Starting new/old job on Monday

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Nugget as for the court thing, it said turn up if you are disputing the debt, I wasn't disputing it so I didn't have to turn up.

When I said I was struggling for a year to pay back the loan, I haven't had the loan for just a year, I've had it since 2001.

I know I have made mistakes in the past, being in this position kind of screws with my thought processes. My credit is screwed for 6 years, so what, I don't want the credit or loans. I have been thinking about this decision for quite a while now, I have talked myself out of going through bankruptcy several times thinking there are better ways, but there aren't.

I'm after no ones sympathy here and I'm not feeling sorry for myself, there are other underlying things here not just the financial situation, that I'm not going to go into here.

You can all think this a cop out, but as I say you are not in my shoes, everyone reacts differently to these situations. I haven't taken this decision lightly.

Mainly because I'm a materialistic person, I cannot give up possessions or give up my home comforts so this has been a really hard decision.

As for the argos job, well it gets me a steady income for the year I'll be going through this. I know I'm better than argos, but at the moment, job hunting to better myself is on hold. Time for me to focus 100% on what's in front of me for a change.

I will continue to post in my blog what I'm doing even though to some of you it may look completely stupid and idiotic.

I have listened to many people over the years and taken their advice on what to do and not what to do, not all of it has been right and I've been persuaded not to do certain things. That's what's been holding me back.

So now it's time for me to roll the dice and take a gamble and take the consquences what ever they may be.

I'm 33, I've basically done bugger all with my life so far, the only achievement, if you can really call it that is I'm great at spending money I don't have and have nothing to show for it but a mountain of debt.

So contrary to popular belief to some of those out there that know me outside of the internet, who think I am selfish, when I'm not, I am going to be selfish for a change and think about myself.

So I'm going through with the bankruptcy and hopefully I will come out the other side a totally different person. Money will no longer be ruling my life. I'll be taking my life back.

 

Wiz,

Good luck on which ever route you decide... Everything happens for a reason, no matter how bad things seems to be, something good will always happen at the end...

Good luck!

 

Took me about 8 or 9 years to pay off more than $60K of credit card debt, car loans, and student loans... $40K of it (all high-interest credit cards) when I was making a whopping $8.50/hr ($17K per year). It was my debt (well, eventually, mine and my wife's), so I was responsible for paying it. Eventually, I overcame it without going into bankruptcy. Because of putting forth the effort to clear my debts, I was able to get a low-interest mortgage for a nice house in a great neighborhood and top-notch school district.

I have a friend who is a programmer. He went into bankruptcy about 8 years ago, while making far more than I was, and owing far less than I did. He currently lives in an apartment, and from what I hear, he never has any money.

I know it's too late to convince you to change your mind. I just hope that what happened to my friend does not happen to you.

 

I would have to agree with a couple of the other members. There are ways to work through your debts. My own opinion is that you created the debt, you're responsible for it.

Talking bankruptcy means that you must have talked to an attorney. You really need to talk to a financial advisor. Of course an attorney will recommend bankruptcy, that's how they make their living. You are going to have to live with the repercusions of a bankruptcy for years to come. And even if the debt is forgiven, you still haven't been taught to manage your finances. Chances are, you'll end up in the same predicament.

You can always pick up part time jobs during off hours. Dave Ramsey recommends pizza delivery or part-time UPS package handler. If you can make an extra $500-1000 a month part-time, you can use that to attack your debt. It's easier than you think once you learn how. But it will take sacrifices. I've read about your favorite shows on TV in another thread. Maybe you should take a break from them for a while while you find something temporary.

Your profile shows that you're from the UK so you likely don't get The Dave Ramsey show on the radio. He's a nationally known financial advisor here in the states and has a website at http://www.daveramsey.com/. If you won't take the advice of some of the others here, at least listen to him a bit. He was once a multimillionaire that went bankrupt and struggled to recover.

In the end, you can only do what you think is best, and it's you that will have to live with that decision.

Good Luck,
Bill

 

Dave Ramsey is the man. He runs his radio show from the Nashville area. You guys in the UK can listen to him online.

