If I lived in rented accommodation and enjoy myself spending money like there’s no tomorrow. What is there stopping me throwing in the towel and becoming insolvent, Bankrupt.
There are enough lenders that will give me more money even though I would have a bad dept problem. So you could, in theory, do it again and again.
Not only that I could have a very happy 3-4 years spending all that money that the banks want to through at me at no real expense to myself.
Now what would happen if we all did it?
2007-02-01 22:47:02 · 11 answers · asked by Nikobix 2 in Business & Finance ➔ Credit
the banks are already clamping down on this.
the legislation was created becuase the banks never used to care how much they lent you or if you could afford to repay.
If you do go IVA you'll never be able to get credit again,.
And that would suck!
No Sky!
No Phone
No Internet
No switch card
No online shopping
No letting agency or mortgage provider
Always dealing in small amounts of cash like the rest of the pondscum.
Can't get a car on HP to land that all importants job.
Can't even put the suit for the interview on your Visa
2007-02-01 22:51:29 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Its not a good idea. Living for the day is a short life and should only be happening when you are very young. You will find that lenders don't like losing their money and will give you shear hell to get it back and for a very long time. They know all the dodges - its their job. Also there is a certain moral fibre that we Brits are meant to have and it is basically wrong to fritter away other peoples money. If there was even a hint of us all going that way then lenders would close down before many of us had even thought about it. Finally, would those 3 to 4 years you mention, really be happy? Isn't it better to achieve something and do a bit of good in your life
2007-02-06 04:25:56 · answer #2 · answered by Professor 7 · 0⤊ 0⤋
If you go bankrupt, your money is not your own for the period of the bankruptcy. The receiver will take whatever slice of your earnings he thinks is appropriate and give it to your creditors, along with anything you own that is of value and not a tool of your trade. While bankrupt, you may not gamble or attempt to obtain credit (if memory serves you can borrow up to £250).
If the court decides that you have been grossly irresponsible then they may refuse to discharge your bankruptcy.
Once discharged, you will find it extremely difficult to obtain any form of credit for the six years the bankruptcy remains on your credit history. Banking facilities available to you will be very limited, and you may have difficulty getting a job (many large employers insist on a credit check to mitigate possible fraud).
In short, it's not worth it unless you're terminally ill!
2007-02-02 06:53:30 · answer #3 · answered by Flup 5 · 2⤊ 0⤋
Nobody wins when you try to do this, especially not you. If you do this once, the next time you do this, your interest rates are going to be HUGE, and you won't have enough money to get out of it for years to come. I know a singler person that did this, and he hasn't been out of debt for 16 years. He has another 8 he thinks before he can get out of debt the second time.
Secondly, based on your use of grammar above, I don't think that you're smart enough to ever pull this off.
2007-02-02 06:54:57 · answer #4 · answered by Anonymous · 1⤊ 1⤋
You will live with a bankrupsey the rest of your natural life and if you think the 2 year or 7 year rule prevails, your wrong. When your children want to go to college, forget that also, they suffer. You really don't want to do this your just kickin tires.
2007-02-02 07:02:13 · answer #5 · answered by Conrey 5 · 1⤊ 0⤋
I am not sure who told you that it was glamorous and satisfying emerging from financial ruin, but they LIE.
Sure, the amusement ride where one can spend with reckless disregard for the future is rather exhilarating.
Cleaning up the aftermath, however, is painstakingly slow, humbling, and emotionally draining.
You were warned!
Good luck.
2007-02-02 07:57:52 · answer #6 · answered by DaMan 5 · 0⤊ 0⤋
Flup is spot on.Also if you going around telling people youre going to do it in advance than you could face criminal charges under the theft act
2007-02-02 07:04:58 · answer #7 · answered by frankturk50 6 · 1⤊ 0⤋
Your theory sounds like that of a terrorist....
Live high on the hog quenching your thirst for the good life and then one day realize that the tab is coming do - so you kill yourself.
2007-02-02 07:00:56 · answer #8 · answered by Anonymous · 0⤊ 1⤋
We can't all do it; some of us have to pay for dead beats like you through higher fees and rates, etc.
2007-02-02 12:06:10 · answer #9 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
Go for it. You'll never get credit again though.
2007-02-02 06:50:01 · answer #10 · answered by Anonymous · 1⤊ 1⤋