...
there is some really helpful people to talk to too..
|
Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
|
quote:
Originally posted by Cosmo
actually there are new laws in place now, Im not 100% clear on what they are, but it means you can declare yourself bankrupt and only suffer with bad credit for a year, then after that all is fine.
That is the reason alot of people have ran up huge debts on CC, loands, etc. declare themselves bankrupt and only have to pay a small % back and suffer for a year.
i'm interested to know more on this 
|
Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
|
Another con is that once you are declared bancrupt you will be under control by an official receiver. Basically they take your income each month and allocate an appropriate allowance to cover all your expenses and what ever you have left goes towards your debt. They don't give you much for fun money e.g pub etc.
Also your credit rating will be fcuked  so no loans, credit cards mortgage etc.
Also you will have to sell any worthwhile things such as cars etc that can help to pay off debt.
Also you have to pay money to the courts to become bancrupt about £450 I think.
If you can avoid it I would.
|
TNM
Member
Registered: 5th Apr 04
Location: Nottingham Drives: VW Tiguan
User status: Offline
|
im sure its 6 years.
u2u tomas he will be able to tell you.
|
SetH
Member
Registered: 15th Jul 01
User status: Offline
|
quote:
Originally posted by Mark Petty
Another con is that once you are declared bancrupt you will be under control by an official receiver. Basically they take your income each month and allocate an appropriate allowance to cover all your expenses and what ever you have left goes towards your debt. They don't give you much for fun money e.g pub etc.
Also your credit rating will be fcuked so no loans, credit cards mortgage etc.
Also you will have to sell any worthwhile things such as cars etc that can help to pay off debt.
Also you have to pay money to the courts to become bancrupt about £450 I think.
If you can avoid it I would.
LMFAO that sucks
|
Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
|
It's meant to be 1 year now but as above their's so much control over you  I might be doing this soon
|
--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
User status: Offline
|
seriously hope you're not thinking about doing that seth. There are probably folks on here who are worse off than you (see the debt thread )
|
SetH
Member
Registered: 15th Jul 01
User status: Offline
|
quote:
Originally posted by --Dave--
seriously hope you're not thinking about doing that seth. There are probably folks on here who are worse off than you (see the debt thread )
If i contribute to the debt thread it will make you lot look like choir boys, im not disclosing the amount but its enough to soil most peoples pants
|
Welsh Dan
Member
Registered: 23rd Mar 00
User status: Offline
|
What strikes me, is the fact that you have to pay £400 to declare yourself bankrupt, lol
|
Tom
Member
Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
|
Also you can't do it if you work within the financial services industry i've been told (and keep your job)
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
U also can't just 'declare yuorself bankrupt'... its not really like that... u actually haver to have no physical fund etc to pay ur debts... u wud therefore have no car, perhaps be being evicted etc
Its really not worth it!!!!
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
Also bankrupt people will live in the smallest shittiest houses on the uk because no sensible fkr will lend u money therefore u will hav 1 of those nice 30% int mortgages!
|
Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
|
quote:
Originally posted by SetH
quote:
Originally posted by Mark Petty
Another con is that once you are declared bancrupt you will be under control by an official receiver. Basically they take your income each month and allocate an appropriate allowance to cover all your expenses and what ever you have left goes towards your debt. They don't give you much for fun money e.g pub etc.
Also your credit rating will be fcuked so no loans, credit cards mortgage etc.
Also you will have to sell any worthwhile things such as cars etc that can help to pay off debt.
Also you have to pay money to the courts to become bancrupt about £450 I think.
If you can avoid it I would.
LMFAO that sucks
If you want any more info try this site http://forums.moneysavingexpert.com/forumdisplay.html?f=76
Some of the debt on there is quite mad 
How much debt are you in?
|
Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
|
quote:
Originally posted by Mark Petty
If you want any more info try this site http://forums.moneysavingexpert.com/forumdisplay.html?f=76
Some of the debt on there is quite mad
How much debt are you in?
I only read 3 threads on that forum and I'm already angry!! 
They were all..Im a single mother on benefits and I have 12k on a credit card...how can I declare myself bankcrupt
|
Mark Petty
Member
Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
User status: Offline
|
quote:
Originally posted by Cosmo
quote:
Originally posted by Mark Petty
If you want any more info try this site http://forums.moneysavingexpert.com/forumdisplay.html?f=76
Some of the debt on there is quite mad
How much debt are you in?
I only read 3 threads on that forum and I'm already angry!!
They were all..Im a single mother on benefits and I have 12k on a credit card...how can I declare myself bankcrupt
you gotta love it
Seriously though they give quite good help if you do want to declare yourself bankcrupt
|
Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
|
If you have a lot of debt you can't afford to pay any more, perhaps you should consider an IVA. I think there's something about it on that Money Saving Expert site.
|
Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
|
quote:
Originally posted by Cosmo
They were all....how can I declare myself bankcrupt
You sure? The advice in there is generally get the lowest rate you can, pay off the higher ones first etc., fairly sensible advice to get out of debt.
I've not yet read any thread looking for easy ways out, which isn't immediately jumped on by the other people there. Anyone with a 12k CC balance would be told to move it around between interest free / low interest introductory periods on other cards, not declare bankrupt.
[Edited on 04-11-2005 by Ian]
|
