[Closed] debt problem

CAB shouldn't be "mean" or insist on anything. they should facilitate you taking the steps to sort things out. anything beyond that and they're going beyond their remit.

Did you see a specialist debt advisor at the CAB - I'd go back and speak to them again - I take it you have made one of the agreements with your creditors?

Can I point out tho that

last month the TV broke, so that was £300, month before I needed work on my car £300,

The TV broke? Pick up a free one on Freecycle or dirt-cheap on eBay. That's £300 less debt.

£40 per week on food? Easily done, if it's just yourself.

My wife and I spent around £150 per month on food, between us!

have a look at this, by they way. it's basically a load of information that the CAB should be giving you, but without being filtered through that particular bureau.

[url= http://www.adviceguide.org.uk/index/your_money/money_management_index_ew/help_with_debt_index_ew/how_to_sort_out_your_debts.htm ]Advice Guide Debt Guidance[/url]

this could be the wrong place

I have to agree with the two posters above, though - £300 to repair/replace a TV is not an essential expenditure if you're in that sort of situation, sadly.

Would I be better off seeing a Solicitor?

I wouldn't think so, they'd surely want paying a fairly hefty fee at some point.

have you looked at this?

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/index.htm

PS: I'd beat a hasty retreat before you get flamed to death, it's started already!

moneysavingexpert has a forum on debt advice. It does seem like you could save more money though. as TJ suggests £50 will get you a tv (£300 is what, a 42" tv?). £100 will easily get you 4 part worn tyres, fitted, as well.

This is a tricky one. Whenever you're hard up, the creditors come after you hardest.

Sadly, spending £300 on TV repairs, for example, won't wash with the bank. Nor will putting a bit aside for a day out. They really are that hard.

Go and see a specialist debt advisor and read up the stuff linked to by theflatboy.

It's tough, but keep plugging away and you will get rid of it. Good luck.

Go Back and also call the banks and talk to them
Trouble is Banks are hitting the small fry to pay off its debts etc.

But talk to the bank and show them your income and out goings
has long as your willing to pay back which is owned they can't do much
as they would get nowhere in court.

There is a big difference from what you want to what you need. I would like to spend £100 per week in Waitrose for my shopping (for 2 people). I can't so I spend £40 in Aldi. I would like a car that works and has less than £130k on the clock, I can't so I just get on with it.

Sorry to be brutal but when you build up the debt at some point it will come and bite your backside.

Shop at aldi or tesco or even morrisons, late at night to get all the cheapie reduced stuff, no need for a new tv,as above do you need a car or will a bus /train ticket do.

Switch off stuff like lights and things on standby, tyuurn the heating down, work overtime, spend less, pay back more.

Been there and done it, and nat west will sell your debt to a private comapny who will make you pay, they will phone and call round to get the money and its legal as well, or face the bailiffs.

ok maybe the tv was expensive, but things like car tyres, and garage bills can't be helped

If you want good solid advice about debt without being judged and preached at (like a lot of the responses you'll get on here!) - then ask on the monesavingexpert forum...

http://forums.moneysavingexpert.com/forumdisplay.php?s=6f3ec6b343aed599d904fc160df53c85&f=136

...there are loads of very helpful people on there.

The Bankruptcy section is the best place for debt advice (don't worry about the bankruptcy title).

Try contacting CCCS or National Debtline also - links at the top of this thread...

http://forums.moneysavingexpert.com/showthread.php?t=1056083

you must need a big telly my 32inch was £220 and other posters are right get an old one for FA

So far i would say nobody's judged or preached at OP. Hopefully nobody will. 🙂

For example, last month the TV broke, so that was £300

Sorry to sound unsympathetic, but perhaps you need to reassess your priorities. My TV was free from a generous member on STW, and numerous older CRTs can be picked up for next to nothing second hand.

