12 Feb 2014 18:10:22
Boozy, I and my wife declared ourselves bankrupt a few years ago, best thing we done, if you want more detailed info, go on twitter contact me @Cush42 and I will give u my email address and can take you threw what happens!

 
Hey Franky, if it is not too personal of a situation that demands privacy, could you please share your advice here?
I have some friends who have been in debt for over 30 years now, still making their payments, to no avail as the loan interest and various fees keep pilling up, simply so as to maintain their small house.
Anyones personal experience in dealing with situations like these would be greatly appreciated.
Zari

 
i can not speak for people who have a mortgage but imo the c.a.b is the best place for advice, that is where me and the mrs got advice, basically if you are struggling with bills credit cards/car payments/bank arrears etc etc and its over 6k you owe you can declare yourself bankrupt, you pay £400 pound (six years ago) pretty straight forward we went to the c.a.b gave them a list of creditors that we were in debt with and could not pay back, the c.a.b done the rest, one thing if you owe bank arrears it is advised to change banks and just get a current account with no overdraft a example the cooperative, you turn up to court and basically hand over your papers and pay the money, it can take up to six years to get your credit rating back but i personally know a person who was getting offered credit cards six months later, a tip if you have a credit card that you are arrears in, you can actually pay your mortgage costs £400 then you do not have to pay it back because you are bankrupt, (we sort of got a wink of the legal aid c.a.b adviser to do it/) my wife worked and was on a pretty good wage but we decided to declare ourselfs bankrupt and it was the best thing we done and it is not as scary as it sounds but seek the help of the c.a.b there is another route you can go if you do not want to go bankrupt and that is debt relief order which never really suited us, hope this helps?


http://www.consumer.ftc.gov/articles/0084-debt-relief-or-bankruptcy

 
Thank you franky. I'll go through it and get back to you if I have any questions.
zari

 
No worries mate.

 
Frank, I can't believe you are boasting and advising people to go bankrupt. Declaring yourself bankrupt is the last resort, however it's nothing to brag about. You purchased the goods, you got yourself in debt, you pay it off. Why should someone else pay it for you. It's people like you that has got this country in financial trouble. Be warned, those that are thinking of doing this, although it comes off your credit file in six years, banks can always see this and getting a mortgage will be a nightmare. The same goes for Iva

 
Red81, when there are no alternatives why shouldn't one default on their debt?
There are no limitations to loan interest and fees charged anymore, so when one has payed twice the borrowed initial capital, why should they keep paying?
Debt is the means through which the establishment rationalizes slavery.

What follows may sound harsh but is not intended as judgment, simply as advice.
I believe one should inform themselves before attempting to fault anyone for something that cannot have been their fault. No one should fall for the establishment's divide and conquer policies.
Blaming our brothers and sisters for the outcome of a conspiracy they had no hand in, means we will not learn from our experiences and that we will most likely have to repeat them.
zari

 
Its far from people like Franky that got your country into the mess its in, its the system of banking and the social system that is pushed upon us that allows people to become in a position of debt in the first place. Why in the world are people allowed to borrow money they don't have? It only serves to have people in a position where they MUST work, which means they must ay tax, in order to pay off the debt they've accumulated.

Its a very narrow minded view to blame the individual, when in a system where profit is praised, debt is a neccisity. As you can't have profit without debt. If you abolish profit, you'll also find debt abolished. If you keep a system of profit, you're keeping a system of debt.

Melbourne CFC

 
People need to take responsibility for there own mistakes. It's to easy to say the banks should not loan the money, however people are fully aware of the implications before they accept. The I terest charged the amount you have to repair and the total cost of the borrowing is made clear before you sign up. The government is not to blame for everything. Wake up and smell the coffee. Take ownership of your own mistakes. The problem with this country is that it is all too easy to blame someone else, be it the banks the government etc. you borrowed the money you pay it back. If you can not afford it don't buy it and if you do take out a loan, pay that back. Simple