 

Bill is right.

It is all my fault and is up to me to pay back

I was young and stupid when I incurred my debt, and like many people thought I would get a mega paid job when I left Uni. How wrong I was.

The debt I have now was origionally for £1500 but because I let it mount up and ignored letters the intrest rose, I eventually came to an agreement with my creditors to pay them back so much a month but they went to court and made it a mandatory payment i.e county court judgment.

Unlike bankruptcy which ends after a year so you can get credit again at a higher rate untill 6 years is up and you don't have to pay back the debt, a ccj is no credit for 6 years and pay back every cost involved which eventually came to £10500 almost 10 times what I had barrowed.

So I now know the value of money, and will use credit cards etc very sparingly in the future.

 

While it's desirable to deal with debts as they come along and not get in over your head, for some people it happens. I'm not going to evaluate the intellectual, ethical, or moral implications of filing for bankruptcy vs. developing a debt resolution plan as has been described here. What I *don't* want to see happening is "Wizard-bashing" because he chose to deal with his debts by filing bankruptcy. Maybe it's not what you would do and maybe it's not what I would do, but it is Wizard's decision to make. No moral soapboxes, please.

 

Believe me Trip I wasn't having a go at Wiz, as I stated earlier it his choice.

I was just trying to say that if I had gone bankrupt then I don't think I would have learned anything but I sure have this way.

 

Don't think anyone has mentioned it already but MSE Forum is a useful source of encouragement and info.

BTW, that's MSE not MCSE

 

There's been no bashing intended here. He was obviously looking for advice or it wouldn't have been posted in an open forum. I simply offered an option for guidance from someone who is well versed and experienced in the field. Dave Ramsey has proven results from his methods and teachings and you can listen to the archives for free. No harm in that is there?

 

Originally this thread was about me starting back at argos and seemed to have snowballed since then.

I am still going ahead with the bankruptcy, here in the UK you don't have to consult a lawyer/solicitor or attorney, unless someone else is calling for your bankruptcy and you want to dispute it.

I am not going to spend years and years paying off my debts because it is "going to teach me a lesson".

I have no money to give my creditors, if I did then I wouldn't be taking this route, asking my parents to bail me out isn't fair on them, I'm not going to do it. My mum has offered to pay the fees involved and have taken her up on her offer and that's as far as asking for money is going to go.

I'll be going along to my local court tomorrow with the completed forms.

I'll say it again, this is the biggest decision I have made in my life and it hasn't been taken lightly. I have listened to all of your opinions on this matter. I have taken offence at some of the stuff said, but that's brushed off my broad shoulders now.

2009 will be the start of a new chapter in my life, totally debt free and not a care in the world.

I can finally get back to the person I used to be over 10 years ago, without the financial burden.

If that doesn't sit well with some of you, fine by me, everyone lives by their own set of standards/codes/morals and are entitled to do so. So wish me luck for tomorrow if you want to, my stomach is churning right now thinking about it.

Peace Out

 

Good LUck Wiz

I do hope nothing I have said has offended you.

 

Don't worry about it

 

No judgements or condemnations here... only advice.

 

I know I am pretty new here, and I don't know people that well...but I would like to say something.

For some people, debt is a killer...mentally, physically...everyway. Wizard is doing what he thinks is right on that front, and fair play to you. No one here knows what your are going through, or went through dealing with this, and I do not think it is fair for anyone to comment on that really. So, all I want to say is good luck with the job, I really hope it all works out for you, and I really hope you get your money problems sorted soon.

Good luck.

Sean.

PS - sorry if I stuck my nose where it doesn't belong

 

I think I know what Wiz is going through, I went into a depression because of mine because I couldn't do thing like go on holidays with my mates or buy what I wanted, I have had to give up a girlfriend because I couldn't afford to do anything with her.

About 2nd week of every month I am nearly skint but I know I'll be done by end of March then I live again

 

Wiz, although my opinion will stay the same, I do wish you the best of luck with it all and hope you can be happy. As you said, lets hope 2009 is a better year for you.