How many people are you feeding for £60/week? Can you get by without a car for a year? eBay binge to get some more cash? Bit late for temp work but many people hold down two jobs. Have you checked to make sure you're claiming the single-person's discount on council tax if living alone? Are you on the right tax code at work so you get as much of your income as possible?

jools182 - Member
ok maybe the tv was expensive, but things like car tyres, and garage bills can't be helped

The other point is that, if you're still not working or are on low income, the CAB should have at least raised benefits entitlement with you and/or made an appointment on that point for you. Did they do that?

Im sure many more in the same situation or worse, the hardest thing is actually having the balls to contact the banks and cccs or national debtline and admitting there is a problem before it gets totally out of control. There are plenty of forums for advice if you google for it.

OK, but the TV has already been bought
My point is they are leaving me no contingency for things like washing machine breaking, etc

I think being in debt and climbing out of it is a state of mind. i've been there btw, it's miserable, so i don't envy you.

You have to decide that you really do not want to be in debt anymore, and stop kidding yourself. A bit like giving up smoking.

300 quid seems like a lot on a TV, even if you are not in debt. Well to me anyway. My last one was 75 quid from someone at work.

The more you pay off, the quicker you get out of it though.

Decalring your self bankrupt is another option, but be aware of all the pitfalls associated with this - your creditworthiness will be affected etc.

However, as all the posters above, you need to look at what you need vs what you want. You want a day out now and again - you don't need it. You want to spend £60/week on food - this is quite a lot - you could cut this by shopping cleverly. Use your bike instead of the car (or don't get in the car for a journey of less than 5/8/10 miles). Set some hard rules and then live by them. The pounds will drop off, but it will be hard going.

Can you get a lodger/rent a room out, sell your body or take on a bar job in the evenings? It all could help, and aside from the ability to pay, will demonstrate to the bank/legal lot that you are taking the debt seriously so they may go easier on you.

Do you need a car?

OK, but the TV has already been bought
My point is they are leaving me no contingency for things like washing machine breaking, etc

it doesn't, but if that happens, maybe you'll have to sell the tv? or your car, and ride to work? or do a day's labour cash in hand? a second hand washing machine is only £50..

you won't get great advice on here, as most* folk probably haven't had to really scrimp and save. get on MSE and see what they say

*not all, but I bet the majority of folk haven't tried living for long on minimum wage

I think £300 on a decent large TV, if it is the main source of evening entertainment/pastime is fine. Not going out for "meals or drinking" more than justifies a nice TV imo. Also it is more likely to encourage someone to stay in than a crap 50 quid job.

The OP has already referred to "health problems with stress and anxiety" which isn't likely to be conducive to successfully holding down a regular job. I can't see how adding to the problem by expecting him to lead an austere existence devoid of any simple pleasures is the way forward. Some people need to allow a bit of humanity into their lives.

I do need a car due to where I live and lack of public transport

Why? How far is it to work? Where do you live? a car is a very expensive thing - a couple of thousand a year minimum

Jools, did you note this:

The other point is that, if you're still not working or are on low income, the CAB should have at least raised benefits entitlement with you and/or made an appointment on that point for you. Did they do that?

Adult education course in the evenings? - do car maintainence so you can slash you car running costs and as you are out in the evening you won't have to use electricity for TV/Light etc, or heat the house so much.
Get an evening job for the same reasons, plus its social and you get some extra quids.
Also, the more you are out & about & busy, the better your head space gets and it leaves less time for worrying.
Most important though - speak to an expert!

TandemJeremy - Member

Why?

He's just told you. Have a read again:

[i]"I do need a car due to where I live and lack of public transport "[/i]

Why don't you pay attention ?

Or are you demanding that he gives you a better reason ?

ernie_lynch - Member
TandemJeremy - Member
Why?

He's just told you. Have a read again:

"I do need a car due to where I live and lack of public transport "

Why don't you pay attention ?

Or are you demanding that he gives you a better reason ?

I've not lived on minimum wage but I have had to drag myself out of a fair share of debt.

