Go Back  PPRuNe Forums > Wannabes Forums > Interviews, jobs & sponsorship
Reload this Page >

Bankruptcy - Does it affect employment?

Interviews, jobs & sponsorship The forum where interviews, job offers and selection criteria can be discussed and exchanged.

Bankruptcy - Does it affect employment?

Old 24th Sep 2009, 21:40
  #61 (permalink)  
 
Join Date: Nov 1999
Posts: 2,312
Likes: 0
Received 0 Likes on 0 Posts
Maybe I am, but you only tell your version of the truth. Here are some of the consequences:
■It will cost you money (up to £485) to go bankrupt
■ Whilst you are bankrupt, you can't apply for more credit
■ If you own your own home, it might have to be sold (but you may be able to apply to your local authority for re-housing)
■Some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own
■Some professions don't let people who have been made bankrupt carry on working
■If you own a business, it is more than likely that the Official Receiver will close down your business, dismiss your employees and sell off the assets.
■ Going bankrupt can affect your immigration status
You cannot keep your bankruptcy private. A list of bankrupt people is published on the internet and your case could also be published in your local newspaper
Even when you are no longer bankrupt, you could have another order, called a bankruptcy restriction order made against you. These orders can be made, for example, where you did not co-operate with the Official Receiver, or you took on debts knowing that you had no hope of paying them back. They can last for 15 years, and will make your financial affairs very restricted.
■Even when you are no longer bankrupt, there are some debts such as court fines and student loans that will never be written off.
■There is a public stigma with bankruptcy. All people subject to bankruptcy in the UK have their name advertsied in two local newspaper and the London Gazette.
■Bankruptcy can effect your ability to run a business because you cannot trade under any other name.
■You can be publically examined in court.
Your credit rating will be damaged for a long time, up to 6 years.
■Debts to the Student Loans Company will not be written off
■The trustee in bankruptcy may make you sell your expensive assets.
Your professional status can be lost.
Your job may be lost or your chances of promotion.
You can not be a director of a limited company.
Just a few highlighted things to consider if you want a job as a professional pilot. These days you may need to set up in business to get a "contractors" job with some airlines. Not to mention signing a bond or credit agreement for a type rating. Perhaps thinking of applying overseas? Etc. It is a legal process not just a financial one, and there are legal considerations and consequences.
Bealzebub is offline  
Old 24th Sep 2009, 21:51
  #62 (permalink)  
 
Join Date: Sep 2005
Location: UK, Paris, Peckham, New York
Posts: 23
Likes: 0
Received 0 Likes on 0 Posts
I dont think I needed to be debt free to see that - but for the average joe public it can be scary how little they understand about loans/debt/interest etc.

For example my dear old dad is buying a brand new gas guzzling anti-vegetarian 4x4 this week.

He was suckered into taking out finance from the dealer (backed by a bank) for said the said tank. I went mad, told him to cancel their agreement and get a loan himself via a bank. When he said why I showed him that he would be repaying 8k more than he is paying for the car (in fact they were giving him an 8k discount, only to re-coup that on the loan arrangement!!)

I like the matrix analogy, in fact i love it. At the risk of thread creep it amazes me how many people I see at work that have their head so deep in the sand, grains of it are coming out the end. Some of these people are quite high up and it frightening that they are running the show.
UAV689 is offline  
Old 24th Sep 2009, 22:01
  #63 (permalink)  
 
Join Date: Feb 2000
Location: England
Posts: 14,865
Received 60 Likes on 37 Posts
Well I've rarely seen a sorrier sack of shoes than that little list.


■It will cost you money (up to £485) to go bankrupt

Goodbye £80k of loan at 8% = total repayment around £150k.


■ Whilst you are bankrupt, you can't apply for more credit

No sh1t.

■ If you own your own home, it might have to be sold (but you may be able to apply to your local authority for re-housing)

Nope, don't have one.

■Some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own

Well you can keep your car as long as its worth less than £1,500. Plus they can't take your fridge blah blah - you're 23 and don't own anything because you live with your parents. You own nothing they can sell.

