I have a friend female, 25.  She went bankrupt for £35K.   Yes, I agree their is no stigma.  She was in rented accommodation, good job and worked all the hours god gave to help ''service'' the debt,  since she was never going to be able to live & pay it off.  She moved it around here and there, wherever there was a FREE six months.

But eventually, she just couldn't carry out.  The extra work, also became the justification for perks.  A new this and new that, so it was never ending.

Soon after she went bankrupt and here financial affairs dealt with,  she said to me, ''you know, by this time of the year, I would have been abroad twice''

The assessment does a fair appraisal of what you can keep and what you need to live on for the three years of you pay off the bankrupt debt assessment - she was certainly better off and could sleep at night.

 

 

Bring back the workhouse, we used to run the world, now we are its dustbin.

I have a work friend who has just paid £1,400  for a 'all inclusive holiday' for herself and 2 children (which of course with the interest will cost her more).  Her attitude is to live for today.  She says she could never take her child on holiday in Britain? I just don't get it.  If I can't afford a holiday abroad then I don't have one which is this years plan.  We are going camping and looking forward to it and at the end of it spending some money on long awaited refurbishments in our home.   You can't have it all unless you want debt...thats my policy and I am happy.

Good point well said.

Part of the problem and reason why we have a credit crunch (apart from irresponsible lending ) is rampant irresponsible borrowing.

No-one wants to work hard and earn the right to buy luxury's anymore, give me it now and I will pay for it later (or not) is the attitude.

I am not going on holiday this year either (the bathroom needs done) but paid £150 for a cracking tent and me and the wife and kids are off in the car to the highlands and soak up some nature, for virtually nothing! I cant wait and the kids will love it and remember it for ever. Beats paying through the nose to go to some resort with the herds, getting packed into sub standard accomodation and having to put up with drunken nutters.

I too partly blame the banks for lending customers far too much against their income.One particuler bank used to always offer me money, either by mail or when i called into the bank all the time. . Even when i had to give my job up through ill health they were still offering credit cards etc, but do you know what, when my ex husband and i had difficulties they were very unsiimpatheptic. they even threatened to take our bank account off us. They blackmailed us into a reslve loan where they put your debts into one with higher interest, longer terms and it was paying interest on top of interest. They were home improvement loans so when we later sold the house we paid them off and i changed banks.Some people have got greedy and biten off more than they can chew. I pity anyone buying a house in this day and age. At least you get help when you,re in local authority accomadation but unless you have an interest only mortgage and you come out of work the banks don,t want to know.

I dont believe the responses on here!.. I couldn't care less but New Labour is selling us short because our country is full already. The only solution is to leave the country.. This worries me!!

I totally agree with most of the responses on here, I took out my mortgage 5 years ago, and I have paid so much extra off it by sheer hard work and saving, I have 5 years left. But I live in a city so I gave up my car, we only go out to eat once or twice a month and I bring my own lunch to work. I would never buy anything I couldnt afford to pay for up front, we use our credit cards only in emergencies or online for the protection you recieve, and they are paid in full on the due date each month. I don't have designer treads and jimmy choo shoes, but I can sleep at night. We have actually turned paying it off quicker into a game, its fun, and we feel great about it, we have no other debts what so ever.

The country is far from full, there is a real crisis of farmers and fruit growers etc not having any staff at all this year. I know my uncle is about to go to the wall on a 120 year old fruit business because english people won't do the work and nobody else wants to come over here and work for wages less than european minimum, and take the abuse we dish out at them for being pro active and getting a job, while our yoof lay about on there sofas playing playstation, binge drinking and bunking school.

Most of the Polish worker are now going to Portugal, Ireland and Spain there is less abuse there and they are treat with more respect. 

Maybe your right, maybe some people from this country should move out, and get more decent hard workers to move in. 

Dont get me wrong i love the old country but not the new.The government has spent the last 10 years wasting our resources and the whole country has turned into a gigantic super nanny state. Unemployment, sickness, even bereavement can be catered for. So if your losing your property it probably wasent yours in the first place, if you gamble without insurance take the consequences. The truth about houses in england is they were overvalued by at least 33 per cent by the simple fact people borrowed recklesly and lenders lent the same all thats happening is its reality time and its cyclical every 7 years this ones late by about 5 years,and its really going to hurt. there are more Northern Rocks out there thats why banks wont lend to each other in other words they dont trust each other on the sub prime debts etc so this blip you are facing now in the immortal words YOU AINT SEEN NOTHING YET,,, also yes i saw the writing on the wall and moved abroad 5 years ago