My suggestions are:
Write down everything you spend, every simgle penny. You'll soon spot a few things you can out easily enough.
Cycle everywhere, to the shops, to work, to the GF's, everywhere. If you have to use the car for work don't let it leave the drive at weekends.
Give up beer and smokes.
Shop in budget stores, Aldi, Lidl, etc.
Plan everything in advance. Doing things spur of the moment has a nasty habit of costing money, if you plan and have to think about whether to spend the money you may choose not to do it.

It can be a very sad and depressing existance but for me it was worth it to sort my problems out.

[img] [/img]

A better reason would be good ernie - many people claim they need a car when infact its very much a luxury - but maybe he does need one. Or maybe he could cycle to work.

http://www.cccs.co.uk/Services/Debtadvice.aspx

These people are really good

A car is also needed for my job as I need to go out on site

You're starting to sound like a Tory TJ..... [i]"many people claim they need a car when infact its very much a luxury, blah, blah, blah"[/i]

So you don't want a car and it's your choice. Jools wants a car.

I know people who choose not to own bikes, and they think that spending money on them is a pointless waste of money. Would you suggest therefore that jools sells his bikes ?

Sounds like a IVA , or individual voluntary agreement .
You declare your income , and a CAB advisor helps to come an agreement with the loan co re a payment term if they freeze the interest.

Try and find out if you paid PPI on any loans or credit cards , if you did you might be able to claim something back .
If not , the loan co or 3rd party might write off a proportion of the debt if you can settle with a lump sum. I know you have no dispsible income , but it might be possible to get a familly member to loan you an amount to save you alot of cash .nb .- do not take the piss with a £300 tele if you owe your mum £5k.

Budget your food spending better , See if there is any part time work around ( i know theres not much about) , you earn instead of saving and dont have to heat the house if you doing bar work , might even meet a young lady to boot .

Look at your energy bills and try U switch to see there are any better tarifs thar suit you more . Are you on a water meter at home? saved me £120 a year by switching .

I understand the psoition the OPs in. I was in debt to the tune of £13k until 18months ago.
I'd been in a debt management plan for a couple of years, a company recommended by the bank actually. They basically go through your income and expenses and work out how much you can afford to pay back to the creditors. They then negotiate with the creditors how much they are prepared to accept from you per month.
The next thing would be an IVA where your debts are written off after a period of time and finally bankrupcy.
There's no keep some money aside for a rainy day unfortunately, so if you need to put some money by for eventualities, you can overstate your monthly costs. But basically you owe and they want their money back.

A car is also needed for my job as I need to go out on site

TopTip : You don't have to give any explanation as to why you have to have a car - you don't need TJ's approval.

jools182 - Member

A car is also needed for my job as I need to go out on site

In that case it really is a need then.

ernie_lynch - Member

You're starting to sound like a Tory TJ..... "many people claim they need a car when infact its very much a luxury, blah, blah, blah"

So you don't want a car and it's your choice. Jools wants a car.

Ernie - the point is he is looking for ways to save money / make his money go further. Getting rid of the car would give him thousands more a year. Its not about my approval - its about practical ways of reducing expenditure

Ernie - the point is he is looking for ways to save money / make his money go further.

I can only see one question in his original post : [i]"Would I be better off seeing a Solicitor?"[/i]

I can't see the bit where he's asked for your approval/judgement.

Can't the company provide a pool car?
Is your car insured for business mileage?

Speak to your boss, see if you can use a car that's theirs. A car is a huge expense each month.

Part worn tyres can be cheap. I bought two Toyo Snowprox for 50quid fitted recently.

My old widescreen tv that lives in the back living room, still works! was bought from a STW'er 4yrs ago for £40.

The moneyforum is a good place as suggested 🙂

OK, but the TV has already been bought
My point is they are leaving me no contingency for things like washing machine breaking, etc

read that back to yourself. if you can't see the idiocy of that statement it's not a solicitor or CAB you need but a dose of reality.

no wonder they call it an 'idiot box'

[quote> http://www.cccs.co.uk/Services/Debtadvice.aspx

These people are really good
I'll second that - I had lots of debt, and don't earn very much, so ended up with a Debt Relief Order, wipes out all debts after a year - ****'s up any possibility of credit, but that's a good thing 🙂
And if my washing machine breaks - there's always hand washing!

