Irresponsible Waster

[grahamw48]

You've been trained well .

[London_Manila]

Haven't these people heard of personal bankruptcy ?

Continue being irresponsible AND give the loan sharks a bloody nose.

If ever I find myself that low, I'll just max out the payday loans and then tell them to get stuffed.

People these days just spend spend and spend and then declare themselves bankrupt when the bills role in

[les_taxi]

I have no sympathy with this woman, at the end of the day we would all like to give our kids more, but we work hard, pay bills and they get what we can afford.

Now xmas is over, the craziness over the presents will have died down and she owes all that money - bloody ridiculous and I hate those loan sharks but it was her choice.

[tiger31]

Haven't these people heard of personal bankruptcy ?

Continue being irresponsible AND give the loan sharks a bloody nose.

If ever I find myself that low, I'll just max out the payday loans and then tell them to get stuffed.

I,d do the same get as many loans as possible then tell sorry boys can,t pay ya back. my boy got into trouble with them too they are parisites. I warned my son not to touch them but he fell into temptation by their glossy ads.

[les_taxi]

Tiger please don't be tempted to use one when you have to pay me back

[Michael Parnham]

I,d do the same get as many loans as possible then tell sorry boys can,t pay ya back.my boy got into trouble with them too they are parisites .I warned my son not to touch them but he fell into temptation by their glossy adds.

You also risk broken legs Brian!

[tiger31]

Tiger please don't be tempted to use one when you have to pay me back

you,ll be taking the long way home for your customers to pay me les, and looking on the back seat to scrape up some change lol

[tiger31]

You also risk broken legs Brian!

i,d like to see them try lol i,m a big lad it,ll take a lot more than one thats for sure michael. i,m not advocating not paying ones debts but sometimes you can get into a bad situation through no fault of your own, ie marriage my ex refused to pay her share of the marriage debts and sent them after me well I sent them after her lol. so drag it out a bit and you reach the 6 year rule. I still get letters from 20 years ago they just go in the bin. If you ask the people that bought the debt for the original paperwork they can,t produce it which they need for the courts .

[joebloggs]

we have a socialist gov dedworth payday loans companies are booming under the Tories i wonder why this Tory gov doesn't regulate them after the mess the banks got this country in

the problem with capitalism is the rich eventually have all the money

[grahamw48]

i,d like to see them try lol i,m a big lad it,ll take a lot more than one thats for sure michael. i,m not advocating not paying ones debts but sometimes you can get into a bad situation through no fault of your own, ie marriage my ex refused to pay her share of the marriage debts and sent them after me well I sent them after her lol. so drag it out a bit and you reach the 6 year rule. I still get letters from 20 years ago they just go in the bin. If you ask the people that bought the debt for the original paperwork they can,t produce it which they need for the courts .

Quite right. It's all bluff and bluster.

We still have laws in this country, that actually work FOR us.

This still makes me laugh my head off....rightly or wrongly.

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[joebloggs]

Quite right. It's all bluff and bluster.

We still have laws in this country, that actually work FOR us.

This still makes me laugh my head off....rightly or wrongly.

you need to know your rights

[bigmac]

after i married my ( now ex ) wife--i found out she had a telephone number size debt on a credit card--biggest i'd ever heard of. she was barely making the minimum payment--several hundred a month.

we hadnt long been married--and i was scared witless incase i'd now " inherited " this debt. a trip to the citizens advice put me at ease.

she took advice too--and came up with an IVA to freeze the debt and to arrange a repayment plan. last i heard it would take her 16 years to pay it off.

but i now understand she was able to write off--75% ( ? ) of it.

[tiger31]

Quite right. It's all bluff and bluster.

We still have laws in this country, that actually work FOR us.

This still makes me laugh my head off....rightly or wrongly.

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youtube must be a saviour to many people because now people know they have rights and there is very little bailiffs can do now they are ....ed lol the truth is out now. I wiped out about 15 k never paid it back one thing I did learn was that i,ll never get into debt ever again. if I have not got the money I don,t get simple.

[joebloggs]

she took advice too--and came up with an IVA to freeze the debt and to arrange a repayment plan. last i heard it would take her 16 years to pay it off.

but i now understand she was able to write off--75% ( ? ) of it.

i dont think she will get credit again for a long time (7yrs?) also i think if the bank sells the debt on it only gets about 20% of the value.

[bigmac]

when i bumped my bank & credit card co--1993--i thought i had scuppered my chances of future credit.

i was able to open an a/c with abbey national--to pay my salary into. a plastic card--but only to access my a/c & draw cash if i had any! no use in shops--but it meant i couldn't overdraw.

years later--1998--i had cleared my debts--and was able to get a mortgage with the abbey---but i had inherited a good deposit by then

[Terpe]

These days you really need to understand the law.
Don't get so deep in debt especially if you have assets like a property:-

Unsecured debt: charging orders

As we noted above, however, it isn't just those with outstanding secured debts that are risking their homes.

Those in arrears on debts above £1,000 can be subject to Charging Orders.