{Ed001's Note - you are extremely judgemental to say the least. How on earth do you know what circumstances drove them to borrow the money? Not everyone has made a mistake. Especially in countries like the US, where even medical care costs huge amounts of money and has driven many people into a spiral of debt just to survive. A friend of mine was found to have a heart problem when she was 21, she is now nearly 40 and still in debt up to her eyeballs due to the cost of her care. She never completed her rehab etc, because she simply couldn't afford to. But I guess that was her fault? People like you are sickening. Always looking to blame others, when it is simply the system that is at fault. I suppose you will say that doesn't count because you are only referring to the UK? Well then how about those people who have had their identity stolen and are being charged for credit card debt they never acquired? Because it is now up to the lenders themselves to decide who is responsible for paying off that debt, and it is much easier for them to just chase the person who had their identity stolen, rather than the person who actually got the benefit of the deception.}

 
There have been multiple informative links posted on this site regarding the subject, by eds and other posters.
Please look into the subject and don't take anyone's opinions as personal truth. Venting personal frustrations in the wrong direction is a dividing factor, united we overcome.
Reject the conditioning of establishment propaganda and the indoctrination of authority labeled pawns.

Of the top of my head I would recommend:

Money masters http://www.youtube.com/watch?v=HfpO-WBz_mw

Silent weapons for quiet wars http://www.youtube.com/watch?v=s_38tsQ4p0I

Money as debt series
Part 1 http://www.youtube.com/watch?v=jqvKjsIxT_8
Part 2 http://www.youtube.com/watch?v=l_IgcmsqnVM
Part 3 http://www.youtube.com/watch?v=f6uuAupT4AQ

I am sure others can provide links as well.
zari

 
Ed, I was only talking about the uk, the us is entirely different. You talk about credit card fraud and that the banks will chase the easiest route, well you have your facts wrongs. Checks and investigations are wrong. If your card is used somewhere, say Manchester, but you can prove your location was else where, the you have an easy claim. I have seen this hundreds of times and the claim process could not be easier. Since the launch of the FCA, banking regulations have clamped down, however individuals have to take some responsibility. For frank to boast how easy it is to become bankrupt makes me sick. Why should he run up debt, buy his items then not pay for them. What would happen if we all did that. Why don't you lend me 10k and then I tell you to go jump for it because I can't afford to pay you back, even though I was aware of the repayments at the start. I fully appreciate that some people are in debt through circumstances out side of their control, but some think that it is just a game.

{Ed001's Note - you are lying. I have been there and it is not an easy claim. They simply reply that you must have been working with someone else to defraud them. You have no idea what on earth you are talking about.}

 
Red I was not boasting far from it, when the crash happened in 2008 we thought about buying our council home as my wife had a very well paid job, we decided not to thank God, to cut a long story short my wife's firm went bust and she got made redundant and we had a load of creditors at our door, my advice is for people who are struggling!

 
I do, I work in the banking industry, so please don't say I no nothing about the subject or that I lie, I'm the expert compared to you. My brother was also subject to fraud and the amount was refunded in 10 working days. So I have experience of both side. The problem with you ed is that when ever you don't agree with somebodies opinion you just trash talk them. Your faceless so you feel that you can say what ever, whenever with no come back. I've seen it before many of times on here. What makes you the expert on so many things.

{Ed001's Note - I have just told you, I have personal experience of it, whereas you are clearly a tool of the banks, so run along. Your 'brother' is very convenient, with absolutely no way of proving the truth of your words, yet a quick search online will show thousands of cases similar to mine. I will believe them over you any day. You don't even have the balls to put any kind of name to your posts, yet you have the cheek to call me faceless! Sad when people like you, in the employ of the very people being talked about, stoop to flaming threads on sites like this. Now run back to your bank and steal some more money off the poor, like a good little employee, and tell us all it is just their fault that the corrupt system forces them to borrow money from you. After all, you are only doing your job when you charge interest rates that force them deeper into debt, forcing people into a life of misery. There is a reason that every major religion denounces money lending as a sin of the worst kind. Not because they want to protect their followers though, but because money lenders take power into their hands, and no religion wants to share power.}

 
No point in trying ed. Some people are so crippled by their insecurities that they will believe anything they need to, to justify their actions.

