Job loss, bankruptcy and probably depression

[Mey]

hole in one!

 

[old.Tohtori]

May not happen instantly but karma always works out one way or another.

That b*tch has been on my case for three years now, kicking my bum every happy turn i make. And don't even know why

But that aside, Kryt, keep working, keep your chin up and that old second wind will come along. I'll drink for ya next time i've got one.

 

[Dreamor]

Bahhhhh, sorry to hear about that Kryt I know you loved your job dearly.
The CAB helped me out a year or so ago, I know that for a few years my wages evaporate as they hit my account, but at least I'm able to live a little as things improve

If you know someone thats a reliable accountant, just running through things with someone can make a massive difference and it helps to talk with someone. Don't bottle up mate, life might be shit now but there is nothing a tear on the phone to the debt collect that won't help sort a few thousand off the debt. As someone already said, they will happily accept some money to save themselves, I had 2 jobs working 7 days a week at one point doing 70+ hour weeks, its a pain and its draining, but things work out.

Let us know how things go Not sure where abouts your based, but if your in the Midlands and want help job hunting I can help you out in part, just drop me a message (PM)

 

[Kryten]

Cheers for the all the input folks.

I'll agree with Bods on a lot of what he said. Yeah, it's mostly our own responsibility but lenders do very little to check the people they're lending to can afford to repay it etc. Well they are a little more these days, but a few years ago it was silly.

Our personal circumstances were not too dissimilar - mixture of bad money management (wedding, honeymoon, consolidation of debts with loans) and bad fortune (2 written off cars, first one my fault (no drink or speeding involved!) and insurance excesses and everything else catching up with us). Then ending up living off a £2000 overdraft for nearly half a year attempting to nibble away at it, despite having daft charges making those repayments negligable. My fault, entirely.

Regardless of that responsibility, I have been attempting to repay everything I can. February last year we bit the bullet and started going for an IVA, but the repayments were too high, so dropped that and went to paying everyone a tenner a month until the baby was born and Wifey was back to work.

No mortgage unfortunately, council tenants, so no other method of consolidation is available, and next to no income to give to people at the end of the month. So, BR is our way forward. I'd rather pay the debts off but I have to bypass my level of pride and sense of responsibility to the people we owe money to, and think about giving the child his best start to life possible.

 

[throdgrain]

In this situation I think you ought to be saying no mortgage fortunately mate.

 

[Hawkwind]

Hope things get better Kryt. Plenty of work out there might find another dream job if your lucky. If there are companies your interested in working for just send your CV with a covering letter directly to their HR Managers. A lot of companies try to avoid agencies as the fees are very high.

I never once got a full time position through an agency, always through job ads in papers or advertised walk in interviews. Although contract work is different and mainly through agencies.

Always read up on companies before interviews. You'd be amazed how many dick heads I interview who don't even know what we do as a company. No excuse for it these days with the internet.

 

[Bahumat]

Kryten I hope your luck changes and something crops up. Good luck and hope you have a lovely healthy baby

 

[MYstIC G]

Chin up Kryten old bean.

 

[nath]

I have absolutely no helpful advice to offer you, Kryt. That really sucks, but I've no doubt whatsoever that you'll pull through ok.

</unhelpful pointless post>

 

[SawTooTH]

If there are things, assets you want to keep hold of I would make sure they were stored elsewhere and not at home.


My Mum & Dad went through Bankruptcy about 20 years ago and lost their home and they came through it okay. I think back then you were pretty much stiffed for 6 years after that credit-wise but that may have changed. I'd contact your creditors and try to get them to freeze interest payments whilst you are looking for a new position. Then at least you are trying to pay them back eventually. You don't yet know if you'll land a better job.

Give it 3 months.

goodluck

Sawtooth

 

[gohan]

lol Rubic

not to be condescending to you but you're not in a position to say what is right for people financaily when you've been bankrupt, i have no idea what your circumstances where so i can't really say too much, but if someone has 2-3 little loans 4-5 cards ect 9/10 it works out much cheaper and easier for them to pay the whole lot off in one go with 1 payment

yes they could then use thier card and work up even more debt but then thats thier own fault

they were already in debt, bank helps them out if they get in debt again, bank will still try anfd help, if they cant then its the customers own fault, cant blame the banks for people lack of self control with money

 

[Kryten]

gohan: as much as I don't like to correct people without knowing circumstances either, you'll probably be suprised to learn that folks who have had money problems or have been through bankruptcy, IVAs and debt management plans etc are afterwards far better at managing their money than any 9 out of 10 people you'll meet on the street. Learning from mistakes, and it's a lesson you typically only need to learn once.

 

[Tom]

Have you tried the money saving expert forums? There are a lot of people who have been through similar problems, there will be a hell of a lot of good advice there.

 

[Kryten]

Yeah, been on there a while, is a good forum. On 4 forums currently offering this specific advice, lot's of helpful folks.

 

[gohan]

gohan: as much as I don't like to correct people without knowing circumstances either, you'll probably be suprised to learn that folks who have had money problems or have been through bankruptcy, IVAs and debt management plans etc are afterwards far better at managing their money than any 9 out of 10 people you'll meet on the street. Learning from mistakes, and it's a lesson you typically only need to learn once.

no im sure your right, but just because consolidating loans didnt help him out doesnt mean it doesnt help a hell of alot of other people

 

[Kryten]

Sort of assumes you've money to pay a loan off with

 

[Rubric]

no im sure your right, but just because consolidating loans didnt help him out doesnt mean it doesnt help a hell of alot of other people

If you cannot afford you repayments then writing to your creditors and requesting they freeze interest and making an affordable repayment plan would always be a better solution than a consolidation loan in my mis-guided opinion.