I don't spend much more than £60 for food for 2 of us and that's without trying. When I was on my own I was spending £30/week ish. Look at your energy bills, turn off lights, turn down heating, use the TV less. Drive like an old man, especially for work, they aren't paying you to drive fast. Could you reduce your housing bills? Rent a cheaper place, sub let a room?

Contingency is a luxury I'm afraid, you put it away in case of emergencies, well it sounds like you are in one just not admitting it.

Is there anything substantial that will give you a head start on the debt? i.e sell the car for £5k, replace with a £2k car , got a second bike in the garage? Payment holiday on the mortgage? Or even rent out the whole house, and rent a small flat for a year or two until you are back into shape.

Rent out a spare room? Got a sky contract you can cancel, and go freesat with your existing equipment? Any unnecessary insurances you can cancel (laptop/mobile cover, separate bike insurance) Super dooper broadband contract where you don't actually need 20mb/s and unlimited data that you can downgrade?

Part time evening job? Pizza delivery (you may sniff at it, but if you are out delivering/earning, you ain't spending money on lighting/heating/emptying the fridge)

If the washing machine breaks, just use a laundrette for a couple of weeks until you see something suitable on freecycle.

I know a guy at work who won't do any overtime as he has to declare it and pay off big debts accumulated by his ex, I don't think I managed to convince him that he might as well earn the cash whilst its on offer, and pay it off a couple of years sooner. After all, he just sits on his backside all evening watching the box anyway 🙂

If you do consider an IVA do your research VERY carefully - there are a lot of rogue companies out there who make a fortune out of people like yourselves. Try and do one through CCCS, National Debtline or CAB.

Another option may be a debt relief order...
http://www.cccs.co.uk/InfoCentre/EnglandandWales/Debtsolutions/Debtrelieforder.aspx

You need to be serious about reducing your debt though because entering into an IVA, DRO or bankruptcy will leave you with a lot less 'free' cash than sorting things out yourself. If the bank wants £500 a month and you can only pay £200 a formal arrangement may be the only option.

or do a day's labour cash in hand?

Because being done for tax evasion would be a big help.

Ultimately I find it hard to sympathise with someone who has massive self imposed debts and is still upset about having to spend money on TVs, TV licenses, cars etc. Sure a car might be needed, but is a TV (and associated license costs)?

Not wishing to sound harsh but there's loads of things people assume are required that really are not, they're a choice, and you got yourself into the position you're in now so you have to take a hit and get yourself out of it? Won't take long with a concerted effort.

Hows about a second job? Plenty of Taxi work available round here. Plenty of fast food places taking on people for a few hours a day.

Worse-case your creditors get an order for a sum you can't (or won't) afford.

Other than that:

- If there is just you, let them take you to court and then (hopefully) the court will set your payment at an affordable amount - based upon sensible numbers from yourself.

- If you really can't see yourself been able to pay back your (total) debts in a sensible timeframe (ie 2-4 years), then let a creditor make you bankrupt - or, go for voluntary.

Oh, and ignore anyone who says they lived on £30 a week - that's like the Tory MP's who spent a week on the dole and say its fine...

i work in collections, in fact im ther right now, serously people like you make me lol... YOU CANT AFFORD THE STUFF YOU BUY, STOP BUYING STUFF!!!

helpful 🙄

I know BT3a isn't the first site you would assume for help on debt matteers.. but check this QOTW thread out...its the 1st entry..[url= http://www.b3ta.com/questions/savingmoney/ ]BT3A QOTW[/url]

@ jumpupanddown

I lost my job, I already had some money owing on credit cards and an overdraft when I lost my job. I contacted the bank regarding my circumstances, they refused to freeze interest or take into account I had hardly any income.