■Some professions don't let people who have been made bankrupt carry on working

Not flying they don't. I think its Accountancy and Non-Exec Directorships and possibly being a judge or MP that's a problem. Anyone care? Thought not.

■If you own a business, it is more than likely that the Official Receiver will close down your business, dismiss your employees and sell off the assets.

I don't own a business. Like nearly all Wananbes.


■ Going bankrupt can affect your immigration status

I'm Welsh, not illegal.


■ You cannot keep your bankruptcy private. A list of bankrupt people is published on the internet and your case could also be published in your local newspaper


Oh no. The shame of it. Pass me the revolver and the bottle of whisky!

■ Even when you are no longer bankrupt, you could have another order, called a bankruptcy restriction order made against you. These orders can be made, for example, where you did not co-operate with the Official Receiver, or you took on debts knowing that you had no hope of paying them back. They can last for 15 years, and will make your financial affairs very restricted.

As these happen ini less than 0.2% of cases I'll take my chances. Its always used against serial fraudsters...


■Even when you are no longer bankrupt, there are some debts such as court fines and student loans that will never be written off.

Oh no! My £5k student loan on minimal interest rate still exists - whatever am I to do!?

■There is a public stigma with bankruptcy. All people subject to bankruptcy in the UK have their name advertsied in two local newspaper and the London Gazette.

I'll just have to kill myself then.

■Bankruptcy can effect your ability to run a business because you cannot trade under any other name.

Woe is me.

■You can be publically examined in court.

Apart from my massive penis causing gasps of amazement I have nothing to fear being examined in court.

■Your credit rating will be damaged for a long time, up to 6 years.

Christ - not my credit rating! I have no money. Am not earning any. Won't for a long time.


■Debts to the Student Loans Company will not be written off

Crikey - now I'm trembling.


■The trustee in bankruptcy may make you sell your expensive assets.

What? My iPhone?


■Your professional status can be lost.

Ummm - how? You're either a professional or you're not.


■Your job may be lost or your chances of promotion.

Yeah - I remember so well being asked an illegal question about my finances at interview.

■You can not be a director of a limited company.

Well that's my dreams on directing a limited company up in smoke then....





This is risible.


WWW
Wee Weasley Welshman is online now  
Old 24th Sep 2009, 22:04
  #64 (permalink)  
 
Join Date: Mar 2001
Location: UK
Posts: 93
Likes: 0
Received 0 Likes on 0 Posts
Fortunately i have given up on becoming an MP or a member of a school board and you can actually run a business although can't be an MD for the period you are actually bankrupt (12 months). If you are bankrupt you are very unlikely to be able to obtain any credit never mind be allowed to!

When i phoned and wrote to the banks to tell them i was unable to make any further repayments they informed me that it would affect my ability to obtain further credit. I replied that as i was unable to afford or obtain any further credit then i had nothing to lose! They of course went on to warn me that i could lose my home (don't have one of those) or anything worth a lot of money (already eBayed into bank repayments) so there was no deterrent to stop paying them and certainly no incentive to keep doing so!

My response to being examined in court (already run this past a QC) is to pull out a brochure for a FTO with pictures of handsome men wearing gold bars and say it was implied i would be a flying a jet around making big bucks and it hasn't happened for me despite getting first time passes in minimum hours in all of my training!

Amazing that the government spend lots of time and money telling us not to drive too fast or smoke and drink and very little about borrowing money we can't afford to repay!

Last edited by HN1708; 24th Sep 2009 at 22:21.
HN1708 is offline  
Old 24th Sep 2009, 22:08
  #65 (permalink)  
 
Join Date: Mar 2008
Location: Yorks
Posts: 53
Likes: 0
Received 0 Likes on 0 Posts
"Once a bankruptcy is cleared, it is cleared and borrowing beyond that is unaffected"

TOTAL RUBBISH.....For those of you stupid enough to take the Wee mans advice beware, just google it (Bankruptcy) and take no notice WHATSOEVER of your well informed Moderator, otherwise it will end in tears for you! Nothing wrong with being honest and hard working.....Ultimately, it pays and you'll sleep at night.

