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Jane.l
Average Member
511 Posts |
 Posted - 18 February 2009 : 14:35:30
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I don't blame the banks, I take full responsibility for borrowing the money, it was a huge mistake (and we have paid a large price for that mistake) and once we realised we were struggling we tried to do the best we could think of to pay it back to the best of our ability, but they did not want to know. We always paid our debts on time, it was because the interest rates were going up and up at that point we realised we just could not afford that house, if only we could turn the clock back.  |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 18 February 2009 : 14:38:08
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I agree that the banks shouldn't have lent the money, there's no argument there. However, I do think that people also need to take responsibility for spending it - it's a 2 way street. The banks made it easy, but they didn't force me to spend it. I'm sorry if that's not a popular view, but hey ho, wouldn't life be boring if we all agreed!
One thing I will say is, regardless of the rights and wrongs, no-one should be encouraging anyone to avoid an IPA. If someone decides they are going to try and avoid paying anything then it's down to them and their conscience, but people on the forum shouldn't suggest or encourage it.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 February 2009 : 14:49:05
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Skippy, I totally agree with everything you have said.
My troubles were nothing to do with interest rates going up - I borrowed too much money, spent it on stuff I didn't need instead of clearing debts I already have and then found I couldn't manage all of the repayments.
I have no one to blame but myself.
The glimmer gets brighter all the time
Jan
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coxy
New Member
United Kingdom
63 Posts |
Posted - 18 February 2009 : 15:00:28
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Yes skippy i agree its a 2 way street and the banks didnt force me to spend it either,but 20 years ago theres no way we could have borrowed as much and why i was in a job and everything in the garden was rosy the banks were telling me everything will be fine.
At the end of the day banks saw an opportunity to make millions in interest and didnt care who they lent to i just find it hard to have much sympathy with them when they didnt for us.
Also on the other note i was thinking about this the other day what would you do if you had no ipa in place were a month from discharge and won just enough on the lottery that you went br for, bearing in mind you have 6 months to claim lottery prize. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 18 February 2009 : 15:04:06
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The lottery win would become part of your bankrupt estate as you won it when you were still an undischarged bankrupt. It's the same with an inheritance - if the person dies while you are BR the money becomes part of your estate even if the money isn't received until after discharge.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 February 2009 : 15:05:19
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If said lottery win or inheritance were enought to clear you debts, presumably that is all you would pay across?
The glimmer gets brighter all the time
Jan
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Court tomorrow - some more worries re IPA/OR etc.