The majority of the debt is due to the fact they just kept charging me interest until they finally took the card off me.

I was not spending it or leading some extravagant lifestyle. As stated before I don't go out drinking. I don't go out for meals. I don't own an x-box, ps3. I have one bike. My car cost £1500 (a grand of which i had to borrow to pay for it)

I have been in the same boat

We used these guys http://www.payplan.com/

Excellent help and advice and dealt with all the creditors.

I lost my job, I already had some money owing on credit cards and an overdraft when I lost my job. I contacted the bank regarding my circumstances, they refused to freeze interest or take into account I had hardly any income.

my advice to any one is the same... dont borrow money full stop. I work in collections and thats my advice, take it as you will. But i have no over draft no cards, nothing and i never will. Banks are there for one reason only to make cash they are not charities!! You spent £300 on a TV..why?

i got my stereo, sofa and pans out of a skip

..

bigyinn - Member

I understand the psoition the OPs in. I was in debt to the tune of £13k until 18months ago.

I dream of the day my debt is so small.

Credit card #1 £11k
Credit card #2 £2k
Overdraft #1 £8k
Overdraft #2 £6k
Mortgage £110k
Vehicle loan £7k
Personal loan #1 £10k
Personal loan #2 £6k

Total £160k

Plus other bits. The only ones that annoy me are the credit cards - some of the others are business related, but being a sole trader are ultimately my debt. The overdrafts go from sod all to fully loaded on almost a monthly basis, saying that I was owed £54k a couple of weeks ago.

my advice to any one is the same... dont borrow money full stop. I work in collections and thats my advice, take it as you will. But i have no over draft no cards, nothing and i never will. Banks are there for one reason only to make cash they are not charities!! You spent £300 on a TV..why?

i got my stereo, sofa and pans out of a skip

Perhaps some people have a desire not to live like a tramp/student/hippy. Debt is fine, as long as it is manageable and you have some form of contingency in place.

Perhaps some people have a desire not to live like a tramp/student/hippy. Debt is fine, as long as it is manageable and you have some form of contingency in place.

people should live within their means.

Would you say I'm living within my means jumpupanddown?

Would you say I'm living within my means jumpupanddown?

spend what ever you want mate, was just saying that from my experience in the money collection industry i would never borrow money.

spend what ever you want mate, was just saying that from my experience in the money collection industry i would never borrow money.

Whilst i agree don't borrow money, life gets in the way, i need a car to get to work, having only just got back on my feet after redundancy not much choice but to get a loan to buy a newer car. OK i made the choice to get a decent car in warranty so if it goes wrong it shouldn't cost me money. Not having any savings because of redundancy meant i wouldn't be able to afford to fix the car.

And i wish i could get rid of the credit cards that subsidised the £67 a week i got whilst on the dole. That paid for me to get to interviews, buy clothes, pay the rent, etc.

Then there is the biggy, Mortgages, i rent and it sucks. i don't know many people in the fortunate position to put down £100k cash and buy a house, depends on where you live as to whether you can get anything that cheap, but house prices in Cheltenham are definitely down as a fair few houses are now getting to that level.

As for the OP, it sucks, just look at what you can cut corners on and do it.

I never fail to be heartened by the number of perfect people on here who are always willing to [s]judge how shit you are in their opinion[/s] share their valuable knowledge with you. Good luck OP.

Perhaps some people have a desire not to live like a tramp/student/hippy. Debt is fine, as long as it is manageable and you have some form of contingency in place.

Disagree. Ultimately it's your choice but I'd rather drive a shit car than worry about feeding myself that day.

If your borrowing is business related it shouldn't be linked to your personal accounts (for better or worse, I can argue it both ways) but if you're borrowing like crazy just to keep up with the Jones' you're wasting money. Do you read the Guardian, perchance?

Sadly when you are in this position I'm afraid the expectation is that anything 'surplus' to just living is considered fair game for paying back your debts.

