leading on from the bank charges discussion: Student loans..

[Rubric]

A mate of mine declared himself bankrupt. The funny thing is that you need to pay £400+ in court fees to declare yourself bankrupt. But if you're skint, how can you afford the £400...

Anyway, his credit rating is screwed for 6 years from his bankruptcy. He can't even get a mobile phone on a contract.

Declaring bankruptcy should be the absolute last recourse, but he's got rid of a 6-figure debt, his year has past, and now he's starting afresh

Your allowed to put the costs on your credit card ironically.

Also if you are on benefits you don't have to pay part of the costs.

 

[Mey]

Your allowed to put the costs on your credit card ironically.

Also if you are on benefits you don't have to pay part of the costs.

haha, that's the best thing i've heard all day lol!

 

[Lamp]

6 figure debt, what did he do?
failed business or something?

Remortgaged his house. Spent most of that on a brand new Porsche
Couldn't keep up mortgage payments, loans & credit cards
Was going out every night drinking & developped an expensive coke habbit

 

[Rubric]

Remortgaged his house. Spent most of that on a brand new Porsche
Couldn't keep up mortgage payments, loans & credit cards
Was going out every night drinking & developped an expensive coke habbit

Ouch, owning your own home is one situaton where bankruptcy is not a great idea if it can be avoided.

 

[Lamp]

Ouch, owning your own home is one situaton where bankruptcy is not a great idea if it can be avoided.

Indeed. He's now living back with his parents (age nearly 40). Not an ideal situation but better than being homeless. Me and my wife have put him up sometimes, but he knows not to outstay his welcome. He'll be back on his feet in a couple of years. Hopefully he's learnt a lesson.

 

[Rubric]

Indeed. He's now living back with his parents (age nearly 40). Not an ideal situation but better than being homeless. Me and my wife have put him up sometimes, but he knows not to outstay his welcome. He'll be back on his feet in a couple of years. Hopefully he's learnt a lesson.

If he is working and living with his parents he should be sorted fairly quick, actually scrap that he would probably have an ipo sucking all his spare cash for 3 years.