Stranza Posted December 29, 2011 Share Posted December 29, 2011 I was reading some online discussions about the lastest news on DRO and their popularity http://www.bbc.co.uk/news/business-16345896 The overall opinion was that £15000 is not a high enough figure, £25-£30k was the popular choice, it seems people don't consider the debt unmanagable until around £25k so wouldn't 'notice' their debt was out of control until the DRO threshold was passed. Has £15k really become an acceptable amount of debt? It still sounds like a fortune to me Link to comment Share on other sites More sharing options...
Grandad.Malky Posted December 29, 2011 Share Posted December 29, 2011 What I would like to know is do they have to give all their booty back when the debt is wiped off or are the encouraged to max out their debt to whatever the level is and then go for insolvency. That bloke that was featured on the news was sat on what looked like a nice new settee, shouldn’t he have been sat on orange boxes if is supposed to be bankrupt. Link to comment Share on other sites More sharing options...
chem1st Posted December 29, 2011 Share Posted December 29, 2011 Lots of people coming out of uni have far far more than £15k student debt nowadays. Your talking about £25-40k, soon to be £40-60k. (Although that's paid back through the PAYE system in the form of a graduate tax, a tax on the youth to benefit boomers one should consider it) People take out X00k mortgages. Many people have credit cards and use them willy nilly. Often these people are one and the same, they might have student debt, mortgages and a credit card. Living way beyond their means. 10p's will soon be magnetic to stop you cashing them in for scrap Some of the young women I know are in a lot of debt and don't seem to care. A lot of the older ones too. Some of the men too, but not as many. I know a bird with a couple of kids on £8k salary (£20k or so with the tax credits), on about buying a £200k house, but worried about her credit card debt, you got to have a holiday eh! Link to comment Share on other sites More sharing options...
Stranza Posted December 29, 2011 Author Share Posted December 29, 2011 What I would like to know is do they have to give all their booty back when the debt is wiped off or are the encouraged to max out their debt to whatever the level is and then go for insolvency. That bloke that was featured on the news was sat on what looked like a nice new settee, shouldn’t he have been sat on orange boxes if is supposed to be bankrupt. It looks like they get to keep it, the car has to be valued at under £1000 and they can't have anything over £300 in assets. However the defenition of assets for DRO is something which would not create hardship if sold, plus there is no actual checks you just declare you have no assets and hope your not selected for inspection, if you are found to be in possession of assets the DRO is cancelled and you lose your £90 fee....that'll teach em! Link to comment Share on other sites More sharing options...
Grandad.Malky Posted December 29, 2011 Share Posted December 29, 2011 It looks like they get to keep it, the car has to be valued at under £1000 and they can't have anything over £300 in assets. However the defenition of assets for DRO is something which would not create hardship if sold, plus there is no actual checks you just declare you have no assets and hope your not selected for inspection, if you are found to be in possession of assets the DRO is cancelled and you lose your £90 fee....that'll teach em! Yep everyone needs a nice new settee to sit on while watching their flat screen TV don’t they. Link to comment Share on other sites More sharing options...
Riannon Posted December 29, 2011 Share Posted December 29, 2011 No one ever seems to worry about what happens to the people who these folks owe the money to. It puts a huge financial strain on them having these debts cancelled, and that often leads to innocent people losing their jobs because their employer cannot afford to pay them after someone has welched on a deal. Link to comment Share on other sites More sharing options...
Stranza Posted December 29, 2011 Author Share Posted December 29, 2011 I must be the soft sod I was all pleased with myself for managing to save enough over Christmas to buy a nice shiny TV, O.K. we had to miss lot's of nights out and forego take aways and bits and bobs but our TV has started to break and gave us enough warning to put a bit aside. We still have the home made 'repair' to the sofa (bit of hardboard under the cushions to make it last longer) and the breaking TV will be relocated to a quiter room to live out it's life. I should just go out, replace it all and then get a new kitchen so it all looks 'nice' and when I get near £12k I could book myself somewhere in the sun for two weeks to get away from the stress of the debt! Uni debt isn't covered either so this must be debt for essential recreation Link to comment Share on other sites More sharing options...
Stranza Posted December 29, 2011 Author Share Posted December 29, 2011 No one ever seems to worry about what happens to the people who these folks owe the money to. It puts a huge financial strain on them having these debts cancelled, and that often leads to innocent people losing their jobs because their employer cannot afford to pay them after someone has welched on a deal. Oh the 'victimless crime' bit winds me up a treat! The logic that because someone has worked hard enough or been fortunate enough to have their own business they some how owe the lesser fortunate person a share/discount/break it's the 'entitled to' attitude that boils my blood Link to comment Share on other sites More sharing options...
Emmie92 Posted December 30, 2011 Share Posted December 30, 2011 Glad I'm debt free. If I cannot afford to buy then I do without. Link to comment Share on other sites More sharing options...
anywebsite Posted December 30, 2011 Share Posted December 30, 2011 If you're over £15k in debt & can't pay it then you can go bankrupt. DROs are for people who don't owe enough to be able to go bankrupt. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now