WWW, you should be ashamed of yourself with your flipent remarks with reference to Bankruptcy. no doubt you will delete my post as you normally do! Not one for constructive criticism are we??

regards
Piky.
piky is offline  
Old 24th Sep 2009, 22:17
  #66 (permalink)  
 
Join Date: Nov 1999
Posts: 2,312
Likes: 0
Received 0 Likes on 0 Posts
It is risible to you WWW because you haven't done it. You promote an idea that is irresponsible albeit unavoidable for some people. You tell the world how clever and fortunate you are and how your advice is unfaltering in its accuracy. I appreciate it is something of an act, but that doesn't make it any more accurate or valid.

Some of these things will have a serious effect on people, because they are not all as shallow and dismissive as you either are, or pretend to be. It is all very well to play "Alan Greenspan" supported by nothing more than your moderator status, and tell the world how you weep at the graveside of friends who have been hounded by banks. It is all very well to promote a sense of revenge on irresponsible banks or ill advised borrowers. But you fail to take a step back from your own point of view, to see the real world consequences of what you promote.

It is risible to you, because you won't admit it is serious. To be honest I think few people are fooled by your advocacy or self promotion, but even if they are, I am not.
Bealzebub is offline  
Old 24th Sep 2009, 22:32
  #67 (permalink)  
 
Join Date: Feb 2000
Location: England
Posts: 14,865
Received 60 Likes on 37 Posts
Bealzebub http://www.pprune.org/1380833-post31.html

5 years ago you were taking time out of your busy life to criticise me and I'm truly grateful that you continue to take your role so seriously.


I'm so glad that you're not fooled by my advocacy and self promotion.


Kindest Regards


WWW
Wee Weasley Welshman is online now  
Old 24th Sep 2009, 22:33
  #68 (permalink)  
 
Join Date: Mar 2001
Location: UK
Posts: 93
Likes: 0
Received 0 Likes on 0 Posts
The banks lent recklessly and people borrowed irresponsibly now if someone wants to throw a brick through my window then me and Fred Goodwin are even!
HN1708 is offline  
Old 24th Sep 2009, 22:36
  #69 (permalink)  
 
Join Date: Feb 2000
Location: England
Posts: 14,865
Received 60 Likes on 37 Posts
Oh and Piky might be wondering why none of his posts appear here. Its because you've been forum banned love.

PM me with an apology and you'll be allowed to post openly again. You've written loads and most of it is good but nobody has seen it for months. Other than you. When you log in. Its all there. But only to you.

Cruel I know. But hence nobody replies to any of your comments....


WWW
Wee Weasley Welshman is online now  
Old 24th Sep 2009, 22:41
  #70 (permalink)  
 
Join Date: Nov 1999
Posts: 2,312
Likes: 0
Received 0 Likes on 0 Posts
Well I suppose you can if you want, but I haven't violated any of the site rules, so people might wonder why?

I am happy for you to highlight that post from 5 years ago, because it is probably just as valid today as it was then. I am not sure what it has to do with bankruptcy though?

If you are going to ban people for disagreeing with you, doesn't it make a mockery of the forum and the subjects contained within it?
Bealzebub is offline  
Old 24th Sep 2009, 22:49
  #71 (permalink)  
 
Join Date: Feb 2000
Location: England
Posts: 14,865
Received 60 Likes on 37 Posts
OK - fair point.

WWW
Wee Weasley Welshman is online now  
Old 24th Sep 2009, 22:56
  #72 (permalink)  
 
Join Date: Nov 1999
Posts: 2,312
Likes: 0
Received 0 Likes on 0 Posts
Hello....It is dark in here.....Oh wait the lights have come back on.

OK - fair point
Your connection with the flight training industry is what exactly?

Oh same as yours (only more so) ex-CFI, examiner, CAA approval holder for flying school. 29 year airline experience. Now have children involved in flight training and all the associated problems that brings them and me as a parent. Does that meet the qualification? Is there a qualification?
Bealzebub is offline  
Old 24th Sep 2009, 22:59
  #73 (permalink)  
 
Join Date: Feb 2000
Location: England
Posts: 14,865
Received 60 Likes on 37 Posts
Yes that meets the qualification.


