A debt problem - advice needed please.
11 December 2003, 02:23 PM
#61
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double the average wage and multiply by 6
30x2=60K
60x6=360K
add on another couple of yrs for good measure 360K+120K=480K
Seems your arithmetic needs a check.
I thought it took 6 yrs for bankruptcy to be totally discharged but as I've never looked into this as a career option I'll bow to your superior knowledge.
250K in the sun (Cambodia or Thailand)= a decade of utter luxury- not that I'd choose it. As for the 500K the comments weren't actually aimed at you, just an example- I'm sure your house is worth much more than that, after all I know people who live in shoeboxes in central London that are worth 3/4 million on paper.
30x2=60K
60x6=360K
add on another couple of yrs for good measure 360K+120K=480K
Seems your arithmetic needs a check.
I thought it took 6 yrs for bankruptcy to be totally discharged but as I've never looked into this as a career option I'll bow to your superior knowledge.
250K in the sun (Cambodia or Thailand)= a decade of utter luxury- not that I'd choose it. As for the 500K the comments weren't actually aimed at you, just an example- I'm sure your house is worth much more than that, after all I know people who live in shoeboxes in central London that are worth 3/4 million on paper.
11 December 2003, 02:33 PM
#62
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£10K is a fair amount of cash!
Can I suggest that instead of asking here, post the same question over on www.debthelpuk.co.uk They've a forum with a whole bunch of people with experience of debt and people who work in the field.
When you get back to the UK, the chances are you will be traced one way or another. You will recieve phone calls from the debt collection people, they will threaten you with allsorts of crap, from people on the doorstep, to legal looking letters and any number of heavy-handed, and probably illegal ruses to get you to pay up. Refuse to talk to them over the phone, and say you consider them contacting you to be harrassment. Make them put everything in writing, so you have a nice paper trail. Anything that looks dodgy, forward it to Trading Standards.
I think if you dent knowledge of the debt for 6 years, and they cannot prove it, then it becomes Statute something or other, which means it's no longer payable, so you could try and deny it for 6 years!! That may be fraud though!
Best advice is to get proper advice!
CAB is a good place to start. I speak from bitter experience on this, so if you want to get in touch off-line, feel free to drop me a line.
Can I suggest that instead of asking here, post the same question over on www.debthelpuk.co.uk They've a forum with a whole bunch of people with experience of debt and people who work in the field.
When you get back to the UK, the chances are you will be traced one way or another. You will recieve phone calls from the debt collection people, they will threaten you with allsorts of crap, from people on the doorstep, to legal looking letters and any number of heavy-handed, and probably illegal ruses to get you to pay up. Refuse to talk to them over the phone, and say you consider them contacting you to be harrassment. Make them put everything in writing, so you have a nice paper trail. Anything that looks dodgy, forward it to Trading Standards.
I think if you dent knowledge of the debt for 6 years, and they cannot prove it, then it becomes Statute something or other, which means it's no longer payable, so you could try and deny it for 6 years!! That may be fraud though!
Best advice is to get proper advice!
CAB is a good place to start. I speak from bitter experience on this, so if you want to get in touch off-line, feel free to drop me a line.
11 December 2003, 02:41 PM
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Errr, am I missing something?
The original poster essentially stole £10k and ran away, and now wants to know how to get away with it, if I've understood correctly. Now others are thinking what a good idea it is and suggesting upping it to £400k.
Who do you think pays for your lives in the sun?
Why not just nick cars and mug people and be done with it?
The original poster essentially stole £10k and ran away, and now wants to know how to get away with it, if I've understood correctly. Now others are thinking what a good idea it is and suggesting upping it to £400k.
Who do you think pays for your lives in the sun?
Why not just nick cars and mug people and be done with it?
11 December 2003, 02:51 PM
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Why not just nick cars and mug people and be done with it?
Plus its easier!
Who do you think pays for your lives in the sun?
cha
s[Edited by chaos. - 12/11/2003 2:56:48 PM]
11 December 2003, 02:56 PM
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Mugging people has no similarity whatsoever with gaining credit from companies and then not paing it back. Personally I wouldn't do it for reasons moral and practical- it's a thought though you have to admit.
edited to add: Chaos has a point I've never bought anything on credit (other than houses)- paying interest is for mugs- car payments, credit card interest etc, anyone who does it is a victim.
[Edited by NACRO - 12/11/2003 2:57:58 PM]
edited to add: Chaos has a point I've never bought anything on credit (other than houses)- paying interest is for mugs- car payments, credit card interest etc, anyone who does it is a victim.
[Edited by NACRO - 12/11/2003 2:57:58 PM]
11 December 2003, 03:11 PM
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The only money I owe is on my mortgage and my student loan. I've never missed a payment, I'm fortunate that I'm able not to, and that I'm able to pay my credit card in full each month.
