Banks etc

[itsybitsy]

GetOutOfDebtFree.Org

(Sorry if I'm not allowed to post links)

That's actually a really interesting site. I've skim read a couple of the pages, so not had chance to research it fully yet, however..do you know if these tactics have actually worked for anyone?

Scoob - I seem to remember a lot of folk on that Moneysavingexpert website have used various strategies to 'get out of debt free' with mixed results, I believe. I've skimmed through the forums on there a few times in the past.

[bloke]

It's lucky that we live in the UK. I seem to remember reading a few years back that due to a strong lobby CC debt is not included in bankruptcy in the US. I don't know if anyone can confirm that.

For my part we had to go down the bankruptcy route some years back, due to ill health. Once we decided to do so, a very hard decision, it was the best move we could have made.

[itsybitsy]

It would be a good time to make sure you've got some cash in the house, just in case of bank closures.

What would happen if, you got your salary paid into your account and then the bank went belly up before all your monthly outgoings were paid - i.e. rent,bills etc?

[diamond lil]

Yes this is what I have asked a few times but nobody knows cos its never happened. Yet.

[itsybitsy]

Yes this is what I have asked a few times but nobody knows cos its never happened. Yet.

Hmmmm...

On another note - I sent you that PM you asked for.

[preppingsu]

It would be a good time to make sure you've got some cash in the house, just in case of bank closures.

What would happen if, you got your salary paid into your account and then the bank went belly up before all your monthly outgoings were paid - i.e. rent,bills etc?

Could all the banks go belly up at the same time? If they did I think all businesses and organisations would also be affected not just the average joe. Therefore, there would need to be some mutually understood 'rules' about expecteing people to pay utilities and rent/mortage if they couldn't get their money. If one bank went, there would be a rush on the money (think Northern Rock) but as we know banks don't keep a huge amount of money then we would see people being refused access to what is rightfully theirs.
So, I thik Lil is correct to say we should keep a stash of cash at home for that just in case moment. Maybe get to a point where you have enough to cover your monthy outgoings (or certainly the important ones - heating, water, communications, food) then fingers crossed the government can work fast and stump up the 'compensation' bit. Of course, that would be tricky if all banks went tits up at the same time - anarchy reigns and truly a shtf moment.

[itsybitsy]

It would be a good time to make sure you've got some cash in the house, just in case of bank closures.

What would happen if, you got your salary paid into your account and then the bank went belly up before all your monthly outgoings were paid - i.e. rent,bills etc?

Could all the banks go belly up at the same time? If they did I think all businesses and organisations would also be affected not just the average joe. Therefore, there would need to be some mutually understood 'rules' about expecteing people to pay utilities and rent/mortage if they couldn't get their money. If one bank went, there would be a rush on the money (think Northern Rock) but as we know banks don't keep a huge amount of money then we would see people being refused access to what is rightfully theirs.
So, I thik Lil is correct to say we should keep a stash of cash at home for that just in case moment. Maybe get to a point where you have enough to cover your monthy outgoings (or certainly the important ones - heating, water, communications, food) then fingers crossed the government can work fast and stump up the 'compensation' bit. Of course, that would be tricky if all banks went tits up at the same time - anarchy reigns and truly a shtf moment.

Gawd - I'd need to keep over a grand a month stashed under the mattress to cover everything!

[bulldogeagle]

if you read any of the original (American) survivalism manuals, 1 of the first things they say is: dont get into debt and if you do you should pay that off first before any other prepping. even if the banks go belly up, the debt will still have to be paid and it would be put into the hands of debt collectors/bailiffs.

[itsybitsy]

if you read any of the original (American) survivalism manuals, 1 of the first things they say is: dont get into debt and if you do you should pay that off first before any other prepping.

Bit too much of a simplistic approach for the majority of people!!!

[bulldogeagle]

whats wrong with making it simple? , maybe even the sheeple might understand that!