Credit card debt – Bankruptcy

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  • Credit card debt – Bankruptcy
  • Premier Icon Northwind
    Subscriber

    ton – Member

    “and the idea that someone should be allowed to spend and spend and build up such debts, then just say **** it and go bankrupt is disgusting.”

    What’s your alternative?

    Premier Icon ton
    Subscriber

    northwind…………no idea mate…..but it is wrong.

    make it a criminal offence maybe……..and make the debtor work the debt off??????????

    who knows,

    Premier Icon the-muffin-man
    Subscriber

    make it a criminal offence maybe……..and make the debtor work the debt off??????????

    Most bankrupts end up with an Income Payment Order in which they pay back a chunk of their income through the official receivers which then goes to their debtors.

    Criminal Offence?
    Aye, we need more criminals in this country! For every reckless spender, there’s someone who has fallen on hard times through no fault of their own.

    Premier Icon ton
    Subscriber

    mate, there is also a lot of people who spend spend spend and **** the consequence.

    is that not a kind of theft/fraud when using a cc?

    Quite a few have several additional properties mortgaged up on buy to lets so somone else pays the mortgage, that is so wrong IMHO, no rational reason for thinking so, it just seems wrong..

    Studying finance markets at the moment, and this is basically how the entire world works. Where do you think the mortgage company got the money from?

    we baled out ireland in a similar way. Issued bonds at 5%, lend to ireland at 7%. Ireland is paying us money we’ve borrowed to give to them etc..

    oldgit
    Member

    Almost everyone I know has total debts well in excess of 300k mostly mortgages

    Jebus! so when people say they have a small mortgage, what do they mean? small I thought was 10/25k

    Used to be an offence didn’t it? Debtors prisons or something? Maybe they still had them when you were a boy ton? 🙂

    Premier Icon ton
    Subscriber

    bastid…………. 😆

    Burls72
    Member

    Quite a few have several additional properties mortgaged up on buy to lets so somone else pays the mortgage, that is so wrong IMHO, no rational reason for thinking so, it just seems wrong..

    Why does it seem wrong?

    Everyone gets what they want in this scenario – the landlord gets a property paid for over the years, but they take a risk on the price and on being paid. The tenant gets a serviced house they can get out of at short notice. OK, they pay a premium, but it suits them to not have a 25-year commitment hanging over them.

    And so speaks a landlord! Ever thought that the tenant has no other choice and they would rather be paying towards a mortgage? Basically everybody I know who rents does so because they can’t get a mortgage.

    shooterman
    Member

    You wouldn’t believe how common this scenario is. It’s usually only when one partner’s debts can no longer be serviced by income that the other one finds out.

    Yes everyone gets what they want… 🙄 Can I visit your planet someday?

    uwe-r
    Member

    These really bad debts are as much the fault of the lender where they are often verging on fraud with what they are doing.

    Premier Icon lowey
    Subscriber

    People in uncontrolled debt often feel like prisoners. The stress it creates is beyond belief.

    Never as black and white as just saying they spent too much. The old saying that we are ALL only 3 paycheques away from the streets hold true for a lot of families.

    The Debt bubble is also the very reason why we are in this mess globally. Banks were literally throwing money at people.

    DrP
    Member

    In response to the ‘moaning at landlords’ comments – surely everyone DOES get what they want?
    OK, the tenant doesn’t own the house, but speaking to a lot of my colleagues, they pay much less rent for their bling flat in Canford Cliffs, than I do on my house mortgage (NOT in Canford Cliffs!), plus they don’t have to worry about house upkeep etc. Sure, they’re not on the housing ladder, but that costs a LOT of money to even step onto the bottom rung, and if you’re in a situation where you’d need to shift location quite frequently (as a lot of doctors do), then buying-selling-buying-selling is a sure way of dumping a lot of dosh into the ether.
    BTW – I’m not a landlord!

    DrP

    Premier Icon NZCol
    Subscriber

    Some people don’t want to own a house you know, it’s not compulsory 🙄

    Kevevs
    Member

    sorry, haven’t read much above yet but this strikes me..

    I, however, know nothing about this type of thing and this may well be shockingly bad advice, given that he may struggle to get a mortgage in the future.

    why is getting a mortgage so important? Is that the end of the world then?, not “owning” property. Plenty of people who rent live happy and fulfilling lives y’know.

    Re: CAB, our local council have just cut 85% of the CAB funding! right now, when people needs ’em!

    ianpinder
    Member

    Renting a house when bankrupt is also hard, if you go through an agent you will need a garrentor, however if it’s a private landlord then you don’t have to declare it.

    AdamW
    Member

    Mate of mine’s wife spent their £180k savings on online bingo, then racked up another £25k on their joint credit cards.

    She has a good job too, so it wasn’t like she was sitting at home all day or anything.

    They are now getting divorced.

    I was gobsmacked when I found out.

    Re landlords.
    The house price boom of the last twenty or so years has been fueled by easily available, cheap mortgages. Lower paid workers especially in the South East are now forced to rent as they simply do not hit the salary levels required to borrow for a mortgage at the prices of houses in 2011. Many would prefer to do so in order to have an appreciating asset rather than paying the mortgage on someone elses appreciating asset..

    While this is going on those who do have the credit line through either high salary or simply because they got in early before prices reached the levels they have (like me) get to buy additonal properties to let and the cycle continues.

    Strikes me that lenders, estate agents and various others have driven the market to a point where many people simply cannot afford not to rent. I know it was ever this way but still seems wrong somehow perhaps I’m just an idealist and pretty niave.

Viewing 19 posts - 46 through 64 (of 64 total)

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