Less fortunate ("stupid" as you put it) people who have no equity to borrow against are forced into lining Mr Barcleycard's pockets, they are who pay for your hyperthetical (hopefully) life in the sun. Admittedly some people really are stupid and buy what they can't afford.
No matter how rich Mr Barcleycard is, you or I aren't entitled to steal from him. I don't see how that's different to some ****** deciding he'll have my Scoob because I could afford another car.
I understand the temptation though
Less fortunate ("stupid" as you put it) people who have no equity to borrow against are forced into lining Mr Barcleycard's pockets, they are who pay for your hyperthetical (hopefully) life in the sun. Admittedly some people really are stupid and buy what they can't afford.
No matter how rich Mr Barcleycard is, you or I aren't entitled to steal from him. I don't see how that's different to some ****** deciding he'll have my Scoob because I could afford another car.
I understand the temptation though
11 December 2003, 03:19 PM
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A loan business? Offering credit to the needy at high interest rates? Usury rocks.
11 December 2003, 03:23 PM
#69
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quote:
Who do you think pays for your lives in the sun?
Stupid people like you who dont pay their account in full each month (and on time!)!
And you it would appear cha0s:
cha0s[already in debt
]
Who do you think pays for your lives in the sun?
Stupid people like you who dont pay their account in full each month (and on time!)!
And you it would appear cha0s:
cha0s[already in debt
]
11 December 2003, 03:25 PM
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A loan business? Offering credit to the needy at high interest rates?
I think a night club/popular pub would be a good idea ..
11 December 2003, 03:39 PM
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Myownfault,
well my friend, the situation may be bleak, but it aint that bleak.
What is not clear is what YOU want to do. Do you want to discharge the debt or do a "runner"?
What you MUST NOT DO is declare yourself bankrupt. Lots of people think this a solution but it is not. It is a possible way out but the fact that you have filed for bankrupcy will haunt you for many years to come. Not good if you hope to get a mortgage/personal loan etc. etc in the future. If you do this, you will be classed as an undischarged bankrupt until the debt has been satisfied. You will not be chased for the sums owed but to become discharged, the debt must be repaid. This is a sh1tty thing to do to yourself.
If you want to pay it back and retain some dignity, contact those to whom you owe money. Give a **** n bull story about where you have been for the past 15 months and explain you wish to repay what you owe but due to your circumstances you need to make installments against what you can afford. If they do not agree with your proposal. Discuss further (but go in low first). Court will be a last resort as they would rather sort it out between you. Litigation costs and they may end up with a repayment scheme worse than you offered. Dont give anyone your £5000 as this will wipe you out straight way (by a scoob and have some fun). You may need this for a more rainy day.
If you want to clear your history and start afresh, talk to your debtors. You may be quite suprised at your contacting them with the intention to replay what you owe. This will weigh heavily in your favour.
Good luck me ole china
Little Clanger and his Soup Dragon
well my friend, the situation may be bleak, but it aint that bleak.
What is not clear is what YOU want to do. Do you want to discharge the debt or do a "runner"?
What you MUST NOT DO is declare yourself bankrupt. Lots of people think this a solution but it is not. It is a possible way out but the fact that you have filed for bankrupcy will haunt you for many years to come. Not good if you hope to get a mortgage/personal loan etc. etc in the future. If you do this, you will be classed as an undischarged bankrupt until the debt has been satisfied. You will not be chased for the sums owed but to become discharged, the debt must be repaid. This is a sh1tty thing to do to yourself.
If you want to pay it back and retain some dignity, contact those to whom you owe money. Give a **** n bull story about where you have been for the past 15 months and explain you wish to repay what you owe but due to your circumstances you need to make installments against what you can afford. If they do not agree with your proposal. Discuss further (but go in low first). Court will be a last resort as they would rather sort it out between you. Litigation costs and they may end up with a repayment scheme worse than you offered. Dont give anyone your £5000 as this will wipe you out straight way (by a scoob and have some fun). You may need this for a more rainy day.
If you want to clear your history and start afresh, talk to your debtors. You may be quite suprised at your contacting them with the intention to replay what you owe. This will weigh heavily in your favour.
Good luck me ole china
Little Clanger and his Soup Dragon
11 December 2003, 03:48 PM
#73
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NACRO
Yes, mugging was a bad example due to personal violence being involved, my point was that it is theft, so not entirely dissimilar.
myownfault
Fair play to you if you are indeed trying to pay off the debt, hopefully you won't get too royally screwed over in the process.
lol @ chaos
Yes, mugging was a bad example due to personal violence being involved, my point was that it is theft, so not entirely dissimilar.
myownfault
Fair play to you if you are indeed trying to pay off the debt, hopefully you won't get too royally screwed over in the process.
lol @ chaos
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