As an aside, i read a brilliant article in our paper about how the young first time buyer would never get on the housing ladder, how it was unaffordable etc etc The example they gave was a 28yr old woman who was complaining that she couldn't afford a house. Actually what she was saying was she couldn;t afford a house [b]in the exact posh area she wanted to live in[/b]. Which is a bit different. It's the expectation thing, she could afford a perfectly reasonable house just not in the most expensive part of Wellington. Funnily enough that hasn;t changed - when i bought 12 years ago I couldn't afford one there either. Gets on my t1ts that sort of attitude - the report was pathetic.

If your borrowing is business related it shouldn't be linked to your personal accounts (for better or worse, I can argue it both ways) but if you're borrowing like crazy just to keep up with the Jones' you're wasting money. Do you read the Guardian, perchance?

You do know what a sole trader is do you? You are the business and the business is you, you can't separate yourself from the business.

jumpupanddown - Member
i work in collections, in fact im ther right now, serously people like you make me lol... YOU CANT AFFORD THE STUFF YOU BUY, STOP BUYING STUFF!!!
POSTED 10 HOURS AGO #

U SOUND LIKE A REET NOB!!!!
I bet your one of them nobs that gets a kick out of taking kids toys away from them!!!
Op- I feel for you, I've been there, ignore all the w#%^ers going on about the tele, they haven't an f'ing clue!!!

"i work in collections, in fact im ther right now, serously people like you make me lol... YOU CANT AFFORD THE STUFF YOU BUY, STOP BUYING STUFF!!!"

That just confirms my thoughts that all the people who work in that industry are complete nobs.

To the OP. There has been some very good advice above about how to deal with debt, ignore the people who quite obviously have never been in debt and just want to flame you.

I have been in big debt problems in the past, as has Mrs FD, both having gone from having big disposable incomes to having none and big debts.

You MUST right down all your income and out goings, and see where you can save money, you will be able to save money, even if its £10 here or there ie go interest only mortgage, ditch the land line or mobile, turn the heating down a bit and put a jumper on. Life will be hard for a few years, and you have to accept that unfortunately, every penny must go back to the bank that you can. Keep them updated regularly, dont ignore them.

Ignore the car comments. I was in a similar situation and for me it was more cost effective to use the car to get to work where I did and earn £x than ditch the car and have to find alternate work etc.

Avoid bankruptcy at all costs IMO its a chickens way out, and will make the rest of your life very hard.

I know in the depths of debt its hard to see a future debt free, but if you sacrifice now, you will become debt free again and live a normal life, even if it doesn't feel like it at the minute.

I can sympathise with jools182 and totally understand where jumpupanddown is coming from.

At the end of the day it is as bigyinn says banks are no longer there to be your friend (if they ever were), you owe them money and they want it back as quickly as possible. Try and think of it from the other side if you were owed the money and you found out that the person who owed you it was not doing everything possible to pay you back.

I admire your want to try and put some money aside for emergencies, however the banks will not see this as the sensible approach as it is simply money they could be taking off you to re-pay your debt.

There is a lot of good advice in this tread already on how to live frugally for the next while till you get your debt paid off. Try and not let yourself get too worried about how you will afford to pay for something if it breaks as second hand stuff will often get you through this tough spell till you are back on your feet. Used car tyres will still be legal, free cycle can be a great resource for some top quality kit that people no longer want. Basic car maintenance can be done by yourself even if you are not that technical most of the time it is just stopping and thinking about how to do it.

Try and keep your chin up jools182 some times it will feel like you are never going to get the monkey off your back, especially at this time of year but try and stay focused on getting rid of the debt so you can then get back to a normal life.

Would the bank accept a financial statement from me?

Or would it have to come from the CAB or someone?

You can deal direct with your creditors. Do not be intimidated by them

Your options are
IVA
DRO
Debt management plan
Full and Final settlement
BR.

Your first thing is to complete an HONEST income and expenditure sheet. Guideline allowances for items are available at CCCS, any more and the bank will not stand for it.

