Debt Repayments

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Ultimately, those who pay their debts and take out loans are the ones that pay for those who don't pay or go bankrupt! Financial institutions don't write the loss off - they just pass it onto to those who can pay in form of high interest rates. The other adverse affect of non-payers is a national tightening of credit - great for those who are against debt - and borrowing money - but not so good for the first time buyer trying to get a mortgage!

We're now seeing the effects of sub-prime lending in the states...only matter of time before it reaches us in the UK!

 

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Is that the thing that was on BBC News tonight?

 

There is a difference, those non-payers that can afford to pay but they wont and those that genuinely cannot afford to pay.

To be honest at this moment, I don't care what it does to other people, may sound selfish but I've spent my whole life thinking about what others may think of my actions and that's been part of the problem. Time for me to do what I feel is right and not think about others.

 

Of course you must do what you feel is right for you.

I just want you to be aware that after you banruptcy ends, there will always be a permanent record of what dates you were bankrupt from and to.

You may be able to credit when your bankruptcy ends BUT it will be at a higher rate that someone who has never been bankrupt

If I pay my ccj within 6 years of its commencement once the 6 years is up it is wiped permanently from my credit record, if after 6 years I can pay to have it marked as satisfied then after a few months pay again to have it removed.

Thats the 2nd difference of 3 between a ccj and bankruptcy the 1st being you have no option but repay the debt. Where as in bankruptcy you dont have to pay it, although some court fees may apply
3rd being CCJs are forced upon you by county courts bankruptcy can be voluntary or forced upon the debtor.

 

I am fully aware of what goes on. No I will not be getting credit EVER again, if it means public transport for years then sobeit, if I have to go without somethings sobeit.

You have to realise one thing, once I do go bankrupt this will be a life changing event for me, I will not be carrying on as normal afterwards, I won't even be living where I am now, I may not even be doing the kind of jobs I'm doing now.

There will never be a mortgage because I'll rent whereever I go.

There is more behind this than just the debts.

 

Ok I just hope it all works out for you

 

What I said has nothing to do with what other people think! I was trying to point out that your actions have an effect on other people! Those other people are not the finance instituation shareholders, not the board directors, nor the stockmarket brokers; it's the average joe on the street that pays for your actions!

I have huge debts and I was struggling big time to pay in my last job - so what did I do? Well I decided that the only quick fix I had in my arsenal was to get a new job that paid more and that is exactly what I did! Now that I have breathing space I can work out how to shot of this freakin burden on my life.

My mate took bankruptcy a few months ago due to 26k of debt! He's told me that even when it ends some creditors will be banging on his door again!

 

yep - soon they'll be a credit crunch, and I read that some economists are predicting that the rediculous housing boom in this country will burst due to banks tightening up on credit.

I bet Brown is quaking in his boots at the moment - now wonder Blair got out when the going was good! Now is not a good time to buy a house!

 

If you want to see just how bad things are getting check out Jim Cramer on US national TV on the 3rd...he looses it big time!

http://www.cnbc.com/id/15840232?video=452808336

 

WOW ! Gotta respect the guy for that, looks like the sh!t is really gonna hit the fan...

 

Thats rubbish. They dont care about who lived at the address previously, and they only check credit of other people if (and only if) they have a joint interest with you (mortgage, bank acc, etc).

Check Here for more myths.

Can I also remind people that we aren't focusing on any individuals problems with debts in this thread. If you wish to discus an individuals options further, please create a new thread.

 

Can I remind you that the thread started as you focusing on your individual problem and how you as an individual dealt with debt! Then others have posted their individual experiences - as this is an open forum some have commented on other's individual problems - that is the nature of an open discussion! The discussion has now naturally progressed to the underlying effects to us ALL of debt management! Now that has lead to me highlighting the international situation that has come about due to people biting off more then they can chew!

 

I was merely commenting on the fact that a large proportion of the recent posts were regarding a single users issues. I specifically stated in the thread that everyone was welcome to post how they got into debt, but that the focus of the thread was to offer general advice (From either personal experience, or advice people had heard from other sources) about debt repayments and debt management.

Im not going to get into a debate about this. I dont care if you are tired about the 'political correctness' or not.

 

Ok Fergal, my initial hasty comment was uncalled for...I've now retracted that.

 

No problem. My initial point was that its often handy to see how people got into debt, and hear their advice for dealing with it (or avoiding it if its not too late). I just dont want the thread to end up focusing on a specific selection of individuals cases.