FYI i am not offering financial advice just some advice on the high, lows and potential pitfalls of bankruptcy.

Check out the insolvency figures since 2004 thats alot of people you are applying a stigma to.

 

[Kryten]

Exactly. It's in the lenders interest to keep receiving money, if that involves freezing interest and charges for the period of the debt, it's still better for their figures than having the lot written off via bankruptcy or other means.
Consolidation is probably only a good idea for a smaller amount, I made the mistake of consolidating when I was still unaware of the value of money, then re-building debts elsewhere, most of them due to unfortunate events. Soon adds up.

If I was to put blame at anyone's feet (after myself of course), it would be at the feet of Northern Rock, who said "we'll arrange a loan, consolidate all your loans and cards, at 7% interest over 10 years" when they knew full well I was on jobseekers allowance. At the time it was my only option, or so I thought. I took it, and I'm in this situation now.

Lenders are not entirely faultless.

 

[gohan]

not sure how they get away with that, it's alot strictor now atleast, responsible lending ect

if u dont work u cant have a loan only exception is if your a housewife and its joint income ect

 

[Kryten]

aye, at the time (this was circa 3 years ago) I had just walked out of a job for disability discrimination reasons, only realising I should have sued them over a month down the line, by which time it was too late to do anything about it, and that caused issue with Job Centre too. They basically said they wouldn't normally provide loans to those without jobs but as I had one already it "acted as a loophole" to some extent. It's stricter now because the economy is falling over quicker than a drunk on a bouncy castle, but given the chance these lenders don't hesitate to bend rules to get themselves more money.

 

[Tom]

As Samuel Langhorne Clemens said, "A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain."

 

[Kryten]

cheers Tom thats just cheered me up a bit

 

[Bodhi]

Sorry Bods but blaming your spending on credit card companies is just a classic example of the blame culture world we live in.

They lent you the money, now you have to pay it back. I guess I see it a bit different as I'm a collector for a credit card company, I hear these excuses and all the shouting and blame - and tears - all day long. It's sad to be honest, but dont go blaming other people, you just have to deal with it.

Sorry throd but you're talking shit. Any retard who lends 13K to a 19 year old student on 10K a year deserves everything they get. I mean you could say that I didn't have to spend it, but the thing about having cancer and being out of work for 6 months is that it of kind of takes its toll after a while. I asked them to lend me around 1500 quid to tide me over until student loands came in, they added a zero to it. At one point I had a higher credit limit than me dad, who was CEO of Michelin Fleet Solutions at the time. Irresponsible lending, at it's finest.

 

[Tom]

I'd put irresponsible borrowing in a poorer light than irresponsible lending any time tbh.

 

[gohan]

what so cos they give you a 15k limit you have to spend it? im sorry but the blame lies with you on that one, and don't play the cancer card cos it doesnt affect your decision making.

an you were a student or you were out of work? make your mind up. these are completely different situations

rubric and kryt got bad debt over years, supporting family bad luck and some bad descions which im sure both will admit


you on the other hand decided im gonna spend 13k on beer and drugs and hookers cos im a student and i dont give a fuck, unfortuanly you do have to pay it back... bad luck

 

[Kryten]

I should point out before any more names get thrown around, that people shouldn't be dwelling on people's mistakes made in the past. Sitting on a fence you don't even know, doing a good impression of Nelson from the Simpsons doesn't help.

Mistakes get made, very often when young and naive. Regardless of where the money went, admitting a mistake and just getting on with your life and sorting it out however necessary is the more important factor to consider.

 

[Dreamor]

I'd suggest taking this to PMs, Gohan/Bodhi... this is Kryt's post so unless you have something useful for him... just don't post

 

[Kryten]

I've had plenty of support anyway, so I'm not too fussed. But as I've said though there's no point sitting here pointing fingers, progress is in the future and not the past. Thanks though

 

[Dreamor]

I've had plenty of support anyway, so I'm not too fussed. But as I've said though there's no point sitting here pointing fingers, progress is in the future and not the past. Thanks though

Really hope things work out for you mate, it might not look good now but it will work out and lifes going to be tough.

The offer is still there if you need help with work, just drop me a PM

 

[throdgrain]

Sorry throd but you're talking shit. Any retard who lends 13K to a 19 year old student on 10K a year deserves everything they get. I mean you could say that I didn't have to spend it, but the thing about having cancer and being out of work for 6 months is that it of kind of takes its toll after a while. I asked them to lend me around 1500 quid to tide me over until student loands came in, they added a zero to it. At one point I had a higher credit limit than me dad, who was CEO of Michelin Fleet Solutions at the time. Irresponsible lending, at it's finest.

Well mate we're going to have to agree to disagree. Me I think you take responsibility for your own actions. You must realise Im not giving it any preaching holier-than-thou bullshit. I've been there myself, and I know what it's like.

Even now it happens. Ive just found out they've made my bonus at work almost unreachable, which will cost me more than a grand a month compared to this time last year. I knew that, but did it stop me putting a deposit on a shotgun I wanted last week? No. Now I'm sitting here truely wishing I hadnt, my credit card is already on £2200 + I have £3600 of my bank loan to pay and I have a car that eats petrol like it's going out of fashion. And now I look at my pay check and think oh my god, coupled to the fact that I could cheerfully walk out of the job anyway it's so boring. But the thing is here I know I have to stop, and deal with it.

People often say to me it's a shame when older people get into debt, you know, these pensioners I have to ring sometimes, and to be honest unless they're rude to me they're pretty much the only people who get off easy
But what are we supposed to do? Say sorry your old, you must have lost your marbles, you cant have this money. Or sorry, your only 19, you're clearly too irresponsible to borrow this money? Then where would we be?