When you have finished your I&E sheet, see how much you have left and then you must offer that payment to the bank.

MAKE SURE THAT THEY STOP THE INTEREST PAYMENTS THOUGH. If they dont, your wasting your time and may have to consider another option.

Alternatively, do you have any assets?

House, car ? Pension ? if the answer is no, then consider going Bankrupt. Pay £600 for a petition and your debt will be wiped out. Dont worry about your credit rating as that will be shot already.

If you do have assets like equity in a house, then you will loose that in any BR case.

Do you have a parent or relative who could lend you a lump sum ?

They will generally accept an offer of 50% in order to settle.

Dont worry about the banks taking a hit. They probably made more then enough money from the interest they have added to your payments over the years.

Good luck.. email in profile if you need any more advise.

"Would the bank accept a financial statement from me?

Or would it have to come from the CAB or someone?"

It sounds like you have not already talked to your bank from that. Personaly I would deal with http://www.cccs.co.uk/ rather than CAB

I cant beleive that your bank havent already asked you to complete a statement of income / expenditure. They usually have their own paper work for this. To be honest I'd be tempted to go in to a local branch and ask to sit down with some one and go through what to do next. Speak to http://www.cccs.co.uk/ first though.

Re Bankruptcy

Pension...
They won't take your pension fund even if you go bankrupt (unless there is evidence of you using the pension to hide assets).

House...
Depends if there is any equity in it. If there's none they won't be interested. You will of course still have to pay the mortgage.

Car...
They usually allow you to keep your car if the value is under 2k and you can prove you need it for work. If its more than 2k they expect you to sell it and buy a cheaper one.

+1 for an evening job.

"House, car ? Pension ? if the answer is no, then consider going Bankrupt. Pay £600 for a petition and your debt will be wiped out. Dont worry about your credit rating as that will be shot already"

I completely disagree with this having bankruptcy on your record last 6 years and means you WILL NOT get credit in that time. After 6 years it makes it very difficult to get a competitive mortgage and many insurers will not insure you. Most financial products have a caviat (sp?) saying that if you have ever been declared bankrupt they will not touch you with a barge pole.

My mates 26 - went bankrupt at 19 after having a very flashcar for his age.

Id say its ruined his life to date as his girlfriend is now desperate to buy and settle down but they cant get considered for a mortgage due to his past without a monsterous deposit - even then his rates are stupidly high.

Then again i know someone else at a later stage in life whos used bankruptcy as a time to learn again and it seems to be working out well atm for him

But i wouldnt be fooled it doesnt dissapear after 6 years .....more chance of getting credit with a 10 stretch for robbing a bank on your record !

Honestly, I despair at some of the condascending, antagonistic and down right disrespectful replies to someone's genuine request for help. I can only presume the TJ type keyboard warrior types on here have never found themselves in a position where they may have fallen on harder times to feel morally fit to disperse such plumb mouthed, silver spoon enhanced shit that I've seen on this thread.

It appears if you're not either a graduate trained Etonian then you should live like a hermit and not spend any of your daily pittance earned on living, because living has what's got you in this mess. There never seems to be any compassion or sympathy for people in debt, the OP lost his job, the fact that he probably paid his bills/debts adequately whilst employed is irrelevant but sadly debts and the cost of living doesn't cease when employment stops.

I had my own business and was doing well, I had a shed load of debt but the promise of more profitable work seen me borrow £50k from the bank in 2006 which I invested to grow my business and within three months of investing it the same bank took it back illegally. I was made bankrupt for £130k and the official receiver pursued the bank and got the money back only three months ago, but I can honestly say none of my customers (some of them I owed over £10k) looked down on me, belittled me or treat me in the way some of the people have in this thread.

I do wonder if people like TJ and others would treat people on here the same way if they were stood next to them in a pub after a ride, presuming the attendees had all been financially vetted for suitability to buy a pint by the Tory Social Acceptance Committe that is TJ and co...