No longer able to face reality through sober eyes, to reflect on their selves, they'd rather maintain their illusions and will fight to prevent their dissolution.

With heads screwed on their shoulders
surrendered slaves move
their self-hate being unbearable
they share with me and you.
zari

 
16 Feb 2014 16:40:19
It is the system at fault, it was insanity to offer mortgages at 5 times peoples incomes! Yes these people went in eyes open but who expected things to go so bad, most normal people do not follow economic history. Even those paid to ignored or did not notice. I predicted this mess back in 2003, as it always happens. Economics is cyclical, bad follows good after a period of excess. People got greedy and it collapsed. But it was the system that caused this. Look at how the system creates demands. You must buy a new car as your neighbours have a better one, you must have a holiday to this years fashionable place, your must have expensive shoes, you are a loser if you do not buy these things. The system creates the demand and pushes easy money with things hidden in small print. People generally are naive and trust the system not thinking it will turn on them.

Kim Philby

 
Agree with what you are saying Kim, except on the use of the word system.
System: an assemblage or combination of things or parts forming a complex or unitary whole
Establishment: the existing power structure in society; the dominant groups in society and their customs or institutions; institutional authority
zari

 
16 Feb 2014 23:11:33
They are interchangeable, one runs the other.

Kim Philby

 
They are opposite ends of a dualistic system.
The brain is conditioned to think of something oppressive as an inclusive system and mistakenly assumes that with enough effort it can be improved upon. Whereas in reality, the establishment is non inclusive but dependent on those it oppresses.
There is no need to engage the establishment, all one needs to do is disentangle themselves from its tentacles and watch the structure tumble.
zari

 
Hi zari,

"There is no need to engage the establishment, all one needs to do is disentangle themselves from its tentacles and watch the structure tumble"

Can you expand on this, in terms of practical or tangible actions? Do you mean not voting, not using banks, going 'off grid' in terms of energy supply etc?

Thanks, Harold

 
That is for everyone to decide for themselves and imagination is the key.
Ignoring and disobeying the establishment on both an individual and collective level would be the most effective.
In regards to individual action one must be educated, ready to accept responsibility and defend themselves before setting things in motion.

There are people who no longer pay any form of taxes (income, property etc. ) and import tariffs, do not vote, do not use the centralized banking system for their transactions (barter system), cultivate their own food and are responsible for satisfying their own energy needs. Additionally, one could go the Charles Veitch megaphone public speaking way,
http://www.youtube.com/user/cveitch/videos
Of course on a collective level, with the right group of people, these are easier to achieve. In such a scenario people could still use utilities but not pay for them. No company will be allowed to shut water, electricity, public transport services to a whole town.
People could even launch a lawful rebellion based on article 61 of magna carta 1215 as previously explained by ed033.
zari

 
Thanks Zari, helpful as usual.

Have always been interested in sustainable living principles, which seems to go hand in hand with much of this. I would be interested in looking into such things in my life as the opportunity arises.

I too appreciate the importance of this particular point;
"In regards to individual action one must be educated, ready to accept responsibility and defend themselves before setting things in motion. "

Sounds wise to me.

Thanks for the response,
Harold

 
17 Feb 2014 20:47:23
I went bankrupt in 2010 after relocating my business in 2007. Banks are corrupt they move the goal posts take profit out of your account against any business plan you have made with them. Turn the screws all the time but hey ho even if I had no heating the thought of taking hsbc for 36000 will keep me warm seems as they forced me to go bankrupt;-) And I would recommend anyone who can't afford to repay their debts to do the same.
Its really nice telling debt collectors to do one and giving them only your bankruptcy number.
P1

 
Agreed mate, another thing is bank charges if your ever overdrawn, £15 to £25 a utter complete rip off, if I remember right abroad do not charge you or it was no more than £2, before I became bankrupt I rang my bank at got them to drop the charges as I demanded them to send me proof that it cost them £25 to notify me that I was overdrawn, the bank sales rep started stuttering then passed me to his line manager who did not want to look stupid next to his employee and rein-burst the charges.