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anyone had experience dealing with Debt Free Direct?
- Thread starter Marc
- Start date
Bluejuice
Lazy as a rug on Valium
Easy, you're right, but so is BMF. After being discharged you remain blacklisted for a maximum of 5 years after which time you start with a completely clean slate.
I am still young and have a long overseas trip planned, so ultimately can get away with it.
Admittedly, trying it in your 30's however would hamper your progress in more ways than one.
They've relaxed the laws on bakruptcy quite a bit over the last few years and it has become a very attractive option for people in my position. So much so that the government had to amend their own new rules after record numbers of people went bankrupt, to take advantage of the new lenient terms. I got in in that window before they started changing it again and for the most part it's been sweet as.
It's no longer quite as cushty as it has been though, as they've cottoned on and toughened it up again. But ultimately you could do a lot worse.
I think it just boils down to your honesty. If you feel duty bound to pay back the money you owe and you can work hard to do it over many years, if it makes you feel better, do it. On the other hand if you couldn't care a shit about any of your creditors (faceless banks and corporations aren't real people, who's getting hurt?) then jump on the easy ship and wave your debts goodbye (along with any trust said companies would ever put in you again)
I am still young and have a long overseas trip planned, so ultimately can get away with it.
Admittedly, trying it in your 30's however would hamper your progress in more ways than one.
They've relaxed the laws on bakruptcy quite a bit over the last few years and it has become a very attractive option for people in my position. So much so that the government had to amend their own new rules after record numbers of people went bankrupt, to take advantage of the new lenient terms. I got in in that window before they started changing it again and for the most part it's been sweet as.
It's no longer quite as cushty as it has been though, as they've cottoned on and toughened it up again. But ultimately you could do a lot worse.
I think it just boils down to your honesty. If you feel duty bound to pay back the money you owe and you can work hard to do it over many years, if it makes you feel better, do it. On the other hand if you couldn't care a shit about any of your creditors (faceless banks and corporations aren't real people, who's getting hurt?) then jump on the easy ship and wave your debts goodbye (along with any trust said companies would ever put in you again)
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Easy 10
Brain dead MUG SHEEP
Hmmmm...'blacklisting' is one thing Bluejuice - you can be blacklisted for as little as missing 3 months payments on a credit card if a Default Notice is issued. That kind of stuff probably does disappear after 5 years. However, I think a Bankrupty would stick to your financial history like shit to a blanket.
B.M.F
New member
Easy 10 said:
Trust me mate. It doesn't. I work for a bank and have done for the last 8 years. Not front office stuff but for the Debt Recovery Unit. I admit that I do not take customer calls or anything and have not done for the last 7 years but I still produce all th e reports and have a pretty good understanding of the customer rights and the actions a bankruptcy takes from start to finish.
Easy 10
Brain dead MUG SHEEP
Maybe things have changed then - must admit I've been out of that line of work for about 6 or 7 years now. Seems ludicrous that something as serious as a bankruptcy can be completely forgotten about as little as 5 years later - no wonder its all the rage. Where's the incentive to pay your way out of debt if you can f*** everyone over and be debt-free and in the clear just 5 years later ? Blimey, I suppose Leeds United and Leicester really have got the right idea eh.B.M.F said:
Banks have some ridiculous sales targets to meet though. I've seen 5 year loans for tens of thousands dished out to OAP's on little more than the state pension before. Lenders get the customers they deserve half the time.
D
Deleted User X18H
Guest
Yeah go Bankrupt and have to live on a council estate for the rest of your life nice..............
B.M.F
New member
Faldo said:
Depends on your creditors mate. They all have to agree to make you Bankrupt however you can do it yourself but not sure how much it costs now. It used to be abot £1k to declare yourself bankrupt. You have to be careful though as any joint debts you have will be transferred into the other persons name as you would both have to be bankrupt or the banks etc can go after your partner.
jevs
Well-known member
If you have any questions and want to know what to expect from Bankrumptcy, IVA's or debt management plans, have a look on this forum
http://www.debtquestions.co.uk/debt_forum/index.php
They've all been there and done it and won't judge anyone for your mistakes.
Going through a DMP with payplan at the moment....a free and very helpfull company.
http://www.payplan.com/ They will discuss the best option for you to take.
Good luck and go for it.
http://www.debtquestions.co.uk/debt_forum/index.php
They've all been there and done it and won't judge anyone for your mistakes.
Going through a DMP with payplan at the moment....a free and very helpfull company.
http://www.payplan.com/ They will discuss the best option for you to take.
Good luck and go for it.
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desprateseagull
New member
best deal direct. not via any cowboys..
these finance experts are little more tahn debt collection agents, got lazy- taking x% of whatever you pay, before the rest gets split up..
you can do this yourself!
proritise debts first- rent/mortgage, then food, utilities (may of these- gas, electic, wter, BT etccan be paid monthly!), then split what you have left over, with highesat balance getting the biggest share, esp. on credit cards! (eg- 3 cards, £1,000, £500,, £500 - the £1k account gets 1/2 of the pymts.
most firms will accept part payments on a regular basis- bst to aks whether they will freeze the interest for a bit, or it wont help at all!
i am getting back on my feet now, but with a crappy creit rating, can't change to a 'real' bank a/c for a while!
also, really ask yerself when out shopping, if you REALLY need it.
these finance experts are little more tahn debt collection agents, got lazy- taking x% of whatever you pay, before the rest gets split up..
you can do this yourself!
proritise debts first- rent/mortgage, then food, utilities (may of these- gas, electic, wter, BT etccan be paid monthly!), then split what you have left over, with highesat balance getting the biggest share, esp. on credit cards! (eg- 3 cards, £1,000, £500,, £500 - the £1k account gets 1/2 of the pymts.
most firms will accept part payments on a regular basis- bst to aks whether they will freeze the interest for a bit, or it wont help at all!
i am getting back on my feet now, but with a crappy creit rating, can't change to a 'real' bank a/c for a while!
also, really ask yerself when out shopping, if you REALLY need it.
Bluejuice
Lazy as a rug on Valium
hove born&bred said:
Have you even read the rest of the thread?
Bad Ash
Unregistered User
I had a nasty shock the other week when checked my finances.
I had been temping for years, then I recently got a new perminant job earning a few more grand than before. Unfortunately I had to buy a car to commute and I'm paying a pension for the 1st time ever (I also think the agency had a bit of a tax scam going as I seem to be paying loads more now) which has left me watching the old pennies much more closely than before.
By my calculations in 3 years hopefully I'll be earning more than I spend!
And to think, I work in finance...
I had been temping for years, then I recently got a new perminant job earning a few more grand than before. Unfortunately I had to buy a car to commute and I'm paying a pension for the 1st time ever (I also think the agency had a bit of a tax scam going as I seem to be paying loads more now) which has left me watching the old pennies much more closely than before.
By my calculations in 3 years hopefully I'll be earning more than I spend!
And to think, I work in finance...