How they work

The first thing you need to know is that Charging Orders can only apply to those who have a county court judgement (CCJ) against them.

However, those that have or are at risk of a CCJ sit up and take note: a Charging Order can be applied to the debt at the same time as the CCJ or after even if the debtor hasn't missed any of their repayment instalments.

The 'charge' is placed on the debtor's property by the judge, they can technically be requested and not granted but they make it through this stage in about 85% of cases.

As a result, the lender has a right to take any money made through the sale of the property as repayments.

The lender can't actually force the borrower to sell their home with the order, it just makes them first, or second if the home has a mortgage, in line to get money if it is sold.

But the lender can get another order - an 'order for sale' - to force the property sale.

This is very rare mostly because it's not in the lender's interest to force sale

Source:-http://www.choose.net/money/guide/faqs/house-risk-debt-charging-orders.html

The law gets tougher each year on debt...........
Personal bankruptcy is also not the 'soft option' as it used to be...

[grahamw48]

My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.

A way out of years of misery.

As a property owner...totally different ballgame.

[tiger31]

My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.

A way out of years of misery.

As a property owner...totally different ballgame.

well ive been a property owner since I was 21 and nobody came after me. The debt has to be less than 6 years old I believe for any action to succeed.

[tiger31]

once the debt has been sold from the original source it becomes very hard to enforce because because the company is gambling on its ability to recover the debt.

[Terpe]

My reference to personal bankruptcy was concerning those people who are evidently already financially on their Rs..as with (presumably) the original subjects of this thread.

A way out of years of misery.

As a property owner...totally different ballgame.

I understand that Graham.....I'm just saying that the 'rules' and costs have changed in recent times.
Of course those on benefits would be no worse off.......given that they may be content to stay on benefits....but they could find the current constraints of bankruptcy somewhat more onerous and long lasting than was the case even a couple of years ago......
especially those who might have aspirations of securing future employment.
As example, bankrupts are no longer allowed to retain any income above the allowable living expenses.

Any IPA imposed by the OR would last for 3 years and may be applied at any time during the bankruptcy period. Imagine 3 years without any disposable income .......... that's rough.

Yes, it is most certainly a way out of misery for many who are eligible, can afford it and feel able to manage the constraints.
I hope I never have to contemplate it.

[grahamw48]

well ive been a property owner since I was 21 and nobody came after me ,The debt has to be less than 6 years old I believe for any action to succeed.

Yes, I believe 6 years is correct. The same figure as tax liabilities ?

I would never encourage anyone to get into debt (unless I was selling them double glazing ), but sometimes it can be a life or death situation, and it helps to know what options are open to consumers to release themselves from what can become total mental torment.

[grahamw48]

I understand that Graham.....I'm just saying that the 'rules' and costs have changed in recent times.

Yes...understood Peter.

[Terpe]

once the debt has been sold from the original source it becomes very hard to enforce because because the company is gambling on its ability to recover the debt.

Yes, you are right that most debts may be time barred.

Provided that, if during the six years:-

- The lender doesn't contact you about the debt
- You don't acknowledge the debt in writing
- You don't make any payments towards it...
- the lender has not been granted a CCJ (County Court Judgment) against you (it could then still be enforceable even if it's over six years old)

Also debts relating to land such as mortgage shortfalls have a 12 year limitations period.....and some other debts such as court fines, CSA debts, council tax debts, and most HMRC debts.. never get time barred (likewise may never get enforced)

[gWaPito]

I've just left that 6 year cloud and I can tell you it hasn't been easy. Just like Bigmac, you start from scratch. No debit cards..I had to carry cash everywhere.. That was the hardest bit...I felt like a gypsy ...To think I owed this, that and the other then reduced to this through my own stupidity being taken in by a couple of frauds

Now, with my clean credit file, a broker managed to get me a repayment mortgage with a High St Bank..The banks I messed up with are now back, just like old times again, like it was for 30 odd years leading up to 2006..So nice to have my cards back again.. I'm back in the land of the living

The 6 years count down doesn't start until outstanding debts are either cleared or satisfied. If you still have those debts and you are thinking they will go away without doing anything about them, you are mistaken...Every month your credit file is getting updated no matter what you do.....the history of each debt is cleared from your credit file on the 6th anniversary on that debt being settled.

[tiger31]

Yes, you are right that most debts may be time barred.

Provided that, if during the six years:-

- The lender doesn't contact you about the debt
- You don't acknowledge the debt in writing
- You don't make any payments towards it...
- the lender has not been granted a CCJ (County Court Judgment) against you (it could then still be enforceable even if it's over six years old)

Also debts relating to land such as mortgage shortfalls have a 12 year limitations period.....and some other debts such as court fines, CSA debts, council tax debts, and most HMRC debts.. never get time barred (likewise may never get enforced)

another tip for those in debt when you start to receive the calls never confirm your name to anyone they need to know they are speaking to you as the calls are recorded .and you are correct never answer any letters to them .The debt collecters work on the fear and intimadation to try and collect the debt.also the absolute discharge from bankruptcy is now 2 years not 3 years .