You're heavily involved in the supply side of flying training to Wannabes. I thought so.

Your comments and attitude are thus weighted appropriately.

Took a while to smoke you out...


WWW
Wee Weasley Welshman is online now  
Old 24th Sep 2009, 23:01
  #74 (permalink)  
 
Join Date: Nov 1999
Posts: 2,312
Likes: 0
Received 0 Likes on 0 Posts
Thank you. 5 years it would seem?
Bealzebub is offline  
Old 24th Sep 2009, 23:02
  #75 (permalink)  
 
Join Date: Feb 2000
Location: England
Posts: 14,865
Received 60 Likes on 37 Posts
Just for the record - kids live off Wannabe spending plus a bit of a history owning a flying school. Doesn't like me and what I write. Thinks I should be quiet.

Bless...






Hello....It is dark in here.....Oh wait the lights have come back on.

Quote:
OK - fair point
Your connection with the flight training industry is what exactly?

Oh same as yours (only more so) ex-CFI, examiner, CAA approval holder for flying school. 29 year airline experience. Now have children involved in flight training and all the associated problems that brings them and me as a parent. Does that meet the qualification? Is there a qualification?
Wee Weasley Welshman is online now  
Old 24th Sep 2009, 23:14
  #76 (permalink)  
 
Join Date: Nov 1999
Posts: 2,312
Likes: 0
Received 0 Likes on 0 Posts
I may be misunderstanding, but that is not the record at all.

My kids don't live off wannabe spending. They are wannabes spending! They spend their own money and my money. My kids are what I supply to the wannabe industry, as customers!

I haven't been directly involved with that side of the industry for the last 29 years.

The only reason I don't like what you write in this respect, is because you have no experience of it, and as a parent I feel your advice is irresponsible. Nothing wrong with that in itself, but from a moderator it is a bit of a concern frankly.

I feel it is fair to therefore counter your assertions and opinions, free from the threat of being kicked out of the discussion simply for disagreeing with them, and failing to be put down by dismissive nonsense.

There you go again with your prejudicial presumptions, hopefully that corrects the record.
Bealzebub is offline  
Old 24th Sep 2009, 23:39
  #77 (permalink)  
 
Join Date: Jul 2008
Location: 3433N 06912E
Posts: 389
Likes: 0
Received 0 Likes on 0 Posts
I have a lovely letter here from a large fto basically trying to milk a bit more cash from the wannabe’s with a mixture out right cheek and lies. I’ll happily post it up...
This is Pprune, don't be getting all coy !
Bruce Wayne is offline  
Old 24th Sep 2009, 23:41
  #78 (permalink)  
 
Join Date: Mar 2001
Location: UK
Posts: 93
Likes: 0
Received 0 Likes on 0 Posts
Bealzebub, why are you scaremongering against people seeking the protection of bankruptcy and can you please provide a source for that list of 'consequences' for bankrupts in order to qualify it?

If you want to stop people getting into this position then why not tell them what a **** industry this is for a lot of hopefuls and how FTOs will lie through their teeth to get you to take on hefty debt!

The flight training industry takes advantage of people, the banks take advantage of people so why shouldn't people take advantage of them???
HN1708 is offline  
Old 25th Sep 2009, 08:53
  #79 (permalink)  
 
Join Date: Sep 2005
Location: UK, Paris, Peckham, New York
Posts: 23
Likes: 0
Received 0 Likes on 0 Posts
Well said HN!

UAV689 is offline  
Old 25th Sep 2009, 11:05
  #80 (permalink)  
 
Join Date: May 2005
Location: LGW
Posts: 57
Likes: 0
Received 0 Likes on 0 Posts
On topic: Does anyone know if bankruptcy can effect somebody's ability to obtain an airside pass? Could be a very big consideration for a newly-qualified pilot who is close to bankruptcy.

(NB. Not asking this for me, I'm not planning to go bankrupt! )
davedek is offline  

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.