Debt escape court cases put on hold

[kallis3]

Exactly!

It's teaching us about how to budget as well - something I never bothered doing a few years ago!

[sparklywatcher]

I have to say I think that will be my biggest challenge...

[David Mond]

Absolutely - an IVA is only possible where it is achievable, affordable and in the best interests of the debtor.

In is a relief mechanism approved by Parliament for those that meet the criteria.

It is not debt avoidance or a legal loophole!

[kallis3]

I enjoy making my money stretch. I love it if I have a little bit of money left at the end of the month.

The best way I have found to go shopping is to register with Asda and Tesco and go through my shopping list online to see how much is going to come to. That way I know how much my shopping will cost.

[sparklywatcher]

My concern is I am not a good cook and I think I am going to have to learn to be... also as I work full time I come home and am too knackered to cook.. I feel dinners of breakfast cereal or toast coming soon...

[johnnybriggs]

I'm sure there will be more and more of these threads on debt avoidance over the coming months and years.

Bankruptcy, debt forgiveness, compositions etc have been around since Roman times and before. Here's a QI style debt fact for you- a debtor in ancient Greece could sell themselves into debt slavery, that much we know. But debt slavery in Greece usually lasted for 5 years. During that 5 years they could buy themselves out of slavery, after 5 years debts were forgiven.

Bankruptcy came into Britain (from Venice) not for the benefit of debtors but because it was necessary to promote enterprise and investment in times of exploration and invention. What should happen if someone becomes insolvent and cannot afford to pay their debts? Put them in prison? Whats the point? Of course people did end up in prison(the Marshalsea prison was only demolished in 1849) but only until they had come to a composition with their creditors.

So bankruptcy has been around for generations as have trust deeds (and deeds of arrangement/IVAs)

I can feel a book coming on but I haven;t had breakfast yet so I'll cut to the chase and illustrate the point by reminding you that in the 1970s Sir Keith Joseph declared that the country urgently required far “more millionaires and more bankrupts” (because these two groups are intimately related).

So enough for insolvency, its part of a capitalist system and its as much there for creditors as debtors. After all in insolvency you will lose any assets you can realise in an orderley and beneficial way and make some payments if you can afford to do so.

Debt avoidance however doesn't have any positive effect on the economy.

[johnnybriggs]

I'm pleased to see I'm not the only saddo spending my Sunday morning not catching up on sleep.

[sparklywatcher]

It is this addictive forum, spend far too many of my waking hours on here..

[mole]

Thanks Johnny, I found that really interesting and welcome the "full book". I wholely agree with the sentiment as well.

[kallis3]

I spend most of my spare time on here - I love being able to help people who are in the same position as me.

Never been on in the middle of the night though!

[sparklywatcher]

Jan you are an amazing source of knowledge and support xxx I have not yet been on in the middle of the night... though never say never..

[kallis3]

Who knows! The earliest I have been on is about 6.30 and that's when I am on an early shift!

[sparklywatcher]

now that is early must admit during the week I dont get on in the mornings as I am up just before seven and busy running around like a headless chicken... but at the weekend as soon as I get up its coffee fag and laptop and IVA.co.uk

[mole]

Yes Jan, you deserve a lot of credit (no pun intended [:p]). You work tirelessly on here and it would be easy to have dropped off once your personal issues had been addressed. I guess for most people they want to move on with their lives and not dwell too much on the past, however, I glad some do stick around to help us newbies.

[sparklywatcher]

yes because it is their experience and advice that help us so so much. Knowing they have been where we are and felt how we